资源相似是技术并购的“福音”吗?——基于能力匹配的视角

Is Resource Similarity a Blessing for Technological Acquisitions?A Perspective of Capacity Fit

文章基于能力匹配的视角,把技术并购视作企业间技术开发能力、技术商业化能力相互匹配的过程,把并购后企业创新水平视作能力匹配的结果,分别从技术相似、产品相似两个角度,探讨了资源相似对能力匹配过程及结果的影响机制。方法上,文章首先利用国际专利分类号测算出并购双方的技术相似性;其次又使用Python软件对上市公司年度报告进行数据抓取,通过文本分析测算出并购双方的产品相似性;最后使用条件Logit模型、负二项回归等方法进行了实证检验。研究结果表明:在中国的转型经济背景下,能力匹配主要体现为技术开发能力强的企业收购技术商业化能力强的目标方;当双方企业具有技术相似、产品相似的特征时,更容易通过技术并购达成能力匹配;此外,在能力匹配之后,技术相似、产品相似程度越高,企业创新效果越好。从政策上来看,政府应该简化并购的行政审批手续,提升知识产权审查质量和效率,构建自由竞争的市场环境,从而发挥并购在促进能力匹配、提升创新水平上的作用。

Based on the capacity fit perspective,this paper regards technological M&As as the process of matching technology development capabilities and technology commercialization capabilities between enterprises,and regards the innovation level of enterprises after M&As as the effect of capacity fit.We further explore the mechanism of the resource similarity towards the process and effect of capacity fit from the perspective of technology similarity and product similarity.We calculate the technology similarity of the two parties based on the international patent classification(IPC)number;we use text analysis methods by applying Python software to capture the annual report of the listed company’s data,then the product similarity between the two parties is measured;we conduct the conditional Logit model as well as negative binomial regression to test the real impact.The results show that under the circumstances of China’s transition economy,capacity fit is mainly reflected in the acquisition of targets that have strong technology commercialization capabilities by acquirers with stronger technology development capabilities;If both companies have similar technology and product characteristics,it is easier to conduct acquisitions;In addition,in case of capacity fit,if the technology similarity and product similarity are higher,the innovation level of the enterprise is better than before.From a policy point of view,the government should simplify the administrative approval procedures for M&As,improve the quality and efficiency of intellectual property reviews,and build a freely competitive market environment so as to give full play to the role of M&As in promoting capacity fit and innovation enhancement.