技术密集型企业跨国并购对创新绩效的影响——基于中国A股上市公司的经验研究

Impact of Technology-intensive Enterprises Cross-border M&A on Innovation Performance:Based on Experience of Chinese A-share Listed Companies

以中国A股上市公司2013年至2017年中发生跨国并购的技术密集型上市公司为样本,检验跨国并购对其创新绩效的影响,并就不同专利产出类型分别回归检验。结果显示,技术密集型企业跨国并购对创新绩效有显著促进作用,但是促进作用最大的并不是发明专利。在此基础上,提出技术密集型企业应创造条件通过跨国并购来提高创新绩效,应加强并购后的学习与吸收以促进高质量专利产出,同时政府应继续对企业创新加以补贴的政策建议。

This paper takes a sample of technology-intensive listed companies with cross-border M&A in China A-shares from 2013 to 2017 as an example,and empirically analyzes the impact of cross-border M&A on technology innovation by technology-intensive companies.Different patent output types are separately tested.The results show that cross-border M&A of technology-intensive enterprises plays a significant role in promoting innovation performance.Among them,it has the greatest impact on utility model patents instead of invention patents.On this basis,this paper puts forward the suggestions as follows:technology-intensive enterprises should create conditions to improve innovation performance through cross-border M&As,and should strengthen post-merger learning and absorption to promote high-quality patent output,while the government should continue to subsidize enterprise innovation.