创新要素流动视角下企业技术并购的创新绩效研究

Research on Innovation Performance of Enterprise Technology Merger and Acquisition from the Perspective of Innovation Factor Flow

本文利用沪深A股2009~2019年间的技术并购数据,实证检验技术并购中资金要素流出即现金支付和技术要素流入,即目标企业创新能力对企业创新绩效的影响,以及静态创新要素企业自由现金流和技术存量的调节作用。研究表明:技术并购中现金支付对企业当年创新投入具有挤出效应,对企业当年和次年的创新产出均具有负向影响;目标企业创新能力对企业创新投入无影响,对创新产出具有显著的正向促进作用。企业自由现金流对现金支付的挤出效应具有缓解作用,技术存量能进一步促进目标企业创新能力对企业创新产出的正向影响。

Based on the data of technology M&A of Shanghai and Shenzhen A-shares from 2009 to 2018,this paper empirically tests the influence of capital outflow(point to cash payment)and technology factor inflow(point to innovation performance of target enterprises)on innovation performance,including innovation input and innovation output,and the moderating effect of free cash flow and technology stock as static innovation factors.The results show that:in technology M&A,cash payment has crowding out effect on the innovation input of the enterprise in the current year,and has a negative impact on the innovation output of the enterprise in the current year and the next year;the innovation ability of the target enterprise has no influence on the innovation input of the enterprise,and has a significant positive effect on the innovation output.Free cash flow can alleviate the crowding out effect of cash payment,and technology stock can further promote the positive impact of innovation capability of target enterprises on innovation output.