新一代信息技术企业技术资源、研发投入与并购创新绩效
|
摘要
以2013～2016年我国沪深A股新一代信息技术上市公司的技术并购事件为研究样本,通过构建含有中介的调节模型,在实证检验并购方技术资源与创新绩效关系的基础上,进一步研究了技术差距的调节作用和研发投入的中介效应。研究发现:并购方技术资源对并购创新绩效有正向影响,且对研发投入亦有正向影响;研发投入在并购方技术资源与创新绩效的关系中具有部分中介作用;技术差距对技术人员与研发投入的作用关系有负向调节作用,而对研发项目与研发投入的作用关系有正向调节作用;技术差距对技术资源与创新绩效间关系的调节作用通过研发投入的中介实现。
Taking the tech M&A of the new generation of information technology listed companies in Shanghai and Shenzhen A shares from 2013 to 2016 as the research sample,by building the mediated moderation model,based on the empirical test of the relationship between acquirer enterprise'technological resources and innovation performance,we further studied the regulating effect of technological disparity and the mediating effects of R&D investment. Research result shows that: the technological resources of acquirer enterprise have positive impact on innovation performance and R&D investment; R&D investment plays a partial intermediary role between technological resources and innovation performance; technological disparity negatively moderates the relationship between technical staff and R&D investment,but positively moderates the relationship between R&D project and R&D investment; and technological disparity moderates the relationship between technological resources and innovation performance by regarding R&D investment as mediation.
Taking the tech M&A of the new generation of information technology listed companies in Shanghai and Shenzhen A shares from 2013 to 2016 as the research sample,by building the mediated moderation model,based on the empirical test of the relationship between acquirer enterprise'technological resources and innovation performance,we further studied the regulating effect of technological disparity and the mediating effects of R&D investment. Research result shows that: the technological resources of acquirer enterprise have positive impact on innovation performance and R&D investment; R&D investment plays a partial intermediary role between technological resources and innovation performance; technological disparity negatively moderates the relationship between technical staff and R&D investment,but positively moderates the relationship between R&D project and R&D investment; and technological disparity moderates the relationship between technological resources and innovation performance by regarding R&D investment as mediation.
引文
[1]WERNERFELT B.A Resource-Based View of the Firm[J].Strategic Management Journal,1984,5(2):171-180.
[2]GRANT R M.The Resource-Based Theory of Competitive Advantage:Implications for Strategy Formulation[J].California Management Review,1999,33(3):3-23.
[3]BARNEY J B,WRIGHT M,KETCHEN Jr D J.The Resource-Based View of the Firm:Ten Years after1991[J].Journal of Management,2001,27(6):625-641.
[4]BARNEY J B,KETCHEN Jr D J,WRIGHT M.The Future of Resource-Based Theory[J].Journal of the Southern Management Association,2011,37(5):1 299-1 315.
[5]宋洋.创新资源、研发投入与产品创新程度---资源的互斥效应和研发的中介效应[J].中国软科学,2017(12):154-168.
[6]曾德明,陈培祯.企业知识基础、认知距离对二元式创新绩效的影响[J].管理学报,2017,14(8):1 182-1 189.
[7]SCHOENECKER T,SWANSON L.Indicators of Firm Technological Capability:Validity and Performance Implications[J].IEEE Transactions on Engineering Management,2002,49(1):36-44.
[8]陶永明.企业技术创新投入对技术创新绩效影响机理研究---基于吸收能力视角[J].东北财经大学学报,2014(1):59-65.
[9]李泽,何培旭,彭正龙.关键资源获取、新产品创造性、战略地位优势与新服务产品开发绩效[J].科学学与科学技术管理,2017,38(7):129-140.
[10]VALENTINI G,GUARDO M C D.Explaining the Effect of M&A on Technological Performance[J].Advances in Mergers&Acquisitions,2007,6:107-125.
[11]CASTRO-CASAL C,NEIRA-FONTELA E,LVAREZ-PREZ M D.Human Resources Retention and Knowledge Transfer in Mergers and Acquisitions[J].Journal of Management and Organization,2013,19(2):188-209.
