并购网络技术多元化对企业创新绩效的影响研究  

Research on Effect of Technology Diversification of M&A Network on Enterprise Innovation Performance

作　　者：田洁 张信东[1] 吕艳娜 Tian Jie;Zhang Xindong;Lyu Yanna

机构地区：[1]山西大学经济与管理学院,山西太原030006 [2]中国政法大学商学院,北京100088

出　　处：《证券市场导报》2023年第8期40-51,共12页Securities Market Herald

基　　金：国家自然科学基金面上项目“双碳目标视域下企业社会责任对碳排放的作用机理、实现路径与行为演化研究”(7227411);山西省科技战略研究专项重点项目“提高山西省R&D投入强度的对策分析”(202204031401008);山西省高等学校人文社会科学重点研究基地项目“企业数字化转型决策及对企业高质量发展的影响研究”(2022J008);山西省社会经济统计科研课题“双循环”背景下并购网络技术多元化对山西省企业高质量发展的影响路径研究(KY[2021]172)。

摘　　要：并购是企业有效获取外部技术知识的重要方式。本文突破现有并购双方同质化或二元关系的研究,以2010—2019年发生并购交易的上市公司为研究样本,5年为滚动时间窗口,构建企业并购网络,采用双向固定效应模型,探究并购网络技术多元化对企业创新绩效的影响,并从技术能力和组织能力双重视角出发,剖析其内在作用机制。研究发现,并购网络技术多元化与创新绩效呈倒U型关系;技术多元化能力、吸收能力和整合能力在并购网络技术多元化与企业创新绩效之间发挥部分中介作用;并购网络技术多元化对企业创新绩效的影响在数字化转型程度高的企业、非国有企业、高新技术企业、东部和中部地区的企业中更为显著。本文为企业选取合适的并购标的、突破技术创新困境、提高创新绩效提供了有效借鉴。M&A is an important way for enterprises to effectively acquire external technical knowledge.This paper breaks through the existing research on the homogeneity or binary relationship between M&A parties.It takes the listed companies that have M&A transactions from 2010 to 2019 as the research samples,takes 5 years as the rolling time window,constructs the M&A network,and uses the two-way fixed effect model to explore the impact of technology diversification of M&A network on enterprise innovation performance.This paper analyzes its internal mechanism from the dual perspectives of technical capability and organizational capability.The research finds that there is an inverted U-shaped relationship between technology diversification of M&A network and innovation performance.Technology diversification capacity,absorptive capacity and integrating capacity play partial mediating roles between the technology diversification of M&A network and enterprise innovation performance.The impact of technology diversification of M&A network on enterprise innovation performance is more significant in enterprises with high degree of digital transformation,non-state-owned enterprises,high-tech enterprises,and enterprises in eastern and central regions.This paper provides effective reference for enterprises to select appropriate merger targets,break through technological innovation difficulties,and improve innovation performance.

关 键 词：并购网络 技术多元化 创新绩效 吸收能力 整合能力 

分 类 号：F272[经济管理—企业管理]