战略性新兴企业技术并购对创新绩效的影响  

The Impact of Technology M&A of Strategic Emerging Enterprises on Innovation Performance

作　　者：苏美丽 刘凤芹[2] Meili Su;Fengqin Liu(School of Economics,Henan University of Economics and Law;School of Economics,Dongbei University of Finance and Economics)

机构地区：[1]河南财经政法大学经济学院 [2]东北财经大学经济学院

出　　处：《管理学季刊》2023年第1期144-167,179,180,共26页Quarterly Journal of Management

基　　金：国家自然科学基金项目“特许经营合约中的准租金挤占和治理研究”(项目编号:71272053);东北财经大学校级科研项目“‘政策性+市场化’视角下政府引导基金驱动企业创新:微观机制、有效性与模式创新”(项目编号:纵20210300)资助。

摘　　要：战略性新兴企业创新能力是推动产业技术发展、建设创新型国家的关键。技术并购作为一种外部技术获取手段,对战略性新兴企业创新绩效的影响尚未得到充分关注。本文以2011~2015年战略性新兴产业上市公司并购事件为样本,采用倾向得分匹配和渐进式双重差分模型探究战略性新兴企业技术并购对创新绩效的影响。研究结论显示:第一,战略性新兴企业进行技术并购能够促进创新绩效的提升且对创新绩效的提升具有持续性影响;第二,企业市场势力、智力资本在技术并购和创新绩效间起到正向调节作用,有利于促进战略性新兴企业技术并购对创新绩效的积极影响。上述结论为战略性新兴企业和产业创新发展提供了理论和实践支撑。Background and Theory:In the research on how to improve the innovation ability of strategic emerging industries,scholars mostly put forward suggestions from increasing the investment in enterprise research and development,improving the corporate gov-ernance ability,etc.,focusing on relying on the internal resources and forces of enterprises to innovate,and not paying attention to the impact of technology mergers and acquisitions on their innovation performance.Scholars have conducted rich research on wheth-er technology M&A can really improve the innovation performance of enterprises,but have not reached a unified conclusion,and the research on whether technology M&A can produce sustainable innovation capability is relatively insufficient.With the continu-ous improvement of innovation costs and risks,and the increasing competition of innovation resources,it is increasingly difficult to rely solely on the internal innovation of enterprises.It is extremely urgent to find an innovation path with lower cost and higher effi-ciency.This paper discusses whether technology M&A can promote the innovation performance of strategic emerging industries and have a sustained impact.Furthermore,this paper also studies the regulatory role of enterprise market power and intellectual capital between technology M&A and innovation performance.Research Design:Take the M&A events of listed companies in strategic emerging industries in 2011-2015 as a sam-ple,first use the trend score matching method,and use the core matching method to find the control group of enterprises simi-lar to those engaged in technology M&A,and eliminate the endogenous impact;Then use the progressive double difference model to explore whether the open innovation based on technology M&A has promoted the innovation performance of strate-gic emerging industries,and then use the interactive item to verify the regulatory role of market power and intellectual cap-ital.The Research Results Are as Follows:First,technology M&A can promote the innovation performance of st

关 键 词：战略性新兴企业 技术并购 创新绩效 市场势力 智力资本 

分 类 号：F271[经济管理—企业管理] F276.44[经济管理—国民经济] F273.1