[12]ZAHEER A,HERNANDEZ E,BANERJEE S.Prior Alliances with Targets and Acquisition Performance in Knowledge-Intensive Industries[J].Organization Science,2013,21(5):1 072-1 091.
[13]JO G S,PARK G,KANG J.Unravelling the Link between Technological M&A and Innovation Performance Using the Concept of Relative Absorptive Capacity[J].Asian Journal of Technology Innovation,2016,24(1):1-22.
[14]郝清民,任欢欢.技术并购与研发的创新演进绩效研究[J].科技进步与对策,2015,32(16):63-68.
[15]黄璐,王康睿,于会珠.并购资源对技术并购创新绩效的影响[J].科研管理,2017,38(S1):301-308.
[16]孟凡臣,赵中华.跨文化吸收能力对国际并购知识转移影响机制的多案例研究[J].管理学报,2018,15(8):1 221-1 230.
[17]STEFANO G D,GAMBARDELLA A,VERONA G.Technology Push and Demand Pull Perspectives in Innovation Studies:Current Findings and Future Research Directions[J].Social Science Electronic Publishing,2012,41(8):1 283-1 295.
[18]KLINE S J,ROSENBERG N.An Overview of Innovation[M]//LANDAU R,ROSENBERG N.Studies on Science and the Innovation Process:Selected Works of Nathan Rosenberg.New York:Social Science Electronic Publishing,1986:173-203.
[19]盖庆恩,陈海磊,梁建.资源、制度与研发强度:来自中国民营企业的证据[J].经济与管理研究,2013(4):95-105.
[20]李宇,张晨,王丽军.企业技术并购与创新绩效的关系研究---技术差距的调节作用[J].科技管理研究,2016(18):192-197.
[21]吴先明.我国企业知识寻求型海外并购与创新绩效[J].管理工程学报,2016,30(3):54-62.
[22]AHUJA G,KATILA R.Technological Acquisitions and the Innovation Performance of Acquiring Firms:ALongitudinal Study[J].Strategic Management Journal,2001,22(3):197-220.
[23]NOSELLA A,VERBANO C.Addressing R&D Investment Decisions:A Cross Analysis of R&D Project Selection Methods[J].European Journal of Innovation Management,2010,13(3):355-379.
[24]SEVILIR M,TIAN X.Acquiring Innovation[C].Chicago:AFA 2012 Chicago Meetings,2012.
[25]HSU T T,TSAI K H,HSIEH M H,et al.Strategic O-rientation and New Product Performance:The Roles of Technological Capability[J].Canadian Journal of Administrative Sciences,2014,31(1):44-58.
[26]HONG J,SONG T H,YOO S.Paths to Success:How Do Market Orientation and Entrepreneurship Orientation Produce New Product Success?[J].Journal of Product Innovation Management,2013,30(1):44-55.
[27]朱磊,韩洪震,王春燕.技术并购对企业创新绩效的影响---来自我国高技术上市公司的数据[J].山东财经大学学报,2016,28(3):103-110.
[28]叶宝娟,温忠麟.有中介的调节模型检验方法:甄别和整合[J].心理学报,2013,45(9):1 050-1060.
[29]陈强.高级计量经济学及Stata应用[M].北京:高等教育出版社,2010.
[2]GRANT R M.The Resource-Based Theory of Competitive Advantage:Implications for Strategy Formulation[J].California Management Review,1999,33(3):3-23.
[3]BARNEY J B,WRIGHT M,KETCHEN Jr D J.The Resource-Based View of the Firm:Ten Years after1991[J].Journal of Management,2001,27(6):625-641.
[4]BARNEY J B,KETCHEN Jr D J,WRIGHT M.The Future of Resource-Based Theory[J].Journal of the Southern Management Association,2011,37(5):1 299-1 315.
[5]宋洋.创新资源、研发投入与产品创新程度---资源的互斥效应和研发的中介效应[J].中国软科学,2017(12):154-168.
[6]曾德明,陈培祯.企业知识基础、认知距离对二元式创新绩效的影响[J].管理学报,2017,14(8):1 182-1 189.
