并购对创新投入的影响及持续性研究——并购类型与主并企业特征视角

Persistent Research on the Impact of M&A on Innovation Investment:the Type of Mergers and Acquisitions and the Characteristics of the Main Enterprise

基于2013-2017年中国A股上市公司数据,从创新资金投入和人员投入两个方面出发,通过比较研究和回归分析,探讨并购行为和并购类型分别与创新投入间的关系,以及主并企业性质和行业性质对并购创新效应的调节作用。结果显示:并购行为有助于企业创新投入水平提高,且这种积极作用具有持续性。其中,横向并购与创新投入显著正相关,而纵向并购和多元化并购与创新投入的关系不显著。进一步研究发现,主并企业性质和行业性质对并购创新效应具有显著调节作用,具体表现为:非国有企业横向并购能够显著促进企业创新投入,而国有企业并购创新效应不显著;高新技术企业横向并购能够显著提高创新投入水平,而非高新技术企业并购创新效应不显著。研究结论丰富了并购创新效应相关研究,可为国内企业并购行为提供实践依据。

Based on the data of China's A-share listed companies in 2013to 2017,starting from the two aspects of innovative capital investment and personnel investment,through comparative research and regression analysis,this paper discusses the relationship between M&A behavior and M&A types and innovation input,as well as the adjustment effect of M&A nature and industry nature on M&A innovation effects.Research shows:mergers and acquisitions contribute to the improvement of the level of innovation investment,and this positive effect is sustainable.Among them,horizontal mergers and acquisitions are significantly positively correlated with innovation investment,while vertical mergers and acquisitions and diversified mergers and acquisitions are not significant.Further research has found that the nature of the main business and the nature of the industry have a significant regulatory effect on the innovation effect of mergers and acquisitions.The specific performance is:The horizontal mergers and acquisitions of non-state-owned enterprises can significantly promote the innovation investment of enterprises,while the innovation effect of state-owned enterprises' mergers and acquisitions is not significant;The horizontal mergers and acquisitions of high-tech enterprises can significantly promote the innovation investment of enterprises,while the innovation effect of non-high-tech enterprises mergers and acquisitions is not significant.The research conclusions enrich the related research on the innovation effect of mergers and acquisitions,and provide a certain practical basis for domestic M&A behavior.