技术互补性对跨国并购企业创新绩效的影响研究——知识基础的调节作用  

Research on the impact of technology complementarity on the innovation performance of Chinese enterprises in cross-border M&A:The moderating effect of knowledge base

作　　者：苏屹[1] 郭稳 Su Yi;Guo Wen(School of Economics and Management,Harbin Engineering University,Harbin 150001,Heilongjiang,China)

机构地区：[1]哈尔滨工程大学经济管理学院,黑龙江哈尔滨150001

出　　处：《科研管理》2025年第1期145-154,共10页Science Research Management

基　　金：国家社会科学基金重大项目:“新型举国体制下技术突破的市场机制和政策路径研究”(21&ZD122,2021.12-2025.12);国家自然科学基金(72474058,2025.01-2028.12;72074059,2021.01-2024.12)。

摘　　要：通过跨国技术并购获取互补性技术这一瓶颈性资产是后发企业实现资源优化和技术赶超的重要战略。本文以中国A股上市公司跨国并购事件为样本,运用负二项回归分析方法,探究并购双方技术互补性对并购方企业创新绩效的影响机制,并剖析并购方企业知识基础对两者关系的调节作用。研究发现:技术互补性与企业创新绩效呈倒U型关系;企业知识基础宽度的增加加剧了技术互补性对创新绩效影响的阈值效应,知识基础深度的增加使这一倒U型关系发生反转而呈U型关系。通过进一步分析,发现技术互补性对并购方企业探索式与利用式创新绩效均具有倒U型影响,且并购方企业知识基础宽度与深度对该倒U型关系均具有显著的调节作用。本研究丰富了跨国技术并购领域的相关理论,对企业更好地“走出去”具有一定的参考价值。It is an important strategy for latecomers to optimize resources and catchup technologies to acquire complementary technology through cross-border M&A.This study adopted the cross-border M&A of China's A-share listed companies as the sam-ple and constructed the negative binomial regression analysis method to investigate the influence mechanism of cross-border M&A parties'technology complementarity on the innovation performance of the acquirer and to analyze the moderating effect of the knowledge base of the acquirer on the relationship between the two.The results showed that there is an inverted U-shaped rela-tionship between the technology complementarity and the innovation performance of the acquirer.An increase in the width of knowledge base exacerbates the threshold effect of the impact of technology complementarity on innovation performance,and an increase in the depth of the knowledge base reverses this inverted U-shaped relationship to a U-shaped one.In addition,through further analysis,it was found that the technology complementarity of the two sides of the cross-border M&As has an inverted U-shaped impact on the exploratory and exploitative innovation performance of the acquirer,and the breadth and depth of the knowl-edge base has a significant moderating effect on the above-mentioned inverted U-shaped relationship.This has broken the re-search limitation caused by the homogenization of firm innovation models in existing research from the perspective of ambidextrous innovation.The research conclusion will enrich the theoretical research on cross-border M&A,thus having a certain reference valueforfirms to better"go global".

关 键 词：跨国并购 技术互补性 知识基础宽度 知识基础深度 创新绩效 

分 类 号：F273.1[经济管理—企业管理]