创新存量、技术互补性与跨国并购技术创新绩效
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摘要
增强技术创新能力是中国经济提质增效、全面深化供给侧结构性改革的重要战略方向。以沪深两市2007—2017年116起跨国并购事件为样本,实证检验了创新存量特征对企业跨国并购技术创新绩效的影响及技术互补性对两者关系的调节作用。研究发现:企业知识基础、专利能力、研发投入与跨国并购技术创新绩效显著正相关;技术互补性正向调节创新存量与跨国并购技术创新绩效之间的关系,跨国并购活动中并购双方的技术互补性特征能够显著提升主并方跨国并购技术创新能力。
Enhancing the ability of technological innovation is quite important for the impact of innovation stock on technological innovation performance of M&As and the regulatory effect of R&D intensity are researched based on Firms Internationalization Theory. Using a sample of 116 Chinese A-share listed companies over2007-2017, the research is carried out. The results show that firms' knowledge base, patent capability and R&D investment have positive correlation with innovation performance of M&As. Technological proximity of acquirers and target enterprises plays a positive regulatory role in the relationship between innovation stock and technological innovation performance of M&As. Technological proximity will promote the technological innovation performance of cross-border mergers and acquisitions dramatically.
Enhancing the ability of technological innovation is quite important for the impact of innovation stock on technological innovation performance of M&As and the regulatory effect of R&D intensity are researched based on Firms Internationalization Theory. Using a sample of 116 Chinese A-share listed companies over2007-2017, the research is carried out. The results show that firms' knowledge base, patent capability and R&D investment have positive correlation with innovation performance of M&As. Technological proximity of acquirers and target enterprises plays a positive regulatory role in the relationship between innovation stock and technological innovation performance of M&As. Technological proximity will promote the technological innovation performance of cross-border mergers and acquisitions dramatically.
引文
白俊红,蒋伏心.2015.协同创新、空间关联与区域创新绩效[J].经济研究,(7):174-187.
白俊红.2011.中国的政府R&D资助有效吗?来自大中型工业企业的经验证据[J].经济学(季刊),(4):1375-1400.
陈伟,杨早立,刘锦志,等.2015.“功能”与“协调”共驱的专利密集型产业专利能力测度[J].科学学研究,33(6):833-841.
罗明新,马钦海,胡彦斌.2013.政治关联与企业技术创新绩效:研发投资的中介作用研究[J].科学学研究,31(6):938-947.
彭正龙,王海花,蒋旭灿.2011.开放式创新模式下资源共享对创新绩效的影响:知识转移的中介效应[J].科学学与科学技术管理,32(1):48-53.
王昶,胡明华,周文辉.2017.技术寻求型跨国并购中公司总部角色演化研究:基于时代电气的纵向案例研究[J].科学学与科学技术管理,38(3):56-69.
王庆元,张杰军,张赤东.2010.我国创新型企业研发经费与发明专利申请量关系研究[J].科学学与科学技术管理,31(11):5-12.
王文华,张卓,孙杨.2017.外部技术相对异质性影响企业绩效研究:二元内部研发的调节作用[J].研究与发展管理,29(3):110-119.
王晓亚.2017.知识密集型产业协同发展与企业技术创新:作用机理与实证研究[J].科学学与科学技术管理,38(4):96-104.
温成玉,刘志新.2011.技术并购对高技术上市公司创新绩效的影响[J].科研管理,32(5):1-7.
吴先明.2016.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,30(3):54-62.
徐雨森,李亚格,史雅楠.2017.创新追赶背景下后发企业路径创造过程与能力:金风科技公司案例研究[J].科学学与科学技术管理,38(6):110-120.
张峥,聂思.2016.中国制造业上市公司并购创新绩效研究[J].科研管理,37(4):36-43.
朱华桂,庄晨.2016.基于协同效应的企业技术并购绩效研究:以上市公司为例[J].软科学,30(7):58-61.
Aghion P,Howitt P.1992.A model of growth through creative destruction[J].Econometrica,60(2):323-351.
Agrawal A,Jaffe J F,Mandelker G N.1992.The post-merger performance of acquiring firms:A re-examination of an anomaly[J].The Journal of Finance,47(4):1605-1621.
Ahuja G,Katila R.2001.Technological acquisitions and the innovation performance of acquiring firms:A longitudinal study[J].Strategic management journal,22(3):197-220.
Almeida P,Kogut B.1999.Localization of knowledge and the mobility of engineers in regional networks[J].Management Science,45(7):905-917.
Arthur W B.1989.Competing technologies,increasing returns,and lock-in by historical events[J].The economic journal,99(394):116-131.
