创业板上市公司海外技术并购的创新效应——基于PSM-DID模型的实证分析

The Innovation Effect of Overseas Technology Mergers and Acquisitions of Gem Listed Companies:Empirical Analysis Based on PSM-DID Model

本文选取2011-2017年创业板上市公司为研究对象,以"海外技术并购动机-海外技术并购行为-海外技术并购绩效"为研究框架,运用PSM-DID模型探究海外技术并购、技术知识相似与创新绩效三者的相互作用关系,研究表明:(1)收购方的创新能力对企业做出海外技术并购决策有正向显著的影响;(2)技术知识相似程度对企业做出海外技术并购决策有正向显著的影响;(3)海外技术并购对收购方的创新有正向显著的影响;(4)并购双方的技术知识相似程度越高,海外技术并购对收购方创新的促进作用越大。本文对收购方企业进行海外并购决策具有一定的启示作用与借鉴意义,有助于企业根据自身情况合理制定长远的发展决策,降低海外技术并购后技术整合失败的风险。

Taking the listed companies in China’s growth enterprise market(GEM)from 2011 to 2017 as the research sample,thispaper takes"overseas technology M&A motivation-overseas technology M&A behavior-overseas technology M&A performance"as theresearch framework,and uses the PSM-DID model to explore the interaction among overseas technology mergers and acquisitions,technical knowledge similarity and innovation performance. The results show as follows:(1) The innovation ability of acquirers has apositive and significant influence on the decision of overseas technology M&A.(2)The degree of similarity of technical knowledge has apositive and significant impact on the decision-making of overseas technology M&A.(3)Overseas technology M&A have a positive andsignificant impact on the innovation of acquirers.(4) The higher the degree of the similarity of technical knowledge,the greater thepromotion effect of overseas technology M&A on the acquirers’ innovation. This paper has certain enlightenment and referencesignificance for the acquirer enterprises to make overseas M&A decisions,which is helpful for enterprises to make long-termdevelopment decisions reasonably according to their own conditions and reduce the risk of failure of technology integration afteroverseas technology M&A.