跨国并购对我国企业创新绩效的影响——基于上市公司数据的实证研究
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摘要
本文利用2007—2015年沪深两市上市公司数据,通过马氏距离匹配和负二项回归相结合的方法实证检验了跨国并购对企业创新绩效的影响。研究结果表明:跨国并购对企业创新绩效有十分显著的提升作用,并且这种效应随着时间的推移越来越明显。另外,企业产权性质、所在行业、是否拥有国内并购经验等因素均对跨国并购的创新效应有不同的影响。具体而言,非国有企业跨国并购的创新效应明显大于国有企业;高新技术企业跨国并购的创新效应明显大于非高新技术企业;有国内并购经验企业跨国并购的创新效应明显大于没有国内并购经验的企业。本文还根据研究结论就我国企业如何进一步实施"走出去"战略提出了若干政策建议。
引文
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[27]Levitt B,March J G.Organizational learning[J].Annual Review of Sociology,1988,14(1).
[28]Ornaghi C.Mergers and Innovation in Big Pharma[J].International Journal of Industrial Organization,2009,27(1).
[29]Shleifer A,Vishny R W.A Survey of Corporate Governance[J].Journal of Finance,1997,52(2).
[30]Stiebale J.Cross-border M&As and Innovative Activity of Acquiring and Target firms[J].Journal of International Economics,2016(99).
[31]Trajtenberg M.A Penny for Your Quotes:Patent Citations and the Value of Innovations[J].Rand Journal of Economics,1990,21(1).
[2]蒋冠宏,蒋殿春.中国工业企业对外直接投资与企业生产率进步[J].世界经济,2014(9).
[3]刘辉,温军,丰若旸.收购兼并、异质企业与技术创新[J].当代经济科学,2017,39(2).
[4]李梅,余天骄.东道国制度环境与海外并购企业的创新绩效[J].中国软科学,2016(11).
[5]毛蕴诗,李玉惠.后金融危机下基于DEA的高新技术企业与传统企业并购绩效比较研究——以中国A股制造业上市公司为例[J].东南大学学报(哲学社会科学版),2017(04):40-53+148.
[6]王一鸣,杨梅.企业创新投入、绩效与市场价值的关系——基于中国上市公司数据[J].经济问题,2017(4):1-5.
[7]危平,唐慧泉.跨国并购的财富效应及其影响因素研究——基于双重差分方法的分析[J].国际贸易问题,2016(11).
[8]吴先明,苏志文.将跨国并购作为技术追赶的杠杆:动态能力视角[J].管理世界,2014(4).
[9]吴延兵.中国工业产业创新水平及影响因素——面板数据的实证分析[J].产业经济评论(山东大学),2006(2).
[10]杨德彬.跨国并购提高了中国企业生产率吗——基于工业企业数据的经验分析[J].国际贸易问题,2016(4).
[11]张秀峰,陈光华,杨国梁,等.企业所有权性质影响产学研合作创新绩效了吗?[J].科学学研究,2015,33(6).
[12]张峥,聂思.中国制造业上市公司并购创新绩效研究[J].科研管理,2016(4).
[13]朱治理,温军,李晋.海外并购、文化距离与技术创新[J].当代经济科学,2016,38(2).
[14]Acs Z J,Audretsch D B.Innovation in Large and Small Firms:An Empirical Analysis[J].Economics Letters,1988,23(1).
[15]Al-Laham A,Schweizer L,Amburgey T L.Dating before Marriage?Analyzing the Influence of Pre-acquisition Experience and Target Familiarity on Acquisition Success in the “M&A as R&D” Type of Acquisition[J].Scandinavian Journal of Management,2010,26(1).
[16]Basuil D A,Datta D K.Effects of Industry and Region Specific Acquisition Experience on Value Creation in Cross-Border Acquisitions:The Moderating Role of Cultural Similarity[J].Journal of Management Studies,2015,52(6).
[17]Bertrand O.Effects of foreign acquisitions on R&D activity:Evidence from firm-level data for France[J].Research Policy,2009,38(6).
[18]Cloodt M,Hagedoorn J,Kranenburg H V.Mergers and Acquisitions:Their Effect on the Innovative Performance of Companies in High-tech Industries[J].Research Policy,2006,35(5).
[19]Desyllas P,Hughes A.Do High Technology Acquirers become more Innovative?[J].Research Policy,2010,39(8).
[20]Guadalupe M,Kuzmina O,Thomas C.Innovation and Foreign Ownership[J].American Economic Review,2012,102(7).
[21]Hagedoorn J,Duysters G.The Effect of Mergers and Acquisitions on the Technological Performance of Companies in a High-tech Environment[J].Technology Analysis & Strategic Management,2002,14(1).
[22]Haleblian J,Finkelstein S.The Influence of Organizational Acquisition Experience on Acquisition Performance:A Behavioral Learning Perspective[J].Administrative Science Quarterly,1999,44(1).
[23]HendersonR,Cockburn I.Scale,Scope,and Spillovers:the Determinants of Research Productivity in Drug Discovery[J].Rand Journal of Economics,1996,27(1).
[24]Hitt M A,Hoskisson R E,Ireland R D,et al.Effects of Acquisitions on R&D Inputs and Outputs[J].Academy of Management Journal,1991,34(3).
[25]Jaffe A,Trajtenberg M,Henderson R.Geography,Location of Knowledge Spillovers as Evidence of Patent Citations[J].Quarterly Journal of Economics,1993,108(3).
[26]Kogut B,Zander U.Knowledge of the Firm,Combinative Capabilities,and the Replication of Technology[J].Knowledge in Organisations,1997,3(3).
[27]Levitt B,March J G.Organizational learning[J].Annual Review of Sociology,1988,14(1).
[28]Ornaghi C.Mergers and Innovation in Big Pharma[J].International Journal of Industrial Organization,2009,27(1).
[29]Shleifer A,Vishny R W.A Survey of Corporate Governance[J].Journal of Finance,1997,52(2).
[30]Stiebale J.Cross-border M&As and Innovative Activity of Acquiring and Target firms[J].Journal of International Economics,2016(99).
[31]Trajtenberg M.A Penny for Your Quotes:Patent Citations and the Value of Innovations[J].Rand Journal of Economics,1990,21(1).