Bapuji H,Loree D,Crossan M.2011.Connecting external knowledge usage and firm performance:An empirical analysis[J].Journal of Engineering and Technology Management,28(4):215-231.
Barkema H G,Schijven M.2008.Toward unlocking the full potential of acquisitions:The role of organizational restructuring[J].Academy of management journal,51(4):696-722.
Blonigen B A,Taylor C T.2000.R&D intensity and acquisitions in high‐technology industries:Evidence from the US electronic and electrical equipment industries[J].The Journal of Industrial Economics,48(1):47-70.
Capron L,Pistre N.2002.When do acquirers earn abnormal returns?[J].Strategic Management Journal,23(9):781-794.
Cloodt M,Hagedoorn J,Van Kranenburg H.2006.Mergers and acquisitions:Their effect on the innovative performance of companies in high-tech industries[J].Research policy,35(5):642-654.
Cohen W M,Levinthal D A.1990.Absorptive capacity:A new perspective on learning and innovation[J].Strategic Learning in A Knowledge Economy,35(1):128-152.
Cording M,Christmann P,Bourgeois Iii L J.2002.A focus on resources in M&A success:A literature review and research agenda to resolve two paradoxes[J].Academy of Management,12(8):1-40.
Engelsman E C,Raan A F J V.1994.A patent-based cartography of technology[J].Research Policy,23(94):1-26.
Ernst H,Lichtenthaler U,Vogt C.2011.The impact of accumulating and reactivating technological experience on R&Dalliance performance[J].Journal of Management Studies,48(6):1194-1216
Granstrand O.1999.Internationalization of corporate R&D:A study of Japanese and Swedish corporations[J].Research Policy,28(2):275-302.
Grossman G M,Helpman E.1991.Quality ladders and product cycles[J].The Quarterly Journal of Economics,106(2):557-586.
Harrison J S,Hitt M A,Hoskisson R E,et al.2001.Resource complementarity in business combinations:Extending the logic to organizational alliances[J].Journal of Management,27(6):679-690.
Hoskisson R E,Wright M,Filatotchev I,et al.2013.Emerging multinationals from mid‐range economies:The influence of institutions and factor markets[J].Journal of Management Studies,50(7):1295-1321.
Kesidou E,Romijn H.2008.Do local knowledge spillovers matter for development?An empirical study of Uruguay’s software cluster[J].World development,36(10):2004-2028.
Le S A,Park J C,Kroll M.2014.Differential effects of pre-and post-acquisition R&D expenditures on post-acquisition performance[J].Journal of Business Research,67(2):92-99.
Lin B W,Chen J S.2010.Corporate technology portfolios and R&D performance measures:a study of technology intensive firms[J].R&D Management,35(2):157-170.
Mariani M,Romanelli M.2007.“Stacking”and“picking”inventions:The patenting behavior of European inventors[J].Research Policy,36(8):1128-1142.
McMahon D,Thorsteinsdóttir H.2013.Pursuing endogenous high-tech innovation in developing countries:A look at regenerative medicine innovation in Brazil,China and India[J].Research Policy,42(4):965-974.
Mokyr J.1990.Punctuated equilibria and technological progress[J].The American Economic Review,80(2):350-354.
Puranam P,Singh H,Zollo M.2006.Organizing for innovation:Managing the coordination-autonomy dilemma in technology acquisitions[J].Academy of Management Journal,49(2):263-280.
Ranft A L,Lord M D.2002.Acquiring new technologies and capabilities:A grounded model of acquisition implementation[J].Organization science,13(4):420-441.
Romer P M.1990.Endogenous technological change[J].Journal of political Economy,98(5):71-102.
Sampson R C.2007.R&D alliances and firm performance:The impact of technological diversity and alliance organization on innovation[J].Academy of management journal,50(2):364-386.
Shapira P,Youtie J,Yogeesvaran K,et al.2006.Knowledge economy measurement:Methods,results and insights from the Malaysian knowledge content study[J].Research Policy,35(10):1522-1537.
Sherwood R M.2000.The TRIPS agreement:Benefits and costs for developing countries[J].International Journal of Technology Management,19(1-2):57-76.
Stiebale J,Reize F.2011.The impact of FDI through mergers and acquisitions on innovation in target firms[J].International Journal of Industrial Organization,29(2):155-167.
Sytch M,Tatarynowicz A.2014.Exploring the locus of invention:The dynamics of network communities and firms'invention productivity[J].Academy of Management Journal,57(1):249-279.
