医药企业知识基础、合作能力与技术并购创新绩效

Knowledge Base, Cooperation Ability and Innovation Performance of Technology Mergers and Acquisition in Pharmaceutical Companies

摘要:

以2007-2018年我国沪深A股生物医药行业发生的109起技术并购事件为研究样本，构建含有中介变量的回归模型，在实证检验并购方技术特征与创新绩效关系的基础上，探究了吸收能力的中介效应。研究表明：企业知识基础和合作能力对创新绩效有显著正向影响；吸收能力在知识基础、合作能力与创新绩效关系中均起到部分中介作用。进一步研究发现，并购方CEO接受技术类教育水平越高，企业技术特征的敏感度更高；互补型技术并购加强了主体知识基础对创新绩效的正向影响，相似性技术并购则加强了合作能力对创新绩效的正向影响。

Abstract:

Based on 109 technology M&A events of domestic pharmaceutical listed companies from 2007 to 2018, this paper uses regression analysis method to test the impact of enterprise knowledge base and cooperation ability on innovation performance, and introduces absorptive capacity as an intermediary variable between these two characteristics and innovation performance. The results shows that knowledge base and cooperation ability can significantly promote the innovation performance of technology M&A; Meanwhile, absorptive capacity plays an intermediary role between knowledge base, cooperation ability and M&A innovation performance. Further research shows that when the CEO of the merging enterprise has a higher education background of technological subjects, the sensitivity of these two characteristic variables is greater. Complementary technology M&A strengthens the positive impact of knowledge base on innovation performance, while similar technology M&A strengthens the positive impact of cooperation ability on innovation performance.