收购兼并、异质企业与技术创新

M&A,Heterogeneity of Firm and Innovation

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。

By incorporating the factor of absorptive motivation into the analysis framework'M&A-Absorptive ability'of innovative knowledge-based theory,the paper investigates the relationship among M&A,heterogeneous firm and innovation in China,followed by empirical tests based on data of Chinese listed companies from the year 2004 to 2013 by using the combination system of propensity score matching(PSM)and difference-in-difference estimates.The results firstly show that there is a significantly positive association between the M&A activity of an acquiring firm and its subsequent innovation activities measured by number of the patents and innovation efficiency that the firm obtains in the four years after acquiring because M&A enhances the knowledge base of the acquiring firm,which is conducive to realize the scale economy and scope economy of innovation activity,on the other hand increase the ability to re-assimilate and re-innovate the knowledge of acquiring firm.Secondly,it is absorptive motivation rather than absorptive ability that is the most important determinant of M&A effect on firm innovation,and in the industries of high concentration the M&A activity of firms which have a high institutional shareholding as well as a more moderate concentration of ownership exerts a more significantly positive impact on innovation than those of other firms in the same and different industries.Finally,it is the differences of absorptive ability and absorptive motivation that leads to the M&A which private firms launch has a stronger positive impact on innovation captured by patents granted and the ratio of patents granted to R&D expenditure than those launched by state-owned firms.Accordingly,the paper gives some advices on how to improve innovative effect of M&A of Chinese listed companies.