技术并购对企业创新绩效的影响——来自我国高技术上市公司的数据

Impact of Technological M&A on Enterprise Innovative Performance——Based on China Hi-tech Listed Company Data

在现存知识的基础上获取、吸收外部知识是公司提升创新能力的关键,利用技术并购获取外部知识资源的路径备受公司青睐。本文采用2007-2013年沪深A股上市高技术公司的并购数据,分别检验技术并购和非技术并购对创新绩效的影响后,从并购双方技术知识基础的角度深刻地揭示了技术并购对创新绩效的作用机制。研究表明,技术并购有助于提高企业自身创新绩效,非技术并购对创新绩效没有影响。目标公司绝对知识规模对创新绩效的影响为正,而相对知识规模对创新绩效的影响为负,并购公司的吸收能力与创新绩效之间存在显著正相关关系。

Obtaining and assimilating external knowledge based on the existing knowledge is a key for a company to promote its innovative capacity, and the route of obtaining external knowledge through technological M＆A is fa- vored by enterprises. Based on the M＆A data from Shanghai and Shenzhen A - shares listed high - tech companies, this paper tests respectively the influence of technological M＆A and non -technological M＆A on innovative perform- ance, and reveals the mechanism of technological M＆A on innovative performance in terms of the technical knowl- edge basis of both sides of the merger. The study results show that technological M＆A can improve enterprises＇ innovative performance while non - technological M＆A can not, and that the absolute knowledge scale of the target company has a positive influence on its innovation performance, relative knowledge scale has a negaitive influence on its innovation performance while the assimilative capacity of the merger company and its innovation performance pres- ent a significantly positive correlation.