文章从并购双方的技术知识特性的视角下出发,区分并购双方技术知识相似性与互补性不同的维度,以及结合双方自身拥有的知识规模体系,来分析其对企业后续创新绩效的影响,通过构建系统的理论框架进行梳理分析,并以我国部分上市公司并购事件作为样本进行实证分析。研究表明,并购双方技术相似和互补与后续的创新绩效分别呈现倒U和正U型关系。同时,并购方的知识规模具有调节作用,对技术相似程度与创新绩效的关系有负向调节作用,而对技术互补程度与创新绩的关系有正向调节作用。

From the perspectiv of of the character of technology,this paper investigate how technology acquisition affect post-acquisition innovation by distinguishing the dimensions of similarity and complementarity of technology between acquired company and acquiring company,and combining the size of knowledge base of the two parties.After constracting the detailed theoretical framework,we conduct empirical research by using the M A events of some listed companies in China as samples.The results shows there is an inverted-U relationship between similar technology and post-acquisition innovation,and there is an U relationship between complementary technology and post-acquisition innovation.In addition, the size ofknowledge base of acquiring company has an adjustment function,and it will moderate the relationship between the similar technology and post-acquisition negatively;and it will moderate the relationship between the complementary technology and post-acquisition positively.

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国家社科基金重点项目；长江经济带创新空间分异及创新驱动模式研究(15AGL079)