依据技术获取的目标差异性,本文将技术并购区分为互补型技术并购和替换型技术并购两种,通过对2005-2013年发生技术并购的98家中国上市公司的361起并购案例进行分类,并进一步引入技术差距分析两类技术并购对创新绩效的影响。研究结论显示,两类技术并购对主并方企业并购后的创新绩效均起到正向促进作用,且并购双方的技术差距在两类技术并购对创新绩效的促进方面存在明显的调节作用。基于该结论,本文提出了基于技术并购提升创新绩效的管理启示与建议。

The question why the failure rate of technological M A is so high has always been the hot spot of the research. But the research of the answers from the technology in merger and acquisition cases itself is very few. In this paper, starting from the knowledge attribute of technology in mergers and acquisitions to divide technological M A into two types, namely knowledge complementary technological mergers and acquisitions and knowledge replace technology M A, and further introduce the technical relevance to analyze these two kinds of technological acquisition mode impact on innovation performance. The empirical research samples are based on 90 M A cases of China"s 45 listed companies from 2006 to 2012. This article verifiedStheSinteraction relationshipSseparately between the knowledge complementary technological M A, knowledge replace technological mergers and acquisitions and innovation performance, and the regulating effect of technical relevancy. This article suggests that technique difference of both sides which is represented by technical relevancy plays a very important role in technology m a success or not. The research results on the analysis of technology acquisition modes and technical level of correlation matching and guide Chinese enterprises to effectively implement technological M A has theoretical and practical value.

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国家自然科学基金面上项目：“网络创新视域下有意识的知识溢出、知识创造与创新集群衍生机制理论与实证研究”(71472028)；国家自然科学基金青年项目：“基于规模阈值跃迁的大企业集团引领式产业创新升级机理与实证研究”(71103027)； 辽宁省社会科学规划基金重点项目：“产业链垂直整合视角的产业转型升级路径研究”(L15AJL003)项目主持人李宇