中国制造业上市公司并购创新绩效研究

A research on M&A innovation performance of China's manufacturing listed corporations

近年来,随着技术的快速发展,并购成为企业获取技术创新能力的重要方式。本文通过构建负二项回归经济计量模型,对中国制造业上市公司1999-2013年的并购绩效进行了实证研究。研究表明:技术并购能促进并购企业创新绩效,非技术并购对创新绩效无显著影响;目标企业知识基础绝对规模对并购创新绩效产生倒U型的影响,并购企业知识基础绝对规模对创新绩效无显著影响;相比类似性技术和不相关性技术,互补性技术并购能够显著促进并购企业创新绩效。

In recent years,with the rapid development of technology,MA has become an important way for enterprises to obtain technology innovation ability. By establishing a negative binomial regression econometric model,this paper conducts an empirical research on the MA behavior of Chinese manufacturing listed corporations from 1999 to 2013. The results show that the technological MA can promote innovation performance,while non- technological MA has no significant effect on innovation performance; absolute scale of the acquired firm knowledge base has an inverted U type influence on MA innovation performance while absolute scale of the acquiring firm knowledge base has no significant effect on innovation performance; compared with similar technology and unrelated technology,complementary technology can significantly promote the enterprise innovation performance.