产权性质视角的企业文化与并购技术创新效率
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摘要
本文运用2007-2016年发生并购的259家中国制造业上市公司数据,实证考察两者作为收购方时,其文化强度与并购后技术创新效率之间的关系。研究表明:国有企业的纯技术效率高于民营企业;国有企业的企业文化强度越高,并购后的技术创新效率越低,该负向作用是由子指标社会关系的显著性负向作用导致的;民营企业的企业文化强度对其并购后的技术创新效率具有显著的正向作用。这说明国有企业具有较民营企业更高的技术创新能力,但其企业文化理念与应有的技术创新目标之间存在偏差。该研究丰富和拓展了与企业文化和企业并购相关的文献,对通过并购获取创新资源,以提升技术创新能力的企业提供了新的分析角度与经验证据。
Based on the data of 259 Chinese manufacturing companies listed from 2007 to 2016,the efficiency of technological innovation of state-owned and private enterprises before and after M&A was calculated and evaluated, and the relationship between their cultural intensity and the efficiency of technological innovation after mergers and acquisitions was empirically examined. The results show that the cultural strength of state-owned enterprises is stronger, the lower the innovation efficiency of M&A, and the corporate culture intensity of private enterprises has a significant positive effect on the efficiency of M&A innovation. This shows that the cultural orientation of enterprises and corporate technology innovation goals are highly consistent, help to enhance the integration of mergers and acquisitions after the ability to improve the efficiency of M&A innovation.
Based on the data of 259 Chinese manufacturing companies listed from 2007 to 2016,the efficiency of technological innovation of state-owned and private enterprises before and after M&A was calculated and evaluated, and the relationship between their cultural intensity and the efficiency of technological innovation after mergers and acquisitions was empirically examined. The results show that the cultural strength of state-owned enterprises is stronger, the lower the innovation efficiency of M&A, and the corporate culture intensity of private enterprises has a significant positive effect on the efficiency of M&A innovation. This shows that the cultural orientation of enterprises and corporate technology innovation goals are highly consistent, help to enhance the integration of mergers and acquisitions after the ability to improve the efficiency of M&A innovation.
引文
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[3] 田原.政府规制视角下企业海外并购问题研究[J].财经理论研究,2014,(2):96-101.
[4] 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,(2):72-85.
[5] Jemison DB,Sitkin SB.Acquisition:The Process can be a Problem [J].Harvard Business Review,1986,(3):107-116.
[6] 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,(2):79-86.
[7] 刘志雄,张其仔.企业文化对上市公司绩效的影响[J].财经问题研究,2009,(2):108-112.
[8] 王艳,阚铄.企业文化与并购绩效[J].管理世界,2014,(11):146-157.
[9] Besanko D.,D.Dranove,M.Shanley,S.Schaefer.Economics of Strategy[M].New York:John Wiley and Sons,2000.
[10] 申小林.企业家寻租及企业特征[J].中国工业经济,2001,(4):52-59.
[11] 董晓庆,赵坚,袁鹏伟.国有企业创新效率损失研究[J].中国工业经济,2014,(2):97-108.
[12] 王凤荣,高飞.政府干预、企业生命周期与并购绩效——基于我国地方国有上市公司的经验数据[J].金融研究,2012,(12):137-150.
[13] 吴瑛,杨宏进.基于R&D存量的高技术产业科技资源配置效率DEA度量模型[J].科学学与科学技术管理,2006,(9):28-32.
① 数据来源:根据清科研究中心发布数据整理得出(http://www.pedata.cn/).
[2] 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,(4):301-308.
[3] 田原.政府规制视角下企业海外并购问题研究[J].财经理论研究,2014,(2):96-101.
[4] 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,(2):72-85.
[5] Jemison DB,Sitkin SB.Acquisition:The Process can be a Problem [J].Harvard Business Review,1986,(3):107-116.
[6] 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,(2):79-86.
[7] 刘志雄,张其仔.企业文化对上市公司绩效的影响[J].财经问题研究,2009,(2):108-112.
[8] 王艳,阚铄.企业文化与并购绩效[J].管理世界,2014,(11):146-157.
[9] Besanko D.,D.Dranove,M.Shanley,S.Schaefer.Economics of Strategy[M].New York:John Wiley and Sons,2000.
[10] 申小林.企业家寻租及企业特征[J].中国工业经济,2001,(4):52-59.
[11] 董晓庆,赵坚,袁鹏伟.国有企业创新效率损失研究[J].中国工业经济,2014,(2):97-108.
[12] 王凤荣,高飞.政府干预、企业生命周期与并购绩效——基于我国地方国有上市公司的经验数据[J].金融研究,2012,(12):137-150.
[13] 吴瑛,杨宏进.基于R&D存量的高技术产业科技资源配置效率DEA度量模型[J].科学学与科学技术管理,2006,(9):28-32.
① 数据来源:根据清科研究中心发布数据整理得出(http://www.pedata.cn/).