知识距离与中国海外并购企业的创新绩效:通途或天堑?  

Knowledge Distance and Innovation Performance of Chinese Acquirers after International M&As:A Thoroughfare or Natural Moat?

作　　者：胡潇婷 吕文晶 李纪珍[3] HU Xiaoting;LYU Wenjing;LI Jizhen(School of Economics and Management,Beijing Information Science and Technology University,Beijing 100192,China;MIT Initiative on the Digital Economy,MIT Sloan School of Management,Cambridge MA 02139,USA;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]北京信息科技大学经济管理学院,北京100192 [2]美国麻省理工学院斯隆管理学院数字经济研究中心,剑桥02139 [3]清华大学经济管理学院,北京100084

出　　处：《科学学与科学技术管理》2024年第2期132-151,共20页Science of Science and Management of S.& T.

基　　金：北京市教委科研计划科技一般项目(KM202311232007);北京市社会科学基金项目(22JCC098)。

摘　　要：知识距离作为制度距离一个新近被关注的维度,是影响企业海外并购区位选择的重要因素之一,尤其是对于试图通过海外并购获取战略性资产以提升创新能力的中国企业而言。但已有研究却并未就知识距离与企业海外并购创新绩效的关系达成一致结论。基于知识距离的产生源头—国家制度中的国家创新系统这一视角,结合中国企业实践的新特征,采用制度理论视角,以2008—2017年中国A股上市制造企业为样本,使用PSM-DID的方法进行实证分析,结果发现国家间知识距离对并购企业的创新绩效产生显著负向影响。进一步地,考察了企业技术知识结构(即技术多元化和技术专业化程度)和知识存量(即吸收能力)对该关系的调节作用,结果显示并购企业的技术多元化程度会加深该负向影响,而其技术专业化程度和吸收能力则能减弱该影响。同时,知识距离与并购企业创新绩效的关系在不同所有制的企业内存在异质性:相对于非国有企业而言,知识距离对国有企业创新绩效的负向影响更强。Numerous Chinese enterprises have"gone out"to carry out international mergers and acquisitions(M&As)in the past decades,trying to acquire strategic assets such as technical knowledge of the host country and target firms,to rapidly improve their innovation performance and international competitiveness.Prior research reveals the critical impact of location choices in this process,and extensively sheds light on the influence of knowledge distance between the home country and the host country on acquiring firms'innovation performance.However,inconsistent conclusions exist.From the perspective of institutional theory,some scholars argue that knowledge distance will make acquiring firms face greater liability of foreignness and difficulties in knowledge transfer and integration,which is not conducive to the improvement of their innovation performance after international M&As.Other scholars,based on the springboard theory,suggest that the greater the knowledge distance,the more opportunities for the acquiring firm to explore new knowledge and realize reverse knowledge transfer,and thus the more they can promote innovation performance after M&As.In response to the inconsistent conclusions,this paper suggests that scholars should return to the theoretical basis of the concept of knowledge distance itself-the national innovation system theory that focuses on one specific dimension of the national institutions,and combine with the current situation that the international M&A practices of Chinese multinationals have gradually shown similar characteristics to that of multinational enterprises in developed countries,and choose the institutional theory rather than the springboard theory to discuss the impact of knowledge distance in Chinese multinationals'international M&As.Meanwhile,prior literature also pointed out that when exploring the impact of institutions such as the national innovation system,other theoretical perspectives should also be combined to explain the outcomes of multinationals'international strategy more rob

关 键 词：知识距离 海外并购 创新绩效 国家创新系统 技术知识结构 

分 类 号：F273.1[经济管理—企业管理]