并购融资决策影响下的企业技术创新

Enterprise Technological Innovation under the Influence of M&A Financing Decision

以我国A股上市公司并购融资事件作为研究样本,对并购融资决策如何影响企业技术创新这一问题进行分析。结果表明:在并购融资中,如果企业越偏好债权融资,技术创新就越弱。产权性质具有调节作用,国有产权能够减弱并购债权融资决策对技术创新的负面影响,并购债权融资决策对企业技术创新的影响及产权性质的调节作用,主要在成长期企业和高新技术企业中得到体现,并购债权融资决策显著影响的是企业的中级和初级技术创新活动,产权性质的调节作用也集中体现在上述关系中。研究的启示是:第一,具有研发需求的企业,特别是成长期企业、高新技术企业、小步快跑式创新企业,要慎重对待并购债权融资;第二,创新金融体制机制,为企业并购提供更多的融资方式选择。

Taking the M&A(merger and acquisition)financing events of China’s A-share listed companies as the research samples,the question of how M&A financing decision affects the technological innovation of enterprises was analyzed.It is shown that the more enterprises are fond of M&A debt financing,the weaker the technological innovation will be.The property right nature has a moderating effect.The state-owned property right can weaken the negative effect of M&A debt financing decision on technological innovation.Furthermore,the effect of M&A debt financing decision on technological innovation and the moderating effect of property right nature are mainly reflected in growing enterprises and high-tech enterprises.M&A debt financing decision has a significant effect on the intermediate and the primary technological innovation of enterprises,and the moderating effect of property right nature is mainly reflected in these relationships above.The enlightenments of this study are as follows:firstly,enterprises with R&D needs,especially growing enterprises,high-tech enterprises and enterprises with a small and quick-moving innovation,should be cautious about M&A debt financing;secondly,people should innovate the financial system and mechanism so as to provide enterprises with more financing methods for M&A.