我国高技术企业技术并购模式与绩效研究
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摘要
技术并购已经成为企业获取外部技术最重要的手段之一,近年来国内外的众多企业都纷纷采用技术并购的方式谋求快速发展,世界性的企业技术并购热潮正在进行中。高技术企业是典型的R＆D(研究与开发)驱动型,在最近一轮的并购热潮中,越来越多的高技术企业借助并购获取相关的技术与知识资产,建立、补强或增强技术能力。同时,获取外部的新技术、新产品也成为我国高技术企业实施并购活动的基本动因之一,这种现象也引起了并购领域学者的高度关注。三十多年来,中国高技术企业发展迅速,取得很大成绩,但是其依靠高强度的原材料、资金和人力投入为特征的发展遇到了瓶颈,这样的发展模式急需改变。长期高速发展积累下来的雄厚资金,使中国高技术企业具备了以技术并购的方式提升技术水平和能力的基本条件,我国高技术企业在技术并购领域也进行了大量的尝试,其中一些企业的技术并购取得了好的成效,但是也有企业因为技术并购导致企业经营绩效下滑、竞争力下降。高技术企业技术并购领域的许多理论和实践问题都值得深入研究,而在我国,对高技术企业的技术并购行为的研究,尤其是技术并购对主并企业并购绩效及其影响因素的研究仍远落后于实践的发展,这为本文提供了较大的研究空间。
本文以我国高技术上市公司为具体研究对象,回顾了技术并购领域国内外研究的主流文献,在并购现状分析和文献研究的基础上重点探讨了并购理论中的技术并购模式和技术并购绩效问题,即并购模式对企业技术并购的技术绩效和综合绩效的影响。本文将高技术企业技术并购活动归纳为市场进入型、完善升级型、互补增强型、融合创新型、控制发展型和技术防卫型等六个模式,并讨论各并购模式的特征和适用性；将技术并购绩效分解为技术绩效和综合绩效两个层次,首先利用MALMQUIST指数模型计算出2000－2005年期间发生技术并购的63家高技术企业的技术绩效,然后把得到的技术绩效做为企业并购的技术协同效应之一,结合企业财务协同效应、管理协同效应和经营协同效应等改进传统的平衡记分卡模型,以建立高技术企业技术并购综合绩效评价模型,并利用粗糙集的方法计算出主并企业在并购前后各年度的综合绩效；在比较各模式高技术企业技术并购技术绩效和综合绩效的基础上,采用多元回归的方法分析高技术企业技术并购绩效的关键影响因素,并通过深圳顺络电子的技术并购案例加以说明。
本研究的创新点与贡献包括：
(1)利用基于优势粗糙集多目标决策理论的高技术企业技术并购模式选择模型,此量化模型有助于企业深入认识各种技术并购模式的适用性,帮助企业根据内外部竞争环境选择适当的并购模式,在提高技术并购成功率的基础上提升主并方的技术水平和技术能力。高技术企业技术并购模式理论的研究表明：企业应根据其内部竞争环境因素(技术能力和市场占有率)和外部市场环境(市场增长率)选择适当模式进行技术并购,才能顺利实现并购的战略意图。
(2)利用数据包络法(DEA)计算企业在技术并购前后的MALMQUIST指数及分解的技术效率指数、技术进步指数和全要素生产率指数等,以量化模型研究我国高技术企业技术并购的技术绩效变化,讨论技术并购行为影响主并方技术绩效的主要因素和机理。技术并购活动对主并企业技术进步指数有明显的提升作用,尤其完善升级型技术并购对主并企业技术进步指数的提升作用最明显。市场进入型技术并购在并购后的第二年会降低主并企业技术人员占全体员工的比例。
(3)采用并购协同效应理论改进传统平衡记分卡模型,改进的平衡记分卡模型适用于技术并购绩效的评价。将之前计算得到的企业技术绩效作为评价维度之一,建立高技术企业技术并购综合绩效评价体系,然后利用粗糙集优化该体系并获取各指标的评价权重,最终建立高技术企业技术并购综合绩效评价模型。研究发现：市场进入型并购引起企业综合绩效下降,互补增强型小幅提升主并企业的综合绩效,完善升级型技术并购对主并企业综合绩效提升明显。
(4)从技术绩效和综合绩效等层次研究我国高技术企业技术并购绩效,并对市场进入型、完善升级型、互补增强型等并购模式对我国高技术企业技术并购绩效的影响进行了理论和实证研究,研究发现：并购前的技术水平、资产收益率(ROA)、技术人员占全体员工的比例、无形资产、未分配利润、资产负债率、股权集中度等与并购后的绩效正相关,并购前的管理费用与并购后的综合绩效变化负相关。
本文以企业技术并购模式理论和技术并购绩效理论为基础,从并购模式和并购事件两个层面深入探究我国高技术企业的并购行为对各层次上的并购绩效产生的影响：第一个层面表现为并购模式对主并企业综合绩效和技术绩效的影响；第二个层面表现为其他因素(如主并企业在并购前的各方面表现)对技术并购绩效的影响,如并购前一年主并企业的技术水平、资产收益率(ROA)、技术人员占全体员工的比例、无形资产、未分配利润、资产负债率、股权集中度对技术并购各种绩效的提升作用,技术人员占全体员工的比例和管理费用对技术并购各种绩效的降低作用等。这些研究不仅丰富了我国高技术企业技术并购的研究视角,而且扩展了我国高技术企业战略导向与技术升级的关系研究。最后,指出了本研究存在的不足之处以及今后的研究方向。
Technology M&A (Merge & Acquisition) has become one of the most important means that enterprises acquire external technological. In recent years, many enterprises at home and abroad seek fast development by the way of technology M&A. The universal upsurge of enterprise technology M&A is under way. High-tech enterprise is a typical R&D driven enterprise. In the latest M&A upsurge, more and more high-tech enterprises make use of M&A to acquire related technology and knowledge assets, build, reinforce or enhance technical ability. Meanwhile, acquiring external new technology and product also becomes one of the basic factors of high-tech enterprises carrying out M&A activity, which also attracts scholars'attention. For thirty years, high-tech enterprise develop rapidly and make great achievement in China. However, high-tech enterprise encounters the bottleneck for its development relies on raw materials with high intensity, money and manpower. Therefore, development mode is anxious for changing. The abundant fund accumulated by long term high-speed development has provided the possibility for high-tech enterprise technology M&A, which can enhance the technical level and ability. High-tech enterprises also make a great effort in technology M&A field. Technology M&A of some companies achieved great results. Some enterprises' operating declined and its competitive also decreased by technology M&A. Many theoretical and practical problems of technology M&A are worth researching deeply. Research on technology M&A behavior and main factors that influence performance is still far behind the development of practice in China, which surely leaves some space for the study on the field of M&A.
