技术并购专利组合特征对企业竞争力的影响研究——基于PSM方法的实证检验

Research on the impact of technology M&A patent portfolio characteristics on enterprise competitiveness： An empirical test based on PSM method

摘要:

在当前经济快速发展的时代，技术并购已成为企业发展的重要方式之一，其对企业的影响受到学者和企业的广泛关注。本文以沪深A股上市企业为样本，运用PSM方法对529个技术并购样本进行1对1匹配，考察技术并购以及技术并购的专利组合特征——相似性、互补性和跨部性对企业竞争力的影响。研究发现技术并购显著促进企业竞争力的提升，并且互补性对企业竞争力的影响更加显著。进一步分析发现，技术并购及跨部性对非国有企业，金属、汽车和计算机制造业与建筑业企业竞争力的影响更加显著；相似性对采矿业企业竞争力的影响更加显著；互补性对国有企业与科学研究和技术服务业的影响更加显著。

Abstract:

In the current era of rapid economic development, technology mergers and acquisitions have become one of the important ways of enterprise development, and its impact on enterprises has been widely concerned by scholars and enterprises. Taking Shanghai and Shenzhen A-share listed companies as samples, this paper uses the PSM method to match 529 technology M&A samples 1-to-1, and examines the impact of technology M&A and the patent portfolio characteristics of technology M&A on the competitiveness of enterprises, such as similarity, complementarity and cross-sectionality. It is found that technology mergers and acquisitions significantly promote the improvement of enterprise competitiveness, and the impact of complementarity on enterprise competitiveness is more significant. Further analysis shows that technology mergers and acquisitions and cross-ministerial have a more significant impact on the competitiveness of non-state-owned enterprises, metal, automobile, computer manufacturing and construction enterprises. The impact of similarity on the competitiveness of mining enterprises is more significant; The impact of complementarity on state-owned enterprises and scientific research and technical services is more pronounced.