轻资产化转型与企业创新:基于并购视角研究  

Asset-light transformation and corporate innovation:Research based on the mergers and acquisitions perspective

作　　者：洪祥骏 杨佳 熊剑亮 HONG Xiangjun;YANG Jia;XIONG Jianliang(Xiamen National Accounting Institute,Xiamen 361005,China;School of International Trade and Economics,University of International Business and Economics,Beijing 100029,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]厦门国家会计学院,福建厦门361005 [2]对外经济贸易大学国际经济贸易学院,北京100029 [3]清华大学经济管理学院,北京100084

出　　处：《管理工程学报》2025年第3期164-179,共16页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金青年项目(72303196);福建省社会科学基金青年项目(FJ2022C037,FJ2021B142)。

摘　　要：在我国经济新常态下,轻资产趋势成为经济转型的重要发展方式。本文基于工业企业的轻资产获取与重资产出售的并购交易行为研究,发现轻资产化后企业能申请到更多专利,全要素生产率获得显著提升。轻资产化提升创新水平的机制在于:一方面,企业将更加专注于主营产品业务,实现差异化,减少在弱势业务上的竞争,获得更高的创新竞争力;另一方面,企业将优化资源配置,增加运营现金流和降低融资成本。在不同所有制、产业集中度以及行业融资依赖度方面,轻资产化存在异质性影响。在政策启示方面,轻资产化转型有助于企业降低融资成本,促进企业线上服务与数字化转型,从而寻找新的经济增长点,推动我国经济高质量发展。The evolving economic landscape in China requires enterprises to adopt an innovation-driven development approach.In this new environment,asset-light transformation has emerged as an important method for economic transformation.Our research,centered around the acquisition and divestment of light assets within industrial enterprises,reveals that companies with lighter assets tend to apply for more patents,resulting in a substantial improvement in total factor productivity(TFP).Our findings indicate that implementing an asset-light strategy can lead to the increase in patent filings and a remarkable enhancement in TFP.To conduct our study,we utilized a comprehensive database comprising micro data from the Tsinghua China Data Center(2014-2016),industrial enterprises database(1999-2013),industrial enterprises patent database,and CSMAR database acquisition.Through this data,we constructed indicators for assessing the effectiveness of the asset-light strategy,differentiating between heavy assets(equipment,plant,land,and other fixed assets,including land use rights)and light assets(technology patents,brands,and other non-land use rights).Moreover,we discovered that the impact of light assets on innovation transformation varies across different ownership structures,industrial concentrations,and industry financing dependencies.Specifically,asset-light transformation has a more pronounced effect on innovation and overall efficiency in fragmented industries and those reliant on financing.The adoption of asset-light transformation has proven to improve enterprises′innovation capabilities.Firstly,implementing assetlight strategies enables enterprises to strengthen their position within the industrial value chain.Secondly,asset-light research and development(R&D)outsourcing mitigates R&D risks while allowing enterprises to leverage their comparative advantages,thereby improving their innovation capacity.Thirdly,asset-light approaches assist enterprises to resist the adverse effects of the COVID-19 pandemic.The emergence of on

关 键 词：轻资产化 创新 并购 专业化 资本结构 

分 类 号：F82[经济管理—财政学]