海外并购对技术创新有促进作用吗  

Can Overseas M&A Promote Technological Innovation?

作　　者：尹亚红 Yin Yahong(School of Finance and Investment,Guangdong University of Finance,Guangzhou, Guangdong 510521,China)

机构地区：[1]广东金融学院金融与投资学院

出　　处：《金融经济学研究》2019年第3期137-149,共13页Financial Economics Research

基　　金：教育部人文社会科学研究规划基金项目(18YJA790095)

摘　　要：以技术创新为研究对象,运用2008~2017年中国31个省[市、区(港澳台除外)]的省级面板数据就企业海外并购对技术创新的影响进行实证检验,研究发现,海外并购促进了企业技术创新能力的提升,除了直接作用外,还间接通过研发经费与人力资本两条途径将其逆向技术溢出效应转化为现实的生产能力,从而提高企业技术创新活动效率。进一步的分析表明,海外并购对企业技术创新的影响存在显著的地区差异性,东中部促进作用明显,西部不显著。因此,为更好地利用外部技术资源促进企业技术创新,应结合中国与各地区的实际情况采取相适应的海外并购策略。Based on the panel data of China’s 31 provincial-level administrative regions excluding Hong Kong,Macao and Taiwan regions on technological innovation from 2008 to 2017,we empirically investigated the impact of overseas M&A on technological innovation. The empirical results revealed that overseas M&A could directly boost the technological innovation ability of enterprises. In an indirect manner,overseas M&A could also transform its reverse technology spillover effect into real productivity through two channels( i. e.,R&D expenditures and human capital),thus improving the efficiency of technological innovation. Further analysis showed that the impacts of overseas M&A on technological innovation varied significantly from region to region in China;specifically,overseas M&A could promote technological innovation significantly in China’s eastern and middle regions,but not significantly in China’s western regions. To better promote the technological innovation of enterprises using external technological resources,it is of great importance to develop appropriate overseas M&A strategies suited to the actual conditions of China and its different regions.

关 键 词：海外并购 技术创新 逆向技术溢出效应 

分 类 号：F832.48[经济管理—金融学]