经济政策不确定性与企业技术型并购——基于企业间的策略性互动关系视角  

Economic Policy Uncertainty and Technology-Based Mergers&Acquisitions:A Perspective of Strategic Interactions among Firms

作　　者：邢斐[1] 海梦碟 曹瑜强 XING Fei;HAI Meng-die;CAO Yu-qiang(School of Economics,Huazhong University of Science and Technology;School of Accounting,Guangdong University of Foreign Studies)

机构地区：[1]华中科技大学经济学院 [2]广东外语外贸大学会计学院

出　　处：《中国工业经济》2023年第6期137-155,共19页China Industrial Economics

基　　金：国家自然科学基金面上项目“企业集团、产业政策与企业技术创新”(批准号71874061);广东省自然科学基金面上项目“混合所有制并购的制度安排、作用机理及经济后果”(批准号2021A1515011479)。

摘　　要：技术型并购是资本市场进行创新资源优化配置的重要手段,但受经济政策不确定性的影响,其在促进产业升级以及经济高质量发展方面能否发挥有效作用有待探究。本文以2004—2017年中国上市企业为样本,考察经济政策不确定性对企业技术型并购的影响。研究发现,经济政策不确定性增加了企业技术型并购的倾向;在不确定性环境下,企业从事技术型并购活动的激励在竞争性行业、民营企业以及经济下行期间更为显著,潜在的竞争威胁以及未来可能的增长期权价值刺激了企业技术型并购动机。进一步研究发现,当经济政策不确定性上升时,被收购方因占据谈判优势地位,倾向于通过索要高价退出市场,而收购方被迫承受高溢价水平;与此同时,收购方为减少道德风险发生概率,更愿意收购创新产出更多(已实现的创新)而非研发投入更多的企业。本文的研究不仅为深入理解经济政策不确定性背景下企业之间、收购方与被收购方之间的策略性互动关系提供了思路和证据,也为政府部门进行宏观经济调控以及有力推进产业升级提供了政策建议。Achieving innovation-driven development is not only an important way for China to transition to new economic dynamics,but also a prerequisite for achieving high-quality economic development.Technology-based mergers and acquisitions(M&As),as an important means of reallocating innovation resources in the capital market,can assist corporations in supplementing internal research and development(R&D)projects and accelerating innovation processes,thereby contributing to the effective expansion of industrial technological upgrading pathways.However,the extent to which technology-based M&A can effectively perform their anticipated roles,particularly under the influence of economic policy uncertainty(EPU),remains a subject of substantial exploration.This paper examines the impact of EPU on corporate technology-based M&A decisions of Chinese listed firms during 2004-2017.It finds that EPU promotes firms to engage in technology-based M&A.Under EPU,the incentives for firms to engage in technology-based M&A activities are more pronounced in competitive industries,among private firms,and during economic downturns.Potential competitive threats and possible growth options stimulate firms'motivation to pursue technology-based M&A.This paper also examines the innovative and economic consequences of firms'technology-based M&A under EPU.We find that a higher propensity to engage in technology-based M&A during periods of EPU increases firms'patent output,but has no effect on innovation quality or post-acquisition economic performance.This result is associated with firms'impulsively initiating M&A due to innovation anxiety.Lastly,when EPU rises,the bargaining power of the target firm increases,leading to a higher M&A premium for the acquirers.At the same time,acquirers are more inclined to acquire firms with higher patent output rather than those with higher R&D investment due to the risk of holdup.The findings of this study have following policy implications.First,enhancing policy information transparency and maintaining policy conti

关 键 词：经济政策不确定性 技术型并购 创新 策略性增长期权 道德风险 

分 类 号：F272[经济管理—企业管理]