研发投入与并购市场收益——一个有调节的中介模型  

R&D Investment and M&A Market Profit:a Moderated Mediating Model

作　　者：徐士伟[1] 门成昊[1] 

机构地区：[1]同济大学经济与管理学院,上海201804

出　　处：《金融发展研究》2018年第2期11-17,共7页Journal Of Financial Development Research

基　　金：国家自然科学基金青年项目"外部多维知识搜寻策略及其组合效应对企业创新模式选择的影响研究"(71602002);国家自然科学基金青年项目"社会化商务运营模式创新研究:基于顾客口碑参与和知识参与的行为比较"(71402073);上海市教育委员会科研创新重点项目"基于公司创业投资的开放式创新及其策略研究"(14ZS147)

摘　　要：以2014年我国制造业、信息业上市公司的并购事件为样本,探讨研发投入对并购市场收益的影响及其作用机理。研究发现,在控制相关变量的基础上,研发投入与企业经营绩效、研发投入与并购市场收益、企业经营绩效与并购市场收益等3对关系均显著正相关;研究进一步揭示了企业经营绩效对研发投入与并购市场收益关系的中介作用,并且该中介效应受到企业股权集中度的削弱型调节。Taking merger and acquisition events of Chinese listed manufacturing and information corporations as samples, the paper discusses R＆D investment＇s influence on M＆A market profit and its mechanism. The research finds that 3 pair relationships such as R＆D investment and business performance, R＆D investment and M＆A market prof- it, business performance and M＆A market profit all have positive correlation based on controlling some.concerned variables. Furthermore, the study also suggests that corporation business performance plays a mediating effect in rela- tionship of R＆D investment and M＆A market profit, which is impaired by ownership concentration.

关 键 词：研发投入 经营绩效 市场收益 中介效应 

分 类 号：F830[经济管理—金融学]