Teece D J.2007.Explicating dynamic capabilities:The nature and microfoundations of(sustainable)enterprise performance[J].Strategic management journal,28(13):1319-1350.
Tsai K H,Wang J C.2008.External technology acquisition and firm performance:A longitudinal study[J].Journal of Business Venturing,23(1):91-112.
Ulku H.2007.R&D,innovation,and growth:Evidence from four manufacturing sectors in OECD countries[J].Oxford Economic Papers,59(3):513-535.
Valentini G.2012.Measuring the effect of M&A on patenting quantity and quality[J].Strategic Management Journal,33(3):336-346.
Zollo M,Singh H.2004.Deliberate learning in corporate acquisitions:Post‐acquisition strategies and integration capability in US bank mergers[J].Strategic Management Journal,25(13):1233-1256.
(1)2006年财政部新企业会计准则对研发投入披露作出强制性要求,并于2007年1月1日正式实施,此后企业研发投入信息披露较为规范统一,因此本文样本数据采集时间点始于2007年1月1日。
白俊红.2011.中国的政府R&D资助有效吗?来自大中型工业企业的经验证据[J].经济学(季刊),(4):1375-1400.
陈伟,杨早立,刘锦志,等.2015.“功能”与“协调”共驱的专利密集型产业专利能力测度[J].科学学研究,33(6):833-841.
罗明新,马钦海,胡彦斌.2013.政治关联与企业技术创新绩效:研发投资的中介作用研究[J].科学学研究,31(6):938-947.
彭正龙,王海花,蒋旭灿.2011.开放式创新模式下资源共享对创新绩效的影响:知识转移的中介效应[J].科学学与科学技术管理,32(1):48-53.
王昶,胡明华,周文辉.2017.技术寻求型跨国并购中公司总部角色演化研究:基于时代电气的纵向案例研究[J].科学学与科学技术管理,38(3):56-69.
王庆元,张杰军,张赤东.2010.我国创新型企业研发经费与发明专利申请量关系研究[J].科学学与科学技术管理,31(11):5-12.
王文华,张卓,孙杨.2017.外部技术相对异质性影响企业绩效研究:二元内部研发的调节作用[J].研究与发展管理,29(3):110-119.
王晓亚.2017.知识密集型产业协同发展与企业技术创新:作用机理与实证研究[J].科学学与科学技术管理,38(4):96-104.
温成玉,刘志新.2011.技术并购对高技术上市公司创新绩效的影响[J].科研管理,32(5):1-7.
吴先明.2016.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,30(3):54-62.
徐雨森,李亚格,史雅楠.2017.创新追赶背景下后发企业路径创造过程与能力:金风科技公司案例研究[J].科学学与科学技术管理,38(6):110-120.
张峥,聂思.2016.中国制造业上市公司并购创新绩效研究[J].科研管理,37(4):36-43.
朱华桂,庄晨.2016.基于协同效应的企业技术并购绩效研究:以上市公司为例[J].软科学,30(7):58-61.
Aghion P,Howitt P.1992.A model of growth through creative destruction[J].Econometrica,60(2):323-351.
Agrawal A,Jaffe J F,Mandelker G N.1992.The post-merger performance of acquiring firms:A re-examination of an anomaly[J].The Journal of Finance,47(4):1605-1621.
Ahuja G,Katila R.2001.Technological acquisitions and the innovation performance of acquiring firms:A longitudinal study[J].Strategic management journal,22(3):197-220.
Almeida P,Kogut B.1999.Localization of knowledge and the mobility of engineers in regional networks[J].Management Science,45(7):905-917.
Arthur W B.1989.Competing technologies,increasing returns,and lock-in by historical events[J].The economic journal,99(394):116-131.
Bapuji H,Loree D,Crossan M.2011.Connecting external knowledge usage and firm performance:An empirical analysis[J].Journal of Engineering and Technology Management,28(4):215-231.
Barkema H G,Schijven M.2008.Toward unlocking the full potential of acquisitions:The role of organizational restructuring[J].Academy of management journal,51(4):696-722.
Blonigen B A,Taylor C T.2000.R&D intensity and acquisitions in high‐technology industries:Evidence from the US electronic and electrical equipment industries[J].The Journal of Industrial Economics,48(1):47-70.
Capron L,Pistre N.2002.When do acquirers earn abnormal returns?[J].Strategic Management Journal,23(9):781-794.
Cloodt M,Hagedoorn J,Van Kranenburg H.2006.Mergers and acquisitions:Their effect on the innovative performance of companies in high-tech industries[J].Research policy,35(5):642-654.
