并购对企业R&D投资的挤出效应研究——基于并购前后资产负债率变动的视角

Research on the Impact of Acquisitions on R&D Investment:from the Perspective of Financial Resource Allocation

创新是企业内涵式的增长方式,并购是企业外延式的增长方式。在资源有限的情况下,企业如何在这两种战略之间进行权衡?本文以2007-2018年沪深A股上市公司为研究样本,发现如果并购引起企业资产负债率增加,则会对并购后的R&D投资形成"财务侵占",从而对研发产生负面影响;这种抑制作用在主并企业存在融资约束的情况下会更加显著;按企业特征划分,这种抑制作用主要存在于小企业和民营企业。研究结果为基于边界条件的并购如何影响企业创新绩效提供了实证证据,同时也为企业进行相关战略变更和投资决策提供了有益参考。

Innovation is the connotative growth mode while acquisition is the denotative growth mode of enterprises.In the case of limited resources,how can enterprises balance the two strategies?This paper uses 2007-2018 A-share listed companies in China as a sample to empirically study the above questions,finding that a high growth of leverage at the time of acquisition will have a negative impact on the resources devoted to the R&D process.This negative impact mainly exists in the acquirers with financing constraints,such as small firms and private firms.This study expands the scope of research focusing on the economic consequences of asset sales,and is helpful for managers to take strategic adjustment and make investment decisions.