知识相关性对创新绩效影响的实证研究——企业技术并购视角
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摘要
随着"创新、协调、绿色、开放、共享"发展理念的提出,中国经济发展进入新阶段,越来越多的企业希望通过技术并购方式获取核心技术和知识能力。基于中国高技术产业上市公司2010-2016年技术并购数据,利用负二项回归模型,探讨并购双方知识相关性与企业创新绩效间关系。研究结果表明,在技术并购情境下:知识相似性与企业创新绩效间存在倒U型关系;知识互补性与企业创新绩效间同样存在倒U型关系;而且二者存在协同作用,知识相似性水平提升能够放大知识互补性对创新绩效的影响作用。
As the propose of the development theory of innovation,coordination,green,open and sharing,the development of China enters a new stage.Companies get to know that the importance of innovative capacity to the development of companies,and also learns that it is not enough that fight for themselves in promoting the innovative ability.By analyzing the data of technology M&A of Chinese high-tech industry lists companies from 2010 to 2016,this paper makes an empirical analysis on the relationship between knowledge relationship and innovation performance of M&A firms.Research finds that there is an inverted U-shaped relation between knowledge similarities and innovative performance of technological M&A of companies,and this inverted U-shaped relation also exists between knowledge complementary and innovation performance.Besides,knowledge similarity and complementarity of M&A firms can influence innovation performance together,the improvement of knowledge similarity can enlarge the influence of knowledge complementarity on innovation performance.
As the propose of the development theory of innovation,coordination,green,open and sharing,the development of China enters a new stage.Companies get to know that the importance of innovative capacity to the development of companies,and also learns that it is not enough that fight for themselves in promoting the innovative ability.By analyzing the data of technology M&A of Chinese high-tech industry lists companies from 2010 to 2016,this paper makes an empirical analysis on the relationship between knowledge relationship and innovation performance of M&A firms.Research finds that there is an inverted U-shaped relation between knowledge similarities and innovative performance of technological M&A of companies,and this inverted U-shaped relation also exists between knowledge complementary and innovation performance.Besides,knowledge similarity and complementarity of M&A firms can influence innovation performance together,the improvement of knowledge similarity can enlarge the influence of knowledge complementarity on innovation performance.
引文
[1]AHUJA G,KATILA R.Technological acquisitions and the innovation performance of acquiring firms:a longitudinal study[J].Strategic Management Journal,2001,22(22):197-220.
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[15]PHANISH PURANAM,HARBIR SINGH,SAIKATCHAUDHURI.Integrating acquired capabilities:when structural integration is(un)necessary[J].Organization Science,2009,20(2):313-328.
[16]SCHILDT H,KEIL T,MAULA M.The temporal effects of relative and firm-level absorptive capacity on interorganizational learning[J].Strategic Management Journal,2012,33(10):1154-1173.
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[22]HAGEDOORN J,DUYSTERS G.External sources of innovative capabilities:the preferences for strategic alliances or mergers and acquisitions[J].Journal of Management Studies,2002,39(2):167-188.
[23]张峥,高明明,陈清生.技术相似性对中国制造业并购创新绩效影响模拟[J].科技进步与对策,2016,33(19):69-75.
[24]温成玉,刘志新.技术并购对高技术上市公司创新绩效的影响[J].科研管理,2011,32(5):1-7.
[25]刘洪伟,冯淳.基于知识基础观的技术并购模式与创新绩效关系实证研究[J].科技进步与对策,2015(16):69-75.
[26]AHUJA G,LAMPERT C M.Entrepreneurship in the large corporation:a longitudinal study of how established firms create breakthrough inventions[J].Strategic Management Journal,2010,22(6-7):521-543.
[27]王宛秋,马红君.技术并购主体特征、研发投入与并购创新绩效[J].科学学研究,2016,34(8):1203-1210.
[28]李后建,张剑.腐败与企业创新:润滑剂抑或绊脚石[J].南开经济研究,2015(2):24-58.
[2]MAKRI M,HITT M A,LANE P J.Complementary technologies,knowledge relatedness,and invention outcomes in high technology mergers and acquisitions[J].Strategic Management Journal,2010,31(6):602-628.
[3]YLI-RENKO H,AUTIO E,SAPIENZA H J.Social capital,knowledge acquisition,and knowledge exploitation in young technology-based firms[J].Strategic Management Journal,2001,22(6/7):587-613.
