技术并购与经济绩效——来自中国企业的证据  

Technology Acquisitions and Economic Performance:Empirical Evidences from Chinese Enterprises

作　　者：格佛海[1,2] 孙忠娟[1,2] 凌学忠[1,2] 

机构地区：[1]清华大学技术创新研究中心,北京100084 [2]清华大学经济管理学院,北京100084

出　　处：《科学学与科学技术管理》2013年第11期116-125,共10页Science of Science and Management of S.& T.

基　　金：国家自然科学基金项目(71072010;71073092);教育部博士学科点专项科研基金(20100002110061)

摘　　要：企业以提升技术能力为意图的战略性技术并购,其最终目的仍是获取经济收益。采用1998—2011年的财务数据,基于显著性检验,分析了2001—2008年间中国企业技术并购的经济绩效。结果表明:(1)从增长和衰退统计看,中国企业在技术并购后多数实现了营业收入增长,2/3的企业实现净利润和每股收益的提升,1/3的企业实现了净资产收益率的提升;(2)从并购前后经济绩效的均值看,营业收入显著提升,净资产收益率显著降低,净利润和每股收益无显著变化;(3)从年值看,仅营业收入显著提升,净资产收益率呈降低趋势但并不显著。Although the aim of strategic technology acquisitions is to improve the technological capabilities of the acquirer, its ultimate aim is also to get economic returns. Based on significance-test, this paper investigates the economic performance of Chinese enterprises＇ technology acquisitions between 2001 and 2008, using 1998-2011 fi- nancial data. The major results are shown as follows. （1） According to the growth and recession statistics, almost all of the Chinese enterprises achieved revenue growth after technology acquisition, two-thirds of them attained the increase in NP ＆ EPS and only one-third of them achieved ROE increase. （2） As for the mean of variables, the revenue increased and the ROE decreased significantly and there were no significant changes in NP ＆ EPS （3） Considering the annual values, the revenues increased significantly, and the ROE decreased in trend while the trend could not be supported by significance-test. The findings imply that the effect of technology acquisition is shortdated, only on manifest in revenue, whereas the enterprises＇ capabilities have not been improved.

关 键 词：中国企业 技术并购 经济绩效 显著性检验 

分 类 号：F272.5[经济管理—企业管理]