互联网企业并购抑制了企业创新吗?——基于分层式垄断竞争结构的视角  

Do M&As Inhibit Innovation in the Internet Industry:Based on the Perspective of the Hierarchical Monopoly and Competition Structure

作　　者：李好 李志生 梁释 LI Hao;LI Zhisheng;LIANG Shi(School of Economics and Business Administration,Central China Normal University;School of Finance,Southwestern University of Finance and Economics)

机构地区：[1]华中师范大学经济与工商管理学院,湖北武汉430079 [2]西南财经大学金融学院,四川成都610074

出　　处：《金融研究》2024年第7期115-132,共18页Journal of Financial Research

基　　金：国家社会科学基金重大项目(19ZDA061);国家自然科学基金青年项目(72301117);数字技术与现代金融学科创新引智基地的资助。

摘　　要：近年来,互联网企业并购热潮引发的资本扩张和垄断等问题引起了社会及监管部门关注。本文基于2010—2020年我国互联网上市企业数据,结合互联网行业市场结构特征,探讨互联网企业并购对创新的影响。研究发现:我国互联网行业呈现垄断与竞争稳定共存的分层式垄断竞争结构。垄断型企业并购后的创新投入显著下降,竞争型企业并购后的创新投入则显著提升。机制分析表明,并购会显著改变互联网企业的创新意愿和创新条件,进而影响创新投入;“两极化”的市场结构导致垄断型和竞争型企业形成不同的并购动机,并产生不同的创新效应。异质性分析表明,并购对创新的影响在市场结构特征更鲜明的东部地区更为显著;垄断型企业的创新抑制效应集中于横向并购的样本,竞争型企业的创新促进效应则集中于纵向并购的样本;并购对创新的影响与企业信息透明度和外部监督环境分别呈现替代和互补效应。进一步研究发现,垄断型企业并购后财务风险增加,而竞争型企业并购能够显著提升企业价值。本文对研究我国互联网行业并购如何影响创新提供了新视角和经验证据,可为引导互联网行业健康发展、促进有序竞争和持续创新提供有益参考。The Twentieth Central Committee of the Communist Party of China adopted a resolution on further comprehensively deepening reform to advance Chinese modernization at its Third Plenary Session.The resolution outlines plans for"strengthening antitrust and anti-unfair competition"and"stimulating internal motivation and innovative vitality throughout society".This underscores the importance of anti-monopoly regulation and incentives for the innovation and development of the real economy.With the rapid growth of China's internet industry,many internet firms utilize mergers and acquisitions(M&A)as a strategic approach to cope with market competition and pursue innovation breakthroughs.However,the surge in M&A activities has raised concerns among regulatory agencies and society about capital expansion and potential formation of monopolies.The existing literature on mergers and acquisitions focuses on traditional industries such as manufacturing and medicine.As a representative sector of the new economy,the internet industry exhibits distinct technological characteristics,organizational structures and industrial organizations compared to traditional industries.These differences render traditional theories and extant empirical conclusions inadequate to fully explain emerging phenomena in the internet industry.Additionally,regulatory agencies face serious challenges due to limitations in cognitive understanding and technological support in such new areas.Therefore,deeply exploring the internal logic and development law of the internet industry holds theoretical and practical implications.In light of this,this paper takes the Chinese listed internet firms from 2010 to 2020 as samples,and empirically examines the impact of M&As on innovation investment of internet firms.It also explores the underlying mechanisms from the perspective of the unique hierarchical monopoly and competition structure in the internet industry.The analyses yield several findings.Firstly,there are significant long-term disparities in scale and market p

关 键 词：互联网企业 并购动机 创新投入 市场结构 反垄断 

分 类 号：F271[经济管理—企业管理] F49[经济管理—国民经济] F273.1