并购重组能提升企业创新吗?——基于中国香港上市公司数据  

Can Mergers and Acquisitions Promote Enterprise Innovation? Based on Data of Listed Companies in Hong Kong SAR of China

作　　者：高亚军 GAO Yajun

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《上海商学院学报》2021年第2期41-50,共10页Business Economic Review

基　　金：国家社会科学基金重点项目“乡村振兴战略下返乡劳动力创业质量研究”(18AJL016)。

摘　　要：并购重组作为一种能够帮助企业实现稀缺资源整合的重要方式,可以吸引研究型人才,增强企业的创新产出效率,从而提升企业的创新能力。基于2006—2018年中国香港上市公司数据,通过对比分析和回归分析研究并购重组行为对企业创新的影响。结果表明:并购重组会促进企业创新投入水平的提升,并且这种影响具有持续性;并购重组对不同行业的企业的创新投入水平的影响存在差异,对工业和消费品制造业存在显著正向影响,对高新技术产业虽然影响为正,但不显著。因此,建议营造更好的企业并购重组环境,鼓励特定性质的企业进行并购重组;提高企业自身知识储备,增强组织学习能力,充分考虑被并企业的发展情况,更全面地进行并购重组后的物质资源整合和技术能力学习,从而提高并购重组企业的创新能力。As an important way to help companies realize the integration of scarce resources, mergers and acquisitions can attract research talents and enhance the efficiency of innovation output of enterprises, thereby enhancing their innovation capabilities. Based on the data of listed companies in Hong Kong SAR of China from 2006 to 2018, this paper studies the impact of mergers and acquisitions on enterprise innovation by comparative analysis and regression analysis. The results show that mergers and acquisitions can promote the improvement level of enterprise innovation investment, and this impact is continuous. The impact of mergers and acquisitions on the innovation input level of the enterprises in different industries is different. It has a significant positive impact on industry and consumer goods manufacturing. Although the impact on the high-tech industry is positive, it is not significant. Therefore, it is recommended to create a better environment for enterprise mergers and acquisitions, encourage companies of specific nature to conduct mergers and acquisitions, improve the companies’ own knowledge reserves, enhance organizational learning capabilities, fully consider the development of the merged companies, and carry out the integration of material resources and the study of technical skills more comprehensively after mergers and acquisitions, thereby improving the innovation capabilities of mergers and acquisitions.

关 键 词：并购重组 企业创新 创新投入 中国香港上市公司 

分 类 号：F832.51[经济管理—金融学] F271F273.1