技术并购、技术创新绩效与盈余持续性  

Technology Mergers & Acquisitions, Technology Innovation Performance and Earnings Persistence

作　　者：杨青 周绍妮[1] YANG Qing;ZHOU Shaoni(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China;School of Economics and Management,East China Jiaotong University,Nanchang 330013,China)

机构地区：[1]北京交通大学经济管理学院,北京100044 [2]华东交通大学经济管理学院,江西南昌330013

出　　处：《经济经纬》2021年第6期113-121,共9页Economic Survey

基　　金：国家社会科学基金项目(17BGL074);2019年江西省教育厅科技项目(GJJ190334);2018年江西省教育规划重点项目(18ZD027)。

摘　　要：选择2009—2017年中国高科技产业A股上市公司的并购事件作为研究对象,以技术创新绩效的中介效应为视角,考察技术并购对收购公司盈余持续性的影响,同时检验技术创新绩效的中介效应是否受到收购公司成长潜力的调节影响。研究发现:技术并购能够显著提升收购公司的盈余持续性;技术并购显著提升了两维度的技术创新绩效,且通过技术创新绩效中介效应的传导,进而提升收购公司的盈余持续性。技术创新绩效的中介效应还受到收购公司成长潜力的调节,收购公司的成长潜力越大,技术创新绩效与盈余持续性的关系也越强。研究揭示了技术并购通过技术创新绩效路径对盈余持续性的影响机制及作用机理。Taking the M & A events of A-share listed companies in China’s high-tech industry from 2009 to 2017 as the research object, and from the perspective of the intermediary effect of technological innovation performance, this paper examines the impact of technological M&A on earnings persistence of acquiring companies, and tests whether the intermediary effect of technological innovation performance is affected by the growth potential of acquiring companies at the same time. The study finds that technology mergers and acquisitions can significantly enhance the earnings persistence of acquiring companies and obviously improve the two-dimensional technological innovation performance. In addition, the mediating effect of technological innovation performance is also regulated by the growth potential of acquisition companies. The greater the growth potential of acquisition companies is, the stronger the relationship between technological innovation performance and earnings persistence is. This paper reveals the influence mechanism and action mechanism of technology M&A on earnings persistence through the mediating effect of technology innovation performance.

关 键 词：技术并购 技术创新绩效 盈余持续性 收购公司成长潜力 

分 类 号：F404[经济管理—产业经济]