风险投资、跨国并购与企业关键核心技术突破——基于高端医疗设备行业的实证研究  

Venture capital,cross-border mergers and acquisitions and corporate breakthroughs in key core technologies

作　　者：冯婷 郭立宏[1] 董建卫[1] 王晗 FENG Ting;GUO Li-hong;DONG Jian-wei;WANG Han(School of Economics and Management,Northwest University,Xi'an 710127,China;School of Business,Xi'an University of Finance and Economics,Xi'an 710100,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127 [2]西安财经大学商学院,陕西西安710100

出　　处：《科学学研究》2024年第6期1255-1265,共11页Studies in Science of Science

基　　金：国家自然科学基金地区项目(71962033);国家自然科学基金青年科学基金项目(72102173);教育部人文社会科学青年基金项目(21YJC630131)。

摘　　要：本文考察了风险投资(VC)的知识转移功能在新场景中的运用。基于国产替代逻辑精准识别我国高端医疗设备行业关键核心技术突破,运用2015-2021年高端医疗设备企业的面板数据,实证检验了VC对企业跨国并购与关键核心技术突破关系的影响效应及内在机制。研究发现:VC参与能强化跨国并购对企业关键核心技术突破的正向影响,潜在机制为强化跨国并购的知识获取、知识吸收作用。研究结论拓展了VC知识转移功能的应用场景,同时为缓解我国高端医疗设备行业关键核心技术“卡脖子”困境提供了思路。The"import dependence"of domesticadvanced medical equipment isseriouslyconcerned by the Government.President Xi highlights that advanced medical devices shouldbe self-controllable,efforts supposed to be concentrated onbreaking through core and keytechnologies.As an important means for enterprises to acquire heterogeneous knowledge,cross-border merger and acquisition is an internationalization accelerator for latecomer countries to quickly realize technology catch-up and reduce import dependence,and'also adirection for advanced medical device enterprises to realize domestic substitution of core and key technologies.However,due to the differences between countries in political system,cultures,as well as the fact that the medical equipment industry mainly consist of small startups,those enterprises may face the disadvantage as outsiders and newcomers in the processof cross-border mergers and ac-quisitions(M&A).Therefore,how to help advanced medicaldevice enterprises break through the dilemma and acquire and absorb core knowledge incross-border mergers and acquisitions is an important way to alleviate the strangleholdproblem of core and key technolo-gies of advanced medical equipment Venture capital canaffect the knowledge absorption and management ability of enterprises through investmentand post-investment management.If the knowledge transfer mechanism of VC can operateeffectively,by strengthening the process of knowledge transfer,absorption and applicationof core technologies in cross-border mergers and acquisitions,advanced med-ical equipmententerprises are expected to build the innovation capability of core and key technologies.However,there are few litera-tures to discuss whether the knowledge transfer mechanism of vC institutions plays a role in the relationship between cross-border M&A and core and keytechnology innovation.For this reason,based on the logic of domestic substitution,this paperaccurately identi-fies the core and key technology breakthroughs in Chinese advanced medical equipment industry,this pa

关 键 词：关键核心技术 风险投资 跨国并购 高端医疗设备 国产替代 

分 类 号：F832.48[经济管理—金融学] F424.3