高管团队创新注意力、技术并购与企业创新绩效——基于中国上市公司的经验证据

Research on the Relationship among TMT Innovation Attention, Technology Mergers and Acquisitions and Corporate Innovation Performance from Listed Chinese Manufacturing Companies

在我国经济结构转型升级的主旋律下,以采取技术并购的方式来完成技术结构的迭代创新成为越来越多企业的选择,而这种选择又往往受到企业高层管理团队的主导。基于高层梯队理论和企业注意力基础观,选取了2013—2019年中国A股市场中科创板和创业板上市公司高技术型企业为研究样本,以注意力的情境原则和焦点原则为出发点,探讨高管团队创新注意力与技术并购以及企业创新绩效的关系,以及组织冗余在高管团队创新注意力对技术并购的影响过程中所起到的调节作用。结果表明,高管团队创新注意力正向影响技术并购和企业创新绩效,技术并购的创新行为促进创新绩效的产出,且技术并购在高管团队创新注意力与企业创新绩效之间起到中介作用,组织冗余正向调节高管团队创新注意力对技术并购的影响过程。

The sustainable development of society and economy must rely on innovation,and enterprises can't do without innovation if they want to obtain and maintain their core competitive advantages.With the accelerating pace of my country's economic restructuring and upgrading,enterprises are also faced with the choice of transformation and upgrading.In response to the increasingly competitive external environment,the ever-changing technology structure,and the ever-accelerating iterative innovation,more and more companies tend to adopt technology mergers and acquisitions,expecting to acquire external advanced technology resources and technical researchers in a relatively short period of time.In order to shorten the research and development process,improve the technological innovation ability and innovation efficiency.To carry out technology M&A,the main and merging companies need to invest a lot of resources and carry out post-merger risk integration in order to realize the value of technology mergers and acquisitions.On the other hand,the top-level echelon theory believes that the top management team(TMT)is the group that plays a leading role in the company's strategic decision-making.Their psychological cognitive preferences and value determine the final strategic direction of the company."Attention"the introduction of the concept provides a more precise explanation for the psychological cognitive preferences of the executive team,and shows us the micro-psychological cognitive basis of corporate behavior.Most of the existing research on the antecedents of corporate technology mergers and acquisitions is carried out from the perspective of organizations,while there are few studies on the micro-psychological cognition of mergers and acquisitions.Finally,from the situational principle of the attention-based view and the perspective of the resource-based theory,the top management team will examine the internal and external environment when making decisions,so the organization of redundant resources has an impact on the cognitive preference of the top management team,and then influence corporate decision-making.Considering the high degree of technological innovation and active innovation vitality of companies listed on my country's science and technology innovation board and chinext,based on the above analysis and combined with my country's specific scenarios,this research selects the 2013-2019 China A-share market China science and technology innovation board and entrepreneurship the high-tech enterprises listed on the board are the research samples.In view of the research content,in addition to literature analysis and empirical analysis,this research also uses text analysis to measure innovation attention.Based on the situational principle and focus principle of attention,this research discusses TMT innovation attention,technology mergers and acquisitions,and corporate innovation.The relationship between performance,considering the specific situation of the senior management team,incorporating organizational redundancy into the research scope,and analyzing its moderating role in the impact of TMT innovation attention on technology mergers and acquisitions.This research mainly uses Nvivo12.0 and Stata16.0 as the main software tools to complete the measurement of key variables and the testing of hypotheses.The final results show that TMT innovation attention can significantly positively affect technology mergers and acquisitions and corporate innovation performance,and that companies adopting technology mergers and acquisitions innovation behavior can promote the output of innovation performance,and technology mergers and acquisitions play a role in the relationship between TMT innovation attention and corporate innovation performance.Partially mediating,organizational redundancy has a positive moderating effect on the effect of TMT innovation attention on technology M&A.