技术并购对高科技公司绩效影响研究  

Study on Technology-based M&A and High Technology Company Performance

作　　者：王金桃[1] 裴玲[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200052

出　　处：《科技管理研究》2013年第4期136-143,共8页Science and Technology Management Research

摘　　要：理论表明通过公司并购获取外部技术可以提高公司的业绩,但在我国尚没有得到实证的支持。在理论分析基础上提出4个相关假设,运用2004—2008年间58个上市公司技术并购的纵向数据进行实证研究,结果表明,技术并购以及技术并购与内部研发投入的交互作用都没有对公司绩效产生显著影响,而技术联盟虽然没有对公司绩效产生显著的正面影响,但内部研发投入的调节效应使技术联盟对公司绩效产生显著的正面影响。External technology acquisition by M＆A has been viewed as an important method to improve company performance, but it has not been studied with China＇ s data. 4 hypotheses are proposed based on the theory frame, and the empirical study uses the longitudinal sample of technology based M＆A deals of 58 list companies from 2004 to 2008. The result shows neither technology - based M＆A nor the interaction between technology - based M＆A and internal R＆D effocts makes any significant contribution to the buyer＇ s performance. However, the internal R＆D efforts make technology alliances show positive impact on the buyer＇ s performance, and the impact is positively correlated with the internal R＆D input.

关 键 词：技术创新 公司并购 公司绩效 内部研发效应 

分 类 号：F271[经济管理—企业管理] F276.44[经济管理—国民经济] F224