基于协同效应的企业技术并购绩效研究——以上市公司为例

Research on the Enterprises Technological M&A Performance Based on Synergistic Effect——Based on the Data of Listed Companies

对A股上市公司2011~2013年间517起并购事件进行了实证研究,结果发现,技术并购在发生当年对公司产出绩效有负向影响,通过与后续研发投入的协同效应可以促进生产力的提高,这在国有企业中尤为显著;而非国有企业却未从并购中取得显著收益,但其国外技术引进的效率较高;并购公司的成立年限和股权集中度对最终绩效有显著正向影响,但与技术基础无明显关联。

Based on the investigation of 517 M＆A events of A shares listing corporations from 2011 to 2013,this paper analyzed the enterprises technological M＆A performance. Results show that,technology acquisition had negative effect on company performance,but the synergistic effect with R＆D investment could promote its productivity,which is particularly significant in state-owned enterprises. Though non state-owned enterprises could not get significant benefit from M＆A,it was good at acquiring foreign technology. The age and large shareholder’s proportion of corporation had a significant positive effect on performance,but the technological accumulation had not.