技术并购、高管海外经历与企业创新效率

Technology M&A,Managerial Foreign Experience and Enterprises’Innovation Efficiency

技术并购作为企业引入外部资源的特殊方式,对企业创新行为具有重要影响。本文以2015-2020年中国沪深A股部分上市公司为样本,在同时考虑创新投入与创新产出两个方面的基础上,采用超效率DEA模型测算出的综合效率作为被解释变量,深入研究技术并购对企业创新效率的影响。研究发现:技术并购能够提高企业创新效率;高管海外经历对技术并购与企业创新效率之间的关系具有正向调节作用。在此基础上,通过异质性检验分析,当企业生命周期和盈利能力不同时技术并购对创新效率的影响。

Technology mergers and acquisitions(M&A),as a special way for enterprises to introduce external resources,have an important impact on their innovative behavior.Taking some Chinese A-share listed companies in Shanghai and Shenzhen from 2015 to 2020 as samples,and considering both innovation inputs and outputs at the same time,this paper adopts the comprehensive efficiency measured by the super-efficiency DEA model as an explanatory variable to deeply investigate the impact of technology mergers and acquisitions(M&A)on the innovation efficiency of enterprises.The study finds that:technology M&A can improve the innovation efficiency of enterprises;the overseas experience of executives has a positive moderating effect on the relationship between technology M&A and innovation efficiency of enterprises.Based on this,the effect of technology M&A on innovation efficiency is analyzed by heterogeneity test when the lifecycle and profitability of enterprises are different.