异地并购是一种打破市场分割现象,实现资源高效配置的重要形式。针对前期文献中学者们对异地并购中地理距离和技术资源跨区域流动之间影响关系的研究存在较大差异,本文基于经济地理理论和信息不对称理论,以2009-2019年间我国高新技术上市企业发生的异地并购交易为研究样本,研究了地理距离对技术资源跨区域流动的影响效应以及并购双方技术重叠的调节作用。研究结果表明,地理距离对技术资源跨区域流动有显著的负向影响,在分组回归中,这种负向影响在制造业和新创企业分组中更显著；技术资源重叠对地理距离和技术资源跨区域流动间负向关系有显著的缓解效应。进一步研究发现,并购方董事长和总经理两职分离、独董地理临近性以及高管团队规模能显著削弱地理距离的负面影响效应。研究结论从并购前标的方选择和并购后资源整合的双视角为如何缓解异地并购中地理距离的束缚效应提供了理论依据,深化了我们对跨区域资源流动中地理距离影响效应的认知。

Cross-regional M A is an important form to break the market segmentation and realize the efficient allocation of resources. In view of great differences in previous literatures on the influence relationship between geographical distance and cross-regional flow of technological resources in cross-regional M A, based on economic geography theory and information asymmetry theory, this paper takes the remote M A transactions of China"s high-tech listed enterprises during 2009-2019 as the research samples. The influence of geographical distance on the cross-regional flow of technological resources and the moderating effect of technological overlap between M A parties are studied. The results show that geographical distance has a significant negative impact on the flow of technological resources across regions, and the negative impact is more significant in the cluster regression of manufacturing and new ventures. Technological resource overlap has a significant moderating effect on the negative relationship between geographical distance and cross-regional technological resource flow. Further research shows that the separation of chairman and general manager, the geographical proximity of independent directors and the size of top management team can significantly reduce the negative effect of geographical distance. From the dual perspectives of target party selection before M A and resource integration after M A, this study provides a theoretical basis for how to alleviate the binding effect of geographical distance in cross-regional M A, and deepens our cognition of the effect of geographical distance on cross-regional resource flow.

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国家社会科学基金一般项目“新产品开发模糊前端阶段企业技术差异化能力的提升机理研究”(16BGL042)；陕西省软科学研究计划一般项目“创新支持政策对陕西省高科技企业高质量发展的影响研究”(2021KRM102)。 丁奎¹ 赵李¹ 高钰¹