跨界技术并购对企业财务绩效影响实证研究

The Influence of Cross-boundary Technology M&A on Enterprise Financial Performance

跨界技术并购下主并方以获取目标方技术为目的,突破自身技术资源边界,实现异质性技术资源边界重构,形成具有更高整合价值与协同价值的技术组合。以2009-2020间跨界技术并购的相关研究数据,通过因子分析法和多元回归法,分析跨界技术并购对企业财务绩效的影响,研究结果表明:主并方技术多元化水平和目标方知识规模对并购绩效有显著促进作用;并购双方技术互补性水平与并购绩效呈正U型关系;跨界技术并购后,增加研发投资会强化主并方技术多元化与目标方知识规模对绩效的影响,不会显著调节并购双方技术互补性与并购绩效之间的关系。

Under cross-border technology merger and acquisition,the main party breaks through the boundary of its own technology resources,realizes the boundary reconstruction of heterogeneous technology resources,and forms a technology combination with higher integration value and synergistic value in order to acquire the technology of the target party.Based on the relevant research data of cross-border technology M&A from 2009 to 2020,this paper analyzes the influences of cross-border technology M&A on enterprise financial performance through factor analysis and multiple regression method.The results show that:the technological diversification level of the main party and the knowledge scale of the target party play a significant role in promoting the m&a performance;there is au-shaped relationship between technological complementarity and M&A performance.After cross-border technology M&A,increasing R&D investment will strengthen the influence of technology diversification and target knowledge scale on performance,but will not significantly regulate the relationship between technology complementarity and M&A performance.