[7]SCHOENECKER T,SWANSON L.Indicators of Firm Technological Capability:Validity and Performance Implications[J].IEEE Transactions on Engineering Management,2002,49(1):36-44.
[8]陶永明.企业技术创新投入对技术创新绩效影响机理研究---基于吸收能力视角[J].东北财经大学学报,2014(1):59-65.
[9]李泽,何培旭,彭正龙.关键资源获取、新产品创造性、战略地位优势与新服务产品开发绩效[J].科学学与科学技术管理,2017,38(7):129-140.
[10]VALENTINI G,GUARDO M C D.Explaining the Effect of M&A on Technological Performance[J].Advances in Mergers&Acquisitions,2007,6:107-125.
[11]CASTRO-CASAL C,NEIRA-FONTELA E,LVAREZ-PREZ M D.Human Resources Retention and Knowledge Transfer in Mergers and Acquisitions[J].Journal of Management and Organization,2013,19(2):188-209.
[12]ZAHEER A,HERNANDEZ E,BANERJEE S.Prior Alliances with Targets and Acquisition Performance in Knowledge-Intensive Industries[J].Organization Science,2013,21(5):1 072-1 091.
[13]JO G S,PARK G,KANG J.Unravelling the Link between Technological M&A and Innovation Performance Using the Concept of Relative Absorptive Capacity[J].Asian Journal of Technology Innovation,2016,24(1):1-22.
[14]郝清民,任欢欢.技术并购与研发的创新演进绩效研究[J].科技进步与对策,2015,32(16):63-68.
[15]黄璐,王康睿,于会珠.并购资源对技术并购创新绩效的影响[J].科研管理,2017,38(S1):301-308.
[16]孟凡臣,赵中华.跨文化吸收能力对国际并购知识转移影响机制的多案例研究[J].管理学报,2018,15(8):1 221-1 230.
[17]STEFANO G D,GAMBARDELLA A,VERONA G.Technology Push and Demand Pull Perspectives in Innovation Studies:Current Findings and Future Research Directions[J].Social Science Electronic Publishing,2012,41(8):1 283-1 295.
[18]KLINE S J,ROSENBERG N.An Overview of Innovation[M]//LANDAU R,ROSENBERG N.Studies on Science and the Innovation Process:Selected Works of Nathan Rosenberg.New York:Social Science Electronic Publishing,1986:173-203.
[19]盖庆恩,陈海磊,梁建.资源、制度与研发强度:来自中国民营企业的证据[J].经济与管理研究,2013(4):95-105.
[20]李宇,张晨,王丽军.企业技术并购与创新绩效的关系研究---技术差距的调节作用[J].科技管理研究,2016(18):192-197.
[21]吴先明.我国企业知识寻求型海外并购与创新绩效[J].管理工程学报,2016,30(3):54-62.
[22]AHUJA G,KATILA R.Technological Acquisitions and the Innovation Performance of Acquiring Firms:ALongitudinal Study[J].Strategic Management Journal,2001,22(3):197-220.
[23]NOSELLA A,VERBANO C.Addressing R&D Investment Decisions:A Cross Analysis of R&D Project Selection Methods[J].European Journal of Innovation Management,2010,13(3):355-379.
[24]SEVILIR M,TIAN X.Acquiring Innovation[C].Chicago:AFA 2012 Chicago Meetings,2012.
[25]HSU T T,TSAI K H,HSIEH M H,et al.Strategic O-rientation and New Product Performance:The Roles of Technological Capability[J].Canadian Journal of Administrative Sciences,2014,31(1):44-58.
[26]HONG J,SONG T H,YOO S.Paths to Success:How Do Market Orientation and Entrepreneurship Orientation Produce New Product Success?[J].Journal of Product Innovation Management,2013,30(1):44-55.
[27]朱磊,韩洪震,王春燕.技术并购对企业创新绩效的影响---来自我国高技术上市公司的数据[J].山东财经大学学报,2016,28(3):103-110.
[28]叶宝娟,温忠麟.有中介的调节模型检验方法:甄别和整合[J].心理学报,2013,45(9):1 050-1060.
[29]陈强.高级计量经济学及Stata应用[M].北京:高等教育出版社,2010.