Cohen W M,Levinthal D A.1990.Absorptive capacity:A new perspective on learning and innovation[J].Strategic Learning in A Knowledge Economy,35(1):128-152.
Cording M,Christmann P,Bourgeois Iii L J.2002.A focus on resources in M&A success:A literature review and research agenda to resolve two paradoxes[J].Academy of Management,12(8):1-40.
Engelsman E C,Raan A F J V.1994.A patent-based cartography of technology[J].Research Policy,23(94):1-26.
Ernst H,Lichtenthaler U,Vogt C.2011.The impact of accumulating and reactivating technological experience on R&Dalliance performance[J].Journal of Management Studies,48(6):1194-1216
Granstrand O.1999.Internationalization of corporate R&D:A study of Japanese and Swedish corporations[J].Research Policy,28(2):275-302.
Grossman G M,Helpman E.1991.Quality ladders and product cycles[J].The Quarterly Journal of Economics,106(2):557-586.
Harrison J S,Hitt M A,Hoskisson R E,et al.2001.Resource complementarity in business combinations:Extending the logic to organizational alliances[J].Journal of Management,27(6):679-690.
Hoskisson R E,Wright M,Filatotchev I,et al.2013.Emerging multinationals from mid‐range economies:The influence of institutions and factor markets[J].Journal of Management Studies,50(7):1295-1321.
Kesidou E,Romijn H.2008.Do local knowledge spillovers matter for development?An empirical study of Uruguay’s software cluster[J].World development,36(10):2004-2028.
Le S A,Park J C,Kroll M.2014.Differential effects of pre-and post-acquisition R&D expenditures on post-acquisition performance[J].Journal of Business Research,67(2):92-99.
Lin B W,Chen J S.2010.Corporate technology portfolios and R&D performance measures:a study of technology intensive firms[J].R&D Management,35(2):157-170.
Mariani M,Romanelli M.2007.“Stacking”and“picking”inventions:The patenting behavior of European inventors[J].Research Policy,36(8):1128-1142.
McMahon D,Thorsteinsdóttir H.2013.Pursuing endogenous high-tech innovation in developing countries:A look at regenerative medicine innovation in Brazil,China and India[J].Research Policy,42(4):965-974.
Mokyr J.1990.Punctuated equilibria and technological progress[J].The American Economic Review,80(2):350-354.
Puranam P,Singh H,Zollo M.2006.Organizing for innovation:Managing the coordination-autonomy dilemma in technology acquisitions[J].Academy of Management Journal,49(2):263-280.
Ranft A L,Lord M D.2002.Acquiring new technologies and capabilities:A grounded model of acquisition implementation[J].Organization science,13(4):420-441.
Romer P M.1990.Endogenous technological change[J].Journal of political Economy,98(5):71-102.
Sampson R C.2007.R&D alliances and firm performance:The impact of technological diversity and alliance organization on innovation[J].Academy of management journal,50(2):364-386.
Shapira P,Youtie J,Yogeesvaran K,et al.2006.Knowledge economy measurement:Methods,results and insights from the Malaysian knowledge content study[J].Research Policy,35(10):1522-1537.
Sherwood R M.2000.The TRIPS agreement:Benefits and costs for developing countries[J].International Journal of Technology Management,19(1-2):57-76.
Stiebale J,Reize F.2011.The impact of FDI through mergers and acquisitions on innovation in target firms[J].International Journal of Industrial Organization,29(2):155-167.
Sytch M,Tatarynowicz A.2014.Exploring the locus of invention:The dynamics of network communities and firms'invention productivity[J].Academy of Management Journal,57(1):249-279.
Teece D J.2007.Explicating dynamic capabilities:The nature and microfoundations of(sustainable)enterprise performance[J].Strategic management journal,28(13):1319-1350.
Tsai K H,Wang J C.2008.External technology acquisition and firm performance:A longitudinal study[J].Journal of Business Venturing,23(1):91-112.
Ulku H.2007.R&D,innovation,and growth:Evidence from four manufacturing sectors in OECD countries[J].Oxford Economic Papers,59(3):513-535.
Valentini G.2012.Measuring the effect of M&A on patenting quantity and quality[J].Strategic Management Journal,33(3):336-346.
Zollo M,Singh H.2004.Deliberate learning in corporate acquisitions:Post‐acquisition strategies and integration capability in US bank mergers[J].Strategic Management Journal,25(13):1233-1256.
(1)2006年财政部新企业会计准则对研发投入披露作出强制性要求,并于2007年1月1日正式实施,此后企业研发投入信息披露较为规范统一,因此本文样本数据采集时间点始于2007年1月1日。