高新技术上市公司连续并购的同伴效应研究——企业研发的调节作用  

A Study on the Peer Effect of Serial M&A of High-tech Listed Companies:the Moderating Effect of R&D

作　　者：张晓旭[1] 姚海鑫[1] 杜心宇 王选乔[1] Zhang Xiaoxu;Yao Haixin;Du Xinyu;Wang Xuanqiao(College of Business, Liaoning University, Shenyang 110036,China;College of Administration, Liaoning University of Technology, Jinzhou 120001,China)

机构地区：[1]辽宁大学商学院,辽宁沈阳110036 [2]辽宁工业大学管理学院,辽宁锦州121001

出　　处：《科技进步与对策》2021年第6期65-74,共10页Science & Technology Progress and Policy

基　　金：辽宁省社会科学规划基金项目(L17BGL006);辽宁省教育厅高等学校基本科研项目(WQN201708);辽宁省社会科学规划基金青年项目(L18CJY011)。

摘　　要：利用2010—2019年中国A股高新技术上市公司数据,实证检验高新技术上市公司连续并购是否存在同伴效应,并探讨企业研发在连续并购同伴效应中的作用机制。研究发现,高新技术上市公司的连续并购行为受行业同伴效应和地域同伴效应的显著正向影响,企业研发对连续并购的同伴效应具有调节作用,具体表现为研发投入对连续并购同伴效应的正向调节,以及研发产出对连续并购同伴效应的负向调节。进一步研究发现,不同经济政策环境下,行业同伴效应和地域同伴效应存在强度差异;连续并购次数不同的高新技术公司,其研发投入和研发产出的调节作用表现出非对称性。Based on the data of Chinese high-tech companies listed on A-share market in Shanghai and Shenzhen from 2010 to 2019,this paper empirically tests whether serial M&A of high-tech companies are affected by the industry peer effect and geographic peer effect,and explore the mechanism of R&D in the peer effect of serial M&A.The results show that the serial M&A behavior of high-tech listed companies is significantly positively affected by the industry peer effect and the geographic peer effect.Corporate R&D has a moderating effect on the peer effect of serial M&A.The specific manifestation is that R&D investment has a positive effect on the peer effect of serial M&A and R&D output has a negative effect on the peer effect of serial M&A.Further research finds that there are differences in the performance intensity of industry peer effect and geographic peer effect under different economic policy uncertainty environments.In addition,for high-tech companies with different times of serial M&A,the regulation of R&D investment and R&D output is asymmetric.

关 键 词：连续并购 同伴效应 研发投入 研发产出 高新技术企业 

分 类 号：F271.4[经济管理—企业管理]