海外并购、产业创新绩效与工业生产率增长——传导机制及其检验  

Overseas M&A, Industrial Innovation Performance and Industrial Productivity Growth——Research on Their relationships and the Transmission Mechanism

作　　者：张雨[1] 吴先明[1] ZHANG Yu;WU Xian-ming(Eeonomies and Management School,Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学经济与管理学院

出　　处：《山西财经大学学报》2018年第12期15-29,共15页Journal of Shanxi University of Finance and Economics

基　　金：国家社会科学基金重点项目(12AZD034)

摘　　要：以2001—2011年中国27个工业行业及上市公司的海外并购数据为样本,实证检验了海外并购与产业创新绩效之间的关系及其内在传导机制。研究结果表明：海外并购显著提升了产业创新绩效;政府支持、市场竞争以及政府支持与市场竞争的交互效应对海外并购与产业创新绩效之间的关系具有部分中介作用,而政府支持对市场竞争具有部分抑制作用;从海外并购与工业生产率的关系来看,海外并购显著促进了工业生产率增长,而产业创新绩效对二者的关系具有完全中介作用。Based on the data of overseas MA behaviours in 27 industrial sectors and listed companies from 2001 to 2011, this paper empirically examined the relationship between overseas MA and industrial innovation performance, also its transmission mechanism. The results show that, overseas mergers and acquisitions have significantly improved industrial innovation performance. And government support, market competition and the interaction effection between the two play the mediating role in the relationship between overseas MA and industrial innovation performance, while government support has a partially inhibitory effect on market competition. Further research reveals that, overseas MA obviously promotes industrial productivity growth, and industrial innovation performance has a completely mediating effect on the relationship between the two.

关 键 词：海外并购 产业创新绩效 工业生产率 政府支持 市场竞争 

分 类 号：F276[经济管理—企业管理]