首席技术官设立提升企业技术并购创新绩效了吗  

Does CTO Improve the Performance of Firms'Technology Acquisitions?

作　　者：王彩萍 张家豪[2] 简菲 黄志宏 Wang Caiping;Zhang Jiahao;Jian Fei;Huang Zhihong(International School of Business and Finance,Sun Yat-sen University,Zhuhai 519082,China;Advanced Institute of Finance,Sun Yat-sen University,Guangzhou 510275,China;Government Offices Administration of the CPC Guangzhou Municipal Committee,Guangzhou 510030,China;PBC School of Finance,Tsinghua University,Beijing 100083,China)

机构地区：[1]中山大学国际金融学院,广东珠海519082 [2]中山大学高级金融研究院,广东广州510275 [3]中共广州市委机关事务管理局,广东广州510030 [4]清华大学五道口金融学院,北京100083

出　　处：《科技进步与对策》2024年第23期127-137,共11页Science & Technology Progress and Policy

基　　金：国家自然科学基金重点项目(72132010);教育部哲学社会科学研究后期资助项目(21JHQ090);广东省自然科学基金项目(2022A1515010784)。

摘　　要：随着我国创新型国家建设战略推进,以技术并购等为主要方式的开放式创新越来越受到企业重视。如何更好地推进企业技术并购?基于高科技企业设立首席技术官(Chief Technology Officers,CTO)这一现象,探讨作为参与企业战略决策和引领企业技术创新的复合型人才,CTO在技术并购中扮演何种角色及如何影响企业技术并购创新绩效。以技术并购作为特定情境,收集整理2000—2022年中国上市公司中实施技术并购的企业样本,实证检验发现,主并企业CTO显著促进企业技术并购创新绩效提升。从影响机制看,CTO在促进企业加大研发资金、人力资本投入方面发挥积极作用,由此带来企业技术并购创新绩效提升。进一步研究发现,CTO学历对于企业技术并购创新绩效具有显著正向影响,而CTO的海外经历、性别、年龄等个人特征对企业技术并购创新绩效无显著影响。结论可拓展技术高管与企业创新相关研究,从而为中国创新驱动发展战略实施提供企业层面的经验支撑。In the present era,enterprises are experiencing a profound transition from closed innovation to open innovation,responding to high-quality development.As a crucial facet of open innovation,technology mergers and acquisitions(M&A)play a pivotal role in swiftly assimilating new technological knowledge for acquiring firms,and it helps to overcome the historical path dependence that previously impeded advancements in closed innovation,and foster an environment conducive to innovation and entrepreneurship across society.In this evolving landscape,the role of chief technology officers(CTOs)has gained remarkable significance.Possessing a unique blend of management acumen,expertise and technical proficiency,CTOs are increasingly instrumental in steering the innovative performance of technology M&As.In this study,a sample of Chinese A-share listed companies engaged in technology M&As from 2000 to 2022 is collected manually.Instances of M&As within the same company across different years are treated as distinct events,yielding a total of 4946 valid samples.The number of patents obtained by the companies annually is viewed as an indicator of their innovation performance.Executives holding titles like Chief Technology Officer,Vice President responsible for technology,Technical Director,R&D Director,Head of Research Institute,Chief Engineer,and similar positions are categorized as Chief Technology Officers(CTOs).A binary variable is set where the value is 1 if the company has any of these executives and 0 otherwise.This paper also controls for several variables related to enterprises and M&A characteristics and establishes a multiple linear regression model to explore the relationship between CTOs and the innovative performance of technology M&As.It is found that there is a significant positive correlation between CTOs and the innovative performance of technology M&As.The continued investment in innovative resources by enterprises further amplifies the positive impact of CTOs.Specifically,the efficacy of CTOs in enhancing the

关 键 词：技术并购 首席技术官 创新绩效 资源基础理论 

分 类 号：F271.4[经济管理—企业管理]