中国企业海外并购与母国技术进步同化吸收与异化排斥效应测度——基于中国数据的实证分析

Estimation on the Assimilation and Dissimilation Effects of Chinese Enterprises’ Overseas M&A on the Home Country’s Technology Progress——An Empirical Study Based on the Data of China

本文利用BVD子数据库全球并购交易分析库Zephyr1990-2016年数据,收集中国境内1 205家海外并购企业数据,研究中国企业海外并购与母国技术进步问题,结论如下:母国技术进步源于国内R&D资金投入、人力资本存量以及海外并购企业逆向技术溢出效应,其中,逆向技术溢出效应含逆向研发资金溢出与逆向人力资本溢出,逆向技术溢出推动母国技术进步的程度强于前面二者;母国R&D资金投入和人力资本存量分别为企业海外并购设置了"高门槛"和"低门槛",当企业海外并购跨越R&D资金投入"门槛"后,母国海外并购企业能够有效地学习、模仿并同化吸收目标企业先进技术;企业海外并购数量为母国技术进步的单调递增函数,相反,当其未跨越"门槛"时,由于技术具有显著差距,母国异化排斥目标企业先进技术地有效吸收,随着企业海外并购数量的增加,其对母国技术进步的抑制效应不断增强,同理,企业海外并购跨越人力资本存量"门槛"前呈现同化吸收效应,跨越后呈现异化排斥效应。

This paper utilized overseas M&A data of 1205 Chinese enterprises from the BVD database Zephyr 1990-2016,to study the influences of Chinese enterprises ’overseas M&A on their home country ’s technology progress. The results show that home country’ s technology progress stems from its domestic R&D investment,human capital stock,and enterprises’ reverse technology spillover effects from overseas M&A which takes forms of reverse R&D overflow and reverse human capital overflow. Meanwhile,home country’s R&D investment and human capital stock respectively set a high threshold and a low threshold for enterprises’ overseas M&A. When the overseas M&A exceeds the threshold of R&D investment,home country’s overseas M&A enterprises learn and imitate from the targeted enterprises,and then assimilate their advanced technology. On this occasion,the number of enterprises’ overseas M&A is a monotonically increasing function of their home country’s technology progress. On the contrary,when it does not exceed the threshold,their home country will alienate or exclude the absorption of the targeted enterprises’ advanced technology due to the large technology gap. On this occasion,with the increasing number of enterprises’ overseas M&A,the alienating effect it casts to the home country’s technology progress will be continuously strengthened. In a similar way,it shows an assimilating effect before the overseas M&A exceeds the human capital stock threshold,while it shows an alienating effect after exceeding this threshold.