中国医药上市公司技术并购与绩效研究  

Research on Technical M&A and Performance of Listed Chinese Pharmaceutical Companies

作　　者：张永冀[1] 何宇 张能鲲 段相域 Zhang Yongji;He Yu;Zhang Nengkun;Duan Xiangyu(School of Management and Economics,Beijing Institute of Technology,Beijing 100081;School of Economics,Central University of Finance and Economics,Beijing 100081;Institute of Industrial Economics of CASS,Beijing 102488;School of Economics,Hunan Agricultural University,Changsha 410128)

机构地区：[1]北京理工大学管理与经济学院,北京100081 [2]中央财经大学经济学院,北京100081 [3]中国社会科学院工业经济研究所,北京102488 [4]湖南农业大学经济学院,长沙410128

出　　处：《管理评论》2020年第8期131-142,共12页Management Review

基　　金：国家自然科学基金青年项目(71102110);国家自然科学基金面上项目(71672010);全国统计科学研究计划项目课题(2017LZ23)。

摘　　要：技术并购是企业增强创新能力的重要方式之一,对医药企业的长期发展尤为重要。本文以2004—2015年间发生过技术并购的A股医药上市公司为研究对象,经过语义识别及人工阅读方式,量化技术知识特征,从技术知识规模和技术知识性质角度分析技术并购对绩效的影响。研究发现,医药上市公司技术并购短期市场反应显著,对企业长期财务绩效的改善也有正向影响。技术并购中目标企业技术知识绝对规模越大、两企业间技术知识相对规模越小,主并企业的短期和长期绩效越高;技术知识性质方面,相关型技术知识并购更有利于企业发挥协同效应,绩效更好。进一步研究发现,民营企业对技术特征变量的敏感度更高,现金支付方式并购加强了技术知识绝对规模和技术知识性质的正向影响。Technical M&A is one of the important ways for enterprises to enhance their innovation ability,especially for the long-term development of pharmaceutical enterprises.This paper uses China’s pharmaceutical listed companies with technical M&A from 2004 to 2015 as the testing sample,and examines the M&A performance and the difference caused by the main characteristics of technical M&A,namely the scale of technical knowledge and the nature of technical knowledge.The study shows that technical M&A has significant short-term influence on company performance and CAR(-10,10)is up to 4%,indicating that market has a positive response towards technical M&A.And also,technical M&A has a positive impact on the improvement of long-term financial performance of the company.Furthermore we characterize technical M&A by its knowledge.The larger the absolute size of the target company’s technical knowledge,the smaller the difference between the two companies’technical knowledge relative size,and the higher the short-term and long-term performance of the host company.In terms of the nature of technical knowledge,relevant technical knowledge is more conducive for enterprises to exert synergistic effect and achieve better performance.Further research shows that private companies are more sensitive to technological characteristic variables,and the acquisition of cash payment method deepens the positive impact of the absolute scale and the nature of technical knowledge on the company’s performance.

关 键 词：技术并购 技术并购特征 技术知识规模 技术知识性质 绩效 

分 类 号：F426.72[经济管理—产业经济] F273.1F832.51F271