收购兼并、异质企业与技术创新

发布时间：2018-08-30 11:08

【摘要】：本文在创新知识基础理论已有的"并购—吸收能力"分析框架内,引入了"吸收动力"因素,藉此研究了收购兼并、异质企业与技术创新的关系,并基于2004—2013年中国上市公司数据,运用"倾向性得分法和倍差估计量"技术就理论结论进行了实证检验。结果表明:(1)并购可以扩展收购公司的知识基础,具有显著的创新效应,在并购后的四年时间窗口内,收购企业的专利授权和创新效率显著高于未收购企业;(2)知识吸收动力而非吸收能力是企业并购创新效应最为重要的决定因素,股权结构适度集中、机构投资者持股比例较高以及外部产业竞争程度较低的企业,在知识吸收动力方面较其它企业有明显的比较优势,并购的创新效应更高,而吸收能力不同的企业其并购的创新效应并无显著不同;(3)国有企业在知识吸收能力方面的优势所引致的并购创新差距缩小效应不能抵补其在知识吸收动力方面的劣势所引致的扩大效应,国有企业并购的专利授权和创新效率显著低于民营企业。本文还根据研究结论就如何提高上市公司的并购创新效应提出了若干政策建议。
[Abstract]:In this paper, the "absorptive power" factor is introduced within the framework of "M & A absorptive capacity", which has been established in the theory of innovative knowledge base, so as to study the relationship between mergers and acquisitions, heterogeneous enterprises and technological innovation. Based on the data of Chinese listed companies from 2004 to 2013, this paper makes an empirical test on the theoretical conclusions by using the "tendency score method and multiple difference estimation" technology. The results show that: (1) M & A can expand the knowledge base of the acquisition company and has significant innovative effect, in the four years after the merger and acquisition window, The patent authorization and innovation efficiency of acquired enterprises are significantly higher than those of non-acquired enterprises. (2) knowledge absorption power rather than absorptive capacity is the most important determinant of innovation effect of M & A, and the ownership structure is moderately concentrated. Enterprises with higher proportion of institutional investors and lower degree of competition in external industries have obvious comparative advantages over other enterprises in terms of knowledge absorption power, and the innovation effect of M & A is higher than that of other enterprises. However, the innovation effect of M & A of enterprises with different absorptive capacity is not significantly different; (3) the narrowing effect of the gap of M & A innovation caused by the advantages of state-owned enterprises in the aspect of knowledge absorption ability cannot compensate for the decrease in the power of knowledge absorption. The enlarged effect of inferiority, The patent authorization and innovation efficiency of M & A of state-owned enterprises are significantly lower than that of private enterprises. Based on the conclusion of the study, this paper puts forward some policy suggestions on how to improve the innovation effect of M & A of listed companies.
【作者单位】：西安交通大学经济与金融学院;
【基金】：西安市软科学项目“新能源汽车推广应用实施路线图”(项目编号:SF150 7(3)) 中央高校基本科研项目“收购兼并、企业创新与过剩产能的化解:作用机制及对策研究”(项目编号:sk2014015)
【分类号】：F271;F273.1

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