海外并购对企业探索式和利用式创新绩效的影响研究:基于中国的实证分析  

Empirical Research on the Impact of International Merges and Acquisitions on Chinese Acquirers’ Explorative and Exploitive Innovation Performance

作　　者：胡潇婷 高雨辰 金占明[2] 李纪珍[2] HU Xiaoting;GAO Yuchen;JIN Zhanming;LI Jizhen(School of Economics and Management,Beijing Information Science and Technology University,Beijing 100192,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]北京信息科技大学经济管理学院,北京100192 [2]清华大学经济管理学院,北京100084

出　　处：《科学学与科学技术管理》2020年第9期35-54,共20页Science of Science and Management of S.& T.

基　　金：高校人文社会科学重点研究基地重大项目(16JJD630005);清华大学-INDITEX可持续发展基金资助项目(TISD201904);中国博士后科学基金面上项目(2018M641397)。

摘　　要：海外并购与企业创新绩效的关系一直是热点研究问题,但相关研究却始终未能达成一致结论,尤其是鲜有研究在并购情境下将企业创新绩效区分为探索式和利用式创新绩效。从资源基础观和组织学习理论的视角出发,基于2008—2017年中国A股上市制造业企业的样本,采用双重差分倾向得分匹配法(PSM-DID)的分析方法,文章实证研究发现,进行海外并购对中国企业的整体创新绩效确实有促进作用,但仅提升了其利用式创新绩效,对其探索式创新绩效并无显著影响,这在一定程度上调和了现有的矛盾结论,也揭示了中国企业在挖掘海外并购价值过程中的局限性。同时,企业技术多样性、运营能力和市场能力均会在海外并购的情境下,对企业的整体和利用式创新绩效产生积极影响。International mergers and acquisitions(M&As)are playing an increasingly important role as a springboard in the process of acquiring strategic resources from around the world by emerging economy enterprises to compensate their disadvantages as a latecomer in the global competition.Therefore,numerous studies are focusing on the impact of international M&As.Among them,the impact of international M&As on firm innovation performance has been a hot research topic,but unfortunately,relevant studies including those conducted in the Chinese context have not reached a consistent conclusion.Given Chinese enterprises have made great achievements in making international M&As in the past decades,it should be further discussed whether Chinese acquirers can enhance their innovation capabilities through international M&As and catch up with developed countries.In response to the above inconsistent conclusions,researchers proposed several solutions including(1)subdividing firm innovation performance into different dimensions and considering the different effects of international M&As on them;(2)considering the moderation effect of contextual factors on the relationship between the two.Following the above ideas,from the perspective of the resource-based view and organizational learning theory,the article first separates overall firm innovation performance into explorative and exploitive innovation performance and explores the impact of international M&As on them separately.Then,considering the moderation effect of firm technology diversity,operation capabilities,and marketing capabilities on the aforementioned main relationship.Using the data of Chinese A-share listed manufacturing firms from 2008 to 2017 as a sample,the article first adopted the propensity score matching method to deal with the impact of selection bias and then used the difference in difference method to control the impact of missing variables and time effects.After the empirical analysis,it was found that international M&As do promote the overall innovation perfor

关 键 词：海外并购 探索式创新绩效 利用式创新绩效 技术多样性 运营能力 市场能力 

分 类 号：F273.1[经济管理—企业管理] F832.6[经济管理—国民经济]