技术密集型企业跨国并购对创新绩效的影响——基于中国A股上市公司的经验研究

The impact of technology-intensive enterprises cross-border M&A on innovation performance：Based on the experience of Chinese A-share listed companies

摘要:

技术密集型企业的跨国并购大多是技术导向型,更加注重创新绩效,然而跨国并购是否能够提高其创新绩效的经验证据非常缺乏。文章以中国A股上市公司2013年至2017年中发生跨国并购的技术密集型上市公司为样本,检验了跨国并购对其创新绩效的影响,并就不同专利产出类型分别回归检验。结果显示,技术密集型企业跨国并购对创新绩效有显著促进作用,但是促进作用最大的并不是发明专利。在此基础上,提出技术密集型企业应创造条件通过跨国并购来提高创新绩效,应加强并购后的学习与吸收以促进高质量专利产出,同时政府应继续对企业创新加以补贴的政策建议。

关键词:跨国并购;创新绩效;专利;技术密集型企业

Abstract:

Most of the cross-border mergers and acquisitions (M A) of technology-intensive enterprises are technology-oriented and pay more attention to innovation performance. However, empirical evidence on whether cross-border M A can improve their innovation performance is very lacking. This paper takes a sample of technology-intensive listed companies with cross-border M A in China A-shares from 2013 to 2017 as an example, and empirically analyzes the impact of cross-border M A on technology innovation by technology-intensive companies. Different patent output types are separately tested. The results show that cross-border M A of technology-intensive enterprises plays a significant role in promoting innovation performance. Among them, it has the greatest impact on utility model patents instead of invention patents. On this basis, this paper puts forward the suggestions as follows: technology-intensive enterprises should create conditions to improve innovation performance through cross-border mergers and acquisitions, and should strengthen post-merger learning and absorption to promote high-quality patent output, while the government should continue to subsidize enterprise innovation.

Key words:cross-border mergers and acquisitions; innovation performance; patent; Technology-intensive enterprises