跨国并购对中国企业研发能力的影响研究——基于PSM和DID方法的实证检验

Research on the Influence of Cross-border M&A on R&D Capability of Chinese Enterprises:An Empirical Test based on PSM and DID Methods

自从实施"创新驱动发展"和"走出去"战略以来,大量中国企业积极寻求海外合作,而通过跨国并购能够迅速帮助企业提高市场竞争力,在国际市场角逐中占据一席之地。文章基于2011—2018年中国上市公司微观层面的数据,采用倾向匹配得分和双重差分(PSM-DID)方法研究企业跨国并购行为对研发能力的影响,并使用动态模型进行进一步检验。结果表明:跨国并购显著提升了企业的研发能力,但提升效应在企业并购之后的年度中存在一定波动性,并最终呈现减弱的趋势。进一步地,从企业异质性的角度考察了企业性质和地区分布对于企业跨国并购的研发能力提升的影响:相较于国有企业,非国有企业的跨国并购对研发能力的提升效应更强;相较于东部地区,中西部地区企业的跨国并购对研发能力的提升效应较弱。

Since the implementation of the"innovation-driven development"and"going out"strategies,a large number of enterprises have actively sought overseas cooperation.Cross-border mergers and acquisitions quickly help companies improve their market competi-tiveness and gain a foothold in international markets.Based on the micro level data of Chinese listed companies in 2011—2018,this paper uses the methods of PSM-DID to study the impact of cross-border M&A on R&D capability,and further testing using dynamic model.The results show that cross-border mergers and acquisitions significantly enhance a firm's R&D capabilities,but there is a certain degree of volatility in the year after M&A,and finally shows a weakening trend.Further,the effects of firm nature and regional distribu-tion on the enhancement of R&D capabilities in cross-border M&As are examined from the perspective of firm heterogeneity.Compared to SOEs,cross-border M&As of non-SOEs have a stronger effect on R&D capabilities;Compared to the eastern part of the country,cross-border M&As of firms in the midwest have a weaker effect on R&D capabilities.