摘要
使用2014-2019年中国A股上市家族企业跨国并购的微观数据,运用双重差分倾向得分匹配法(PSM-DID)考察家族企业跨国并购对技术创新的影响及作用机制。研究发现:第一,家族企业可以通过跨国并购促进技术创新。第二,家族企业是通过跨国并购降低研发风险,提高研发效率的双重路径从而提升技术创新。第三,从创新战略看,跨国并购会促进家族企业利用式创新,抑制探索式创新。第四,基于不同价值导向,家族企业的创新战略有所差异。基于长期导向的家族企业在并购后会促进探索式创新,对利用式创新无显著影响;基于短期财务绩效的家族企业在并购后会促进利用式创新,抑制探索式创新。
This paper uses the micro data of cross-border mergers and acquisitions of Chinese A-share listed family enter-prises from 2014 to 2019 to examine the impact and mechanism of cross-border mergers and acquisitions of family enterpri-ses on technological innovation using the double differential propensity score matching method(PSM-DID).The research finds that,first,family businesses can promote technological innovation through cross-border mergers and acquisitions.Sec-ond,family firms can promote technological innovation through the dual path pf reducing R&D risk and improving R&D effi-ciency after cross-borer M&As.Third,from the perspective of innovation strategy,cross-border M&A will promote the uti-lization of innovation of family enterprises and inhibit exploratory innovation.Fourth,family businesses have different innova-tion strategies based on different value orientations.Family enterprises based on long-term orientation will promote explora-tory innovation after M&A and have no significant impact on exploraitve innovation;Family enterprises based on short-term financial performance will promote utilization innovation and inhibit exploratory innovation after mergers and acquisitions.
作者
叶娇
李冉
刘涛
YE Jiao;LI Ran;LIU Tao(School of Economics and Management,Dalian University of Technology,Dalian 116024)
出处
《软科学》
CSSCI
北大核心
2024年第1期67-74,共8页
Soft Science
基金
国家自然科学基金项目(71903020)
国家社会科学基金项目(18ZDA095)
教育部人文社会科学基金青年项目(19YJC790174)。
关键词
家族企业
跨国并购
技术创新
创新战略
family business
cross-border mergers and acquisitions
technological innovation
innovation strategy