高技术企业跨境并购、知识传递与创新质量——来自中国企业数据的实证  

Cross-border M&A, Knowledge Transfer and Innovation Quality of High-tech Enterprises——Empirical Data from Enterprises in China

作　　者：庞磊[1] 张盼盼 Pang Lei;Zhang Panpan(School of Economics and Management,Yunnan Normal University,Kunming 650500,China;ANTAI College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200030,China)

机构地区：[1]云南师范大学经济与管理学院,云南昆明650500 [2]上海交通大学安泰经济与管理学院,上海200030

出　　处：《当代经济管理》2023年第3期37-48,共12页Contemporary Economic Management

基　　金：国家社会科学基金一般项目《中国-中南半岛双向直接投资联动驱动产业动能转换实现机制与路径研究》(20BJL050);国家社会科学基金一般项目《基于中国-中南半岛经济走廊建设的亚洲生产网络重塑路径研究》(18BJL097)。

摘　　要：文章利用Thomson One和BVD子数据库Zephyr匹配了我国1991—2021年2 412家高技术跨境并购企业,采用渐进DID和PSM联合渐进DID的方法,对高技术跨境并购企业知识传递与创新质量问题研究得出结论:一是高技术跨境并购企业获得目标企业知识传递提升了企业本身的创新质量;二是知识传递推动高技术企业创新质量提升存在“双门槛”效应,当知识传递水平处于“低门槛”和“高门槛”之间,目标企业知识传递更为高效地促进企业创新质量提升,即知识势能转化为企业动能存在最优传递区间与路径;三是不同行业知识传递推动创新质量提升效度存在差异,先进制造与自动化产业、电子信息产业和新材料产业效度比较突出;四是不同地区知识传递推动创新质量提升效度亦存在差异,东部沿海、南部沿海和北部沿海等沿海区域效度比较突出。同时,通过改变统计口径等方式进行稳健性检验,发现结果稳健。This paper uses Thomson One and BVD sub-database Zephyr to analyze 2 412 high-tech cross-border M&A enterprises in China from 1991 to 2021. Using the method of progressive DID and PSM joint progressive DID, this paper studies the knowledge transfer and innovation quality of high-tech cross-border M&A enterprises and concludes that: first, high-tech cross-border M&A enterprises acquire knowledge transfer of target enterprises, which improves their own innovation quality;second, there is a “dual threshold” effect of knowledge transfer to promote the innovation quality of high-tech enterprises, that is, when the level of knowledge transfer is between “low threshold” and “high threshold”, the knowledge transfer of target enterprises can promote the innovation quality of enterprises more efficiently, in other words, there is an optimal transfer interval and path for knowledge potential energy to be transformed into enterprise kinetic energy;third, there are differences in the validity of knowledge transfer in different industries to promote innovation quality, and the effectiveness of advanced manufacturing and automation industry, electronic information industry and new material industry is relatively prominent;fourth, there are differences in the validity of knowledge transfer in promoting innovation quality in different regions. The effectiveness of eastern coastal areas, southern coastal areas and northern coastal areas is relatively prominent. At the same time, the robustness test was conducted by changing the statistical caliber, and the results were found to be robust.

关 键 词：高技术企业 知识传递 吸收能力 创新质量 

分 类 号：F271[经济管理—企业管理]