东道国制度环境与海外并购企业的创新绩效  

Institutional Development of Host Countries and Innovation Performance of Overseas M&A MNEs

作　　者：李梅[1] 余天骄 

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《中国软科学》2016年第11期137-151,共15页China Soft Science

基　　金：国家自然科学基金面上项目"研发国际化对母公司创新绩效的影响机制:中介和调节效应分析"(71672133);教育部人文社会科学研究规划基金项目"技术差距与对外直接投资逆向技术溢出:机制分析和实证检验"(13YJA790049);中央高校基本科研业务费专项资金"政治关联;对外直接投资与企业绩效"(410500234)

摘　　要：本文以开展海外并购的沪深两市A股上市公司为研究样本,实证检验了东道国制度发展水平对海外并购企业创新绩效的影响,并进一步分析了企业国有股权比例、吸收能力和海外子公司的地理多样化对东道国制度发展水平与企业创新绩效关系的调节作用。结果表明,东道国制度发展水平对海外并购企业创新绩效有显著的正向效应,这种正向效应当企业吸收能力增强时会变得更加显著;但是当企业国有股权比例较高时,东道国制度发展水平对企业创新绩效的正向效应会受到抑制;海外子公司地理多样化对两者关系的调节作用不显著。本文的研究结论丰富了国际商务领域中制度和创新的研究成果,为东道国制度环境对海外并购企业创新绩效的积极作用提供了新的证据。This paper examines how host country institutional development influences innovation performance of overseas M＆A MNEs, using the date of Chinese listed firms. Our results shows that host country institutional development has a positive effect on the innovation performance of the MNEs, and the effect will be more pronounced when the firm＇ s absorptive capacity is strong enough. On the contrary, the positive effects of host country institutions will be restrained for MNEs with high state ownership. The moderating effect of geographic diversity of overseas subsidiaries is not significant. This paper enriches the finding on institutions and innovation in IB and provides new evidence that host country institutional development plays an important role on overseas M＆A MNEs＇ innovation performance.

关 键 词：东道国制度环境 海外并购 创新绩效 

分 类 号：F276.7[经济管理—企业管理]