涉农并购浪潮下高新技术企业并购交易特征与经济后果研究  

Characteristics and Economic Consequences of Mergers and Acquisitions in China's High-tech Enterprises under the Wave of Agricultural M&A

作　　者：游宇 刘昌胜 YOU Yu;LIU Changsheng(School of Economics and Management,Hubei Minzu University,Enshi 445000,China;School of Accounting,Yunnan University of Finance and Economics,Kunming 650221,China)

机构地区：[1]湖北民族大学经济与管理学院,湖北恩施445000 [2]云南财经大学会计学院,云南昆明650221

出　　处：《云南农业大学学报（社会科学版）》2024年第3期54-62,共9页Journal of Yunnan Agricultural University(Social Science)

基　　金：云南省社会科学规划社会智库2023年度项目“共建‘一带一路’与RCEP双轮驱动下面向南亚东南亚多层次跨国会计服务体系研究”(SHZK2023346);湖北民族大学2024年博士科研启动基金项目“从会计技能到数智化素养:高校会计教育的变革与创新”(BS24036)。

摘　　要：农业科技是涉农行业发展的第一推动力,涉农领域并购交易规模井喷式增长,且主要集中在科学育种、农资研发、供应链渠道等产业链上下游各环节。在此背景下,验证高新技术企业并购交易特征对其经济后果及影响路径具有重要意义。本文研究发现高新技术企业进行并购交易活动采用现金支付方式会对其短期创新绩效产生负向影响;相对交易规模越大,高新技术企业并购后的经济后果较好;关联并购在高新技术企业并购活动中,有助于减少信息不对称风险,提升并购绩效;并购顾问对高新技术企业并购存在短期的积极效应。Agricultural technology stands as the primary propellant driving the development of the agribusiness sector,where mergers and acquisitions(M&A)transactions are increasingly pervasive.These transactions predominantly focus on various segments within the agricultural value chain,including scientific breeding,agricultural input research and development,and supply chain channels.Against this backdrop,the validation of M&A characteristics in high-tech enterprises assumes paramount significance,shedding light on their economic consequences and impact pathways.This study discerned that high-tech enterprises engaging in M&A activities with cash payment methods experience a detrimental influence on their short-term innovation performance.Furthermore,it unveiled that the economic outcomes for high-tech enterprises post-M&A tend to be more favorable as the transaction scale increases.Additionally,affiliated M&A activities in the realm of high-tech enterprises proved instrumental in mitigating information asymmetry risks, thereby elevating the overall M&Aperformance. Moreover, the involvement of M&A advisors exhibited short-term positive effects onM&A activities involving high-tech enterprises.

关 键 词：高新技术企业 并购重组 交易特征 创新绩效 

分 类 号：F324[经济管理—产业经济]