不同生命周期企业并购是否促进创新产出?——基于吸收能力中介效应的研究

Does M&A of Enterprises in Different Life Cycles Promote Innovation Output?——Based on Absorptive Capacity Mediation Effect

基于企业生命周期理论和吸收能力理论,探讨不同生命周期企业并购对创新产出的影响。研究表明:从影响评估看,企业并购能够显著促进创新产出的增加,且对成长期企业、成熟期企业和衰退期企业的创新产出均具有显著的促进作用,其中衰退期企业并购创新产出效应最大。从影响机制看,吸收能力效应是并购影响企业创新产出的重要机制。不管是对成长期企业、成熟期企业还是衰退期企业,吸收能力效应均具有部分中介作用,其中衰退期企业的吸收能力中介效应最大。因此,应鼓励企业借助并购方式走出成长或创新的瓶颈期,集中优势资源,实现创新追赶。同时,发挥吸收能力在并购创新效应过程中的中介作用,鼓励企业合理地吸收、整合和应用并购资源,发挥并购的协同创新效应。

Based on corporate life cycle theory and absorptive capacity theory, this paper explores the impact of M&A on innovation output in different life-cycle firms. It is found that in terms of impact assessment, M&A can significantly contribute to the increase of innovation output. It is also found that M&A has a significant contribution to innovation output of growth firms, maturity firms and recession firms, among which the M&A innovation output effect is the largest for recession firms. In terms of the impact mechanism, the absorptive capacity effect is an important channel through which M&A affects firms’ innovation output. The absorptive capacity effect is partially mediated for growth firms, mature firms and recession firms, with the largest absorptive capacity mediation effect for recession firms. Therefore, enterprises should be encouraged to get out of the bottleneck period of growth or innovation using M&A, concentrate superior resources and achieve innovation catch-up. At the same time, enterprises should play the intermediary role of absorption capacity in the process of M&A innovation effect, and be encouraged to reasonably absorb, integrate and apply M&A resources, play the synergistic innovation effect of M&A.