研发强度与跨境并购的价值创造:资产增强视角  

The R&D Intensity and Value Creation of Cross-Border Mergers and Acquisitions:An Asset Augmentation Perspective

作　　者：李京晶 吴先明[2] 廖凯诚 LI Jingjing;WU Xianming;LIAO Kaicheng(School of Economics and Management,Hubei Polytechnic University,Huangshi 435003,China;Economics and Management School,Wuhan University,Wuhan 430072,China;School of Social Sciences,Tsinghua University,Beijing 100084,China)

机构地区：[1]湖北理工学院经济与管理学院,湖北黄石435003 [2]武汉大学经济与管理学院,湖北武汉430072 [3]清华大学社会科学学院,北京100084

出　　处：《华东经济管理》2024年第12期97-107,共11页East China Economic Management

基　　金：国家社会科学基金一般项目“数字经济背景下企业跨界并购的创新绩效研究”(22BGL107);湖北省社会科学基金一般项目“技术寻求型跨国投资对母公司创新绩效的影响研究:基于战略三角框架的视角”(HBSKJJ20233274)。

摘　　要：文章从资产增强视角,采用事件研究和回归分析相结合的方法,对2006—2022年273起中国企业跨境并购事件进行研究,探讨新兴市场企业的研发强度对跨境并购价值创造过程的影响。结果表明:跨境并购能够对并购企业价值创造产生积极的促进作用,并购方的研发强度显著促进了跨境并购的价值创造;东道国战略资产丰裕程度、并购方战略资产寻求动机、海外并购经验以及并购方控股比例正向调节研发强度与跨境并购价值创造之间的关系;企业创新能力和生产率在研发强度与价值创造之间起部分中介作用。研究结论对揭示新兴市场企业技术能力的动态变化对其国际扩张的影响有着重要的理论和实践意义。This article researches 273 cross-border mergers and acquisitions by Chinese enterprises from 2006 to 2022,using a combination of event study and regression analysis from an asset augmentation perspective.It explores the impact of R&D intensity in emerging market enterprises on the value creation process of cross-border mergers and acquisitions.According to the result findings,cross-border mergers and acquisitions can positively enhance the value creation of acquiring firms.The acquiring firm's R&D intensity significantly boosts the value creation of cross-border mergers and acquisitions.The abundance of strategic assets in the host country,the acquiring firm's motivation to seek strategic assets,experience in overseas mergers and acquisitions,and the acquiring firm's shareholding ratio positively moderate the relationship between R&D intensity and the value creation of cross-border mergers and acquisitions.Additionally,a firm's innovation capability and productivity partially mediate the relationship between R&D intensity and value creation.The research conclusion has important theoretical and practical significance in revealing the impact of dynamic changes in the technological capabilities of emerging market enterprises on their international expansion.

关 键 词：研发强度 跨境并购 价值创造 资产增强 

分 类 号：F279.2[经济管理—企业管理] F271[经济管理—国民经济] F275