创新存量、技术互补性与跨国并购技术创新绩效

Innovation Stock,Technological Proximity and Technological Innovation Performance of Cross-Border Mergers and Acquisitions

增强技术创新能力是中国经济提质增效、全面深化供给侧结构性改革的重要战略方向。以沪深两市2007—2017年116起跨国并购事件为样本,实证检验了创新存量特征对企业跨国并购技术创新绩效的影响及技术互补性对两者关系的调节作用。研究发现:企业知识基础、专利能力、研发投入与跨国并购技术创新绩效显著正相关;技术互补性正向调节创新存量与跨国并购技术创新绩效之间的关系,跨国并购活动中并购双方的技术互补性特征能够显著提升主并方跨国并购技术创新能力。

Enhancing the ability of technological innovation is quite important for the impact of innovation stock on technological innovation performance of M&As and the regulatory effect of R&D intensity are researched based on Firms Internationalization Theory.Using a sample of 116 Chinese A-share listed companies over2007-2017,the research is carried out.The results show that firms’knowledge base,patent capability and R&D investment have positive correlation with innovation performance of M&As.Technological proximity of acquirers and target enterprises plays a positive regulatory role in the relationship between innovation stock and technological innovation performance of M&As.Technological proximity will promote the technological innovation performance of cross-border mergers and acquisitions dramatically.