横向并购能提高企业创新效率吗——基于员工激励的视角  

Can Horizontal Mergers and Acquisitions Improve Corporates'Innovative Efficiency:A Perspective Based on Employee Incentives

作　　者：范立夫[1] 廖询 宋庆波 Fan Lifu;Liao Xun;Song Qingbo

机构地区：[1]东北财经大学金融学院 [2]山东光润控股有限公司

出　　处：《宏观经济研究》2024年第9期106-124,共19页Macroeconomics

摘　　要：本文采取准自然实验的方法实证检验横向并购对企业创新效率的影响。研究发现,横向并购后企业创新效率下降,且该效应主要发生在人力资本水平较高的公司以及行业集聚程度较低的地区,但并购后对技术人员的股权激励能抑制横向并购后创新效率下降。上述结果表明,对同类型员工的整合困难及由此导致的员工内在激励不足是阻碍横向并购实现创新效率提升的重要原因。因此,实施横向并购的公司除了加强物质资产的整合外,也要关注人力资本的整合,有效强化员工激励。This article adopts the method of quasi-natural experiment to empirically test the impact of horizontal M&As on corporate innovative efficiency.It is found that the innovative efficiency of firms decreases after horizontal M&As,and this effect mainly occurs in firms with higher human capital levels and in regions with lower industry concentration,but the equity incentives for technical personnel after M&As can inhibit the decrease of innovative efficiency after horizontal M&As.The above results suggest that the difficulty of integrating the same type of employees and the resulting lack of intrinsic employee incentives are important reasons that prevent horizontal M&As from realizing the improvement of innovative efficiency.Therefore,in addition to strengthening the integration of physical assets,firms implementing horizontal M&As should also pay attention to the integration of human capital and effectively strengthen employee incentives.

关 键 词：横向并购 创新效率 员工激励 人力资本整合 

分 类 号：F271[经济管理—企业管理] F273.1[经济管理—国民经济] F272.92