企业技术并购与创新绩效的关系研究——技术差距的调节作用

A Study on Relations between Technological M&A Modes,Technical Disparity and Innovation Performance

依据技术获取的目标差异性,将技术并购区分为互补型技术并购和替换型技术并购两种,通过对2005-2013年发生技术并购的98家中国上市公司的361起并购案例进行分类,并进一步引入技术差距分析两类技术并购对创新绩效的影响。研究结论显示,两类技术并购对主并方企业并购后的创新绩效均起到正向促进作用,且并购双方的技术差距在两类技术并购对创新绩效的促进方面存在明显的调节作用。基于此,提出基于技术并购提升创新绩效的管理启示与建议。

The question why the failure rate of technological M＆A is so high has always been the hot spot of the research. But the research of the answers from the technology in merger and acquisition cases itself is very few. This paper, starting from the knowledge attribute of technology in mergers and acquisitions, divides technological M＆A into two types, namely knowledge complementary technological mergers and acquisitions and knowledge replace technology M＆A, and further in- troduces the technical relevance to analyze the impacts of two kinds of technological acquisition modes on innovation per- formance. The empirical research samples are based on 90 M＆A cases of China~ 45 listed companies from 2006 to 2012. This article verified the interaction relationship separately between the knowledge complementary technological M＆A, knowledge replace technological mergers and acquisitions, and innovation performance, and the regulating effect of techni- cal relevancy. This article suggests that technique difference of both sides which is represented by technical relevancy plays a very important role in technology M＆A success. The research results on the analysis of technology acquisition modes and technical level of correlation matching can guide Chinese enterprises to effectively implement technological M＆A and have theoretical and practical value.