[4]SHAKER A ZAHRA,GERARD GEORGE.Absorptive capacity:a review,reconceptualization,and extension[J].The Academy of Management Review,2002,27(2):185-203.
[5]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):642-654.
[6]HAN J,JO G S,KANG J.Is high-quality knowledge always beneficial?knowledge overlap and innovation performance in technological mergers and acquisitions[J].Research Policy,2016(5):1-21.
[7]SEARS J,HOETKER G.Technological overlap,technological capabilities,and resource recombination in technological acquisitions[J].Strategic Management Journal,2014,35(1):48-67.
[8]KAPOOR R,LIM K.The impact of acquisitions on the productivity of inventors at semiconductor firms:a synthesis of knowledge-based and incentive-based perspectives[J].Academy of Management Journal,2007,50(5):1133-1155.
[9]ORSI L,GANZAROLI A,NONI I D,et al.Knowledge utilisation drivers in technological M&As[J].Technology A-nalysis&Strategic Management,2015,27(8):877-894.
[10]MIOZZO M,DIVITO L,DESYLLAS P.When do acquirers invest in the R&D assets of acquired science-based firms in cross-border acquisitions?the role oftechnology and capabilitiessimilarity and complementarity[J].Long Range Planning,2016,49(2):221-240.
[11]魏江,郑小勇,WeiJiang,等.关系嵌入强度对企业技术创新绩效的影响机制研究---基于组织学习能力的中介性调节效应分析[J].浙江大学学报:人文社会科学版,2010,40(6):168-180.
[12]YAYAVARAM S,CHEN W.Changes in firm knowledge couplings and firm innovation performance:the moderating role of technological complexity[J].Strategic Management Journal,2015,36(3):377-396.
[13]RABIER M R.Acquisition motives and the distribution of acquisition performance[J].Strategic Management Journal,2017,38(13).
[14]KING D R,KESNER I.Performance implications of firm resource interactions in the acquisition of R&D-intensive firms[J].Organization Science,2008,19(2):327-340.
[15]PHANISH PURANAM,HARBIR SINGH,SAIKATCHAUDHURI.Integrating acquired capabilities:when structural integration is(un)necessary[J].Organization Science,2009,20(2):313-328.
[16]SCHILDT H,KEIL T,MAULA M.The temporal effects of relative and firm-level absorptive capacity on interorganizational learning[J].Strategic Management Journal,2012,33(10):1154-1173.
[17]MOWERY D C,OXLEY J E,SILVERMAN B S.Strategic alliances and interfirm knowledge transfer[J].Strategic Management Journal,2015,17(S2):77-91.
[18]徐小三,赵顺龙.知识基础互补性对技术联盟的形成和伙伴选择的影响[J].科学学与科学技术管理,2010,31(3):101-106.
[19]BOYD B K,GOVE S,HITT M A.Construct measurement in strategic management research:illusion or reality?[J].Strategic Management Journal,2005,26(3):239-257.
[20]王凤荣,耿仁波,王倩.国有上市公司并购的产业路径及效应分析[J].当代财经,2010(6):59-67.
[21]蔡虹,刘岩,向希尧.企业知识基础对技术合作的影响研究[J].管理学报,2013,10(6):875.
[22]HAGEDOORN J,DUYSTERS G.External sources of innovative capabilities:the preferences for strategic alliances or mergers and acquisitions[J].Journal of Management Studies,2002,39(2):167-188.
[23]张峥,高明明,陈清生.技术相似性对中国制造业并购创新绩效影响模拟[J].科技进步与对策,2016,33(19):69-75.
[24]温成玉,刘志新.技术并购对高技术上市公司创新绩效的影响[J].科研管理,2011,32(5):1-7.
[25]刘洪伟,冯淳.基于知识基础观的技术并购模式与创新绩效关系实证研究[J].科技进步与对策,2015(16):69-75.
[26]AHUJA G,LAMPERT C M.Entrepreneurship in the large corporation:a longitudinal study of how established firms create breakthrough inventions[J].Strategic Management Journal,2010,22(6-7):521-543.
[27]王宛秋,马红君.技术并购主体特征、研发投入与并购创新绩效[J].科学学研究,2016,34(8):1203-1210.
[28]李后建,张剑.腐败与企业创新:润滑剂抑或绊脚石[J].南开经济研究,2015(2):24-58.