知识产权制度距离对中国企业跨国技术并购的影响分析  

Impact of Intellectual Property Rights Institutional Distance on Chinese Cross-Border Technology Acquisitions

作　　者：阎海峰[1] 王墨林 苏聪 Yan Haifeng;Wang Molin;Su Cong(School of Business,East China University of Science and Technology,Shanghai 200237,China)

机构地区：[1]华东理工大学商学院,上海200237

出　　处：《中国科技论坛》2021年第3期123-132,共10页Forum on Science and Technology in China

基　　金：国家自然科学基金面上项目“优势还是劣势?母国专有优势对中国企业海外合法性影响研究”(71972072);上海市哲学社会科学规划一般课题“后发企业通过跨国并购提升自主创新能力的匹配研究”(2018BGL028)。

摘　　要：本文以制度理论为基础,通过对2005—2018年中国企业实施的249起跨国技术并购事件的分析,深入探讨知识产权制度距离对跨国技术并购持续时间、股权选择的影响。研究发现:①知识产权制度距离与并购持续时间呈倒U型关系,即随着知识产权制度距离的增大,并购持续时间先延长后缩短;②知识产权制度距离与并购股权比例呈U型关系,即在知识产权制度相似和相异程度较大的东道国,中国企业通常会选择高股权并购模式。本研究丰富了制度距离和企业跨国并购的相关研究,识别出知识产权制度距离影响中国企业跨国技术并购过程的拐点。Based on the 249 cross-border technology acquisitions undertaken by Chinese firms from 2005—2018,this study,drawing on institutional theory,examines the impact of intellectual property rights institutional(IPRI)distance on the completion duration and equity choice of cross-border technology acquisitions.The results reveal that:①There is an inverted U-shaped relationship between IPRI distance and the completion duration of M&A,in other words,with an increase in IPRI distance,the completion duration of M&A increases firstly and then decreases;②There is a U-shaped relationship between IPRI distance and the equity ratio of M&A,in other words,in host countries with very similar or different levels of intellectual property institutions,Chinese firms are more likely to choose high-equity acquisitions.This study enriches the research on institutional distance and cross-border M&A,and uncovers the turning point of IPRI distance affecting the cross-border technology acquisitions of Chinese firms.

关 键 词：知识产权制度距离 跨国技术并购 持续时间 股权选择 

分 类 号：F279.23[经济管理—企业管理]