制度嵌入如何影响跨境并购后的企业创新质量?  

How does Institutional Embedding Affect the Quality of Innovation after Cross-border Mergers and Acquisitions?

作　　者：吴先明[1] 马子涵 WU Xian-ming;MA Zi-han(Economics and Management School of Wuhan University,Wuhan,Hubei,430072,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《经济管理》2022年第4期98-115,共18页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金重点项目“创造性资产寻求型跨国并购的主要影响因素和运作推进机制研究”(12AZD034);国家社会科学基金重大项目“‘一带一路’建设面临的政治风险、经济风险、安全风险、经营风险及应对研究”(18VDL016)。

摘　　要：跨境并购是否促进了并购企业创新质量的提升?制度距离和母国制度环境如何影响这一过程?现有研究尚不能很好地回答这些问题。本文从双重制度嵌入视角,以2008—2018年沪深两市A股上市公司的跨境并购数据,检验了跨境并购对并购企业创新质量的影响,并考察了其中的作用机制。研究发现:跨境并购有效提升了并购企业的创新质量;较大的制度距离、存在政治关联和较高的政府创新补助力度会加强跨境并购对企业创新质量的正向效应,而较高的国有股权参与度会削弱跨境并购对企业创新质量的正向效应;跨境并购对企业创新质量的影响程度不能一概而论,跨境并购对高科技企业以及吸收能力较强企业的创新质量提升作用更加明显;跨境并购主要通过提高产学研合作和加强海外子公司与消费者、供应商等之间的相互沟通与交流进而影响了企业创新质量。本文不仅拓展了对新兴经济体企业创新追赶的分析,而且深化了对制度基础观的认识,为中国企业通过跨境并购提升创新质量提供了可资参考的建议。Cross-border M&A is a topic widely discussed in capital market research.In recent years,with the deepening of “going global” strategy and the rapid growth of cross-border M&As of Chinese enterprises,does cross-border M&A promote the acquirer’s innovation quality? How does the institutional distance and the home country’s institutional environment affect this process? Existing researches are not yet able to answer these questions well.First of all,most of the conclusions are that cross-border M&A can help enterprises to obtain technology spillover and improve innovation performance.However,the above studies all take multinational enterprises in developed countries as samples.Furthermore,existing researches usually only focus on the impact of cross-border M&A on the scale of innovation output represented by patent count,and ignore the effects of cross-border M&A on innovation quality.In fact,the innovation content or value of different patents is imbalanced.Only using the number of patents and ignoring the difference of patent quality may lead to the conclusion biased.Last but not least,scholars mostly adopt a single perspective to explain the impact of institutional environment on enterprise innovation performance in cross-border M&As.From the perspective of dual institutional embeddedness,this paper uses the cross-border M&A data of A-share listed enterprises in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2018 to test the impact of cross-border M&A on the acquirer’s innovation quality,and investigate the mechanism.The empirical results show that cross-border M&As have effectively improved the acquirer’s innovation quality;institutional distance has a significant positive moderating effect on the relationship between them;state-owned equity has a significant negative moderating effect on the relationship between the two;political connections,government innovation subsidies have a significant positive moderating effect on the relationship between the two.Furthermore,the mediating te

关 键 词：跨境并购 创新质量 制度距离 母国制度环境 

分 类 号：F276[经济管理—企业管理]