近年来,随着技术的快速发展,技术并购成为企业快速获取技术创新能力的重要方式。鉴于技术并购对企业创新绩效的影响机制尚未达成一致的认识,本文通过构建固定效应和Tobit经济计量模型,对国内医药上市公司2015-2017年的并购创新绩效进行了实证研究。研究表明：技术并购与企业的创新绩效存在显著的正向关系；吸收能力对并购后创新绩效存在正向促进作用；吸收能力在技术并购和创新绩效间起中介作用；动态能力正向调节技术并购与创新绩效之间的关系；动态能力正向调节吸收能力与创新绩效之间的关系。因此,企业在通过技术并购提升创新绩效时,还需要注重吸收能力的提高和动态能力的提升。

In recent years, with the rapid development of technology, technology mergers and acquisitions have become an important way for enterprises to quickly acquire technological innovation capabilities. In view of the fact that technology mergers and acquisitions have not reached a consensus on the impact mechanism of enterprise innovation performance, this paper conducts empirical research on the innovation performance of domestic pharmaceutical listed companies in 2015-2017 by constructing fixed effects and tobit econometric models. The research shows that there is a significant positive relationship between technology mergers and acquisitions and enterprise innovation performance; absorptive capacity has positive effects on innovation performance after mergers and acquisitions; absorption capacity plays a mediating role in technology mergers and acquisitions and innovation performance; dynamic capability positively regulates technology mergers and acquisitions The relationship with innovation performance; dynamic capabilities positively regulate the relationship between absorptive capacity and innovation performance. Therefore, when enterprises improve their innovation performance through technology mergers and acquisitions, they also need to pay attention to the improvement of absorptive capacity and the improvement of dynamic capabilities.

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