High-tech enterprises are chosen as the research target. Literatures in the field of technology M&A at home and abroad are reviewed. On the base of status analysis and literature study, this paper mainly discuss the technology M&A theory model and technology performance. Technology M&A performance and M&A comprehensive performance are discussed in different M&Amodels. Through a lot of analysis and integration high-tech enterprises M&A activity are summarized as market entry, complementary enhanced, fusion innovation, control development and technical defense. Also characteristic and practicability of every M&A mode are studied. Technology M&A performance is studied from two view point:technical performance and comprehensive performance in this paper. First of all, technical performance in 63 high-tech enterprise M&A during 2000 to 2005 is evaluated by Malmquist index model. Then, technical performance is used as one of the technical synergy of enterprise acquisition. This synergy combining financial synergies, management synergies and business synergies improve traditional balance scorecard model to establish comprehensive performance evaluation model of high technology enterprise technology acquisition. Comprehensive performance of each year is calculated by rough method. On the basis of comparing high-tech enterprise performance of each model with comprehensive performance, factors of affecting M&A performance are analyzed by the multiple regression analysis and illustrated through the technology M&A case of Shenzhen SUNLORD.
The main contributions can be formulated as follows:
First of all, a multi-object decision-making model based on dominance-rough set theory is constructed to offer pattern selection of technology M&G for high-tech enterprise. The model helps enterprise know applicability of M&A modes on technology M&A and choose the right mode in some competitive environment. The success rate of M&A is advance and technological level of the acquiring corporation is upgraded by technology M&A. The study of high-tech enterprise M&A mode theory shows that enterprise should carry out technology M&A by choosing the appropriate mode, which realize the M&A strategic intent smoothly according to its internal competition environment factors (technical ability and market share) and external market environment (market growth).
Secondly, DEA is utilized to compute Malmquist index, technology efficiency, technology progress index and total factor productivity. Technical performance appraisal is discussed based on quantification model. The main factors influencing the performance of the acquiring corporation are analyzed. Technology M&A activity has obviously promoted the enterprise technology progress index; especially the function of perfecting the promotion of technology M&A to the enterprise technological progress index is most obvious. Market access technology M&A can reduce the ratio of technical staff accounting for enterprise staff in the second year after M&A.
Thirdly, improved BSC model is presented based on the theory of M&G synergistic effect and is utilized to evaluate technical performance. Index system of performance evaluation to High-tech enterprise is study on Based on improved BSC model. Weight of each index is obtained based on rough set theory. Then comprehensive evaluation model of High-tech enterprise performance is constructed. The results of the studies are listed as follows:Market access M&A caused the comprehensive performance of enterprise declined. Complementary enhanced M&A can ascend the enterprise's overall performance slightly. And perfect technology M&A can obviously promote enterprise comprehensive performance..
Fourth, seeing from the M&A events of 63 high technology listed companies during the period of 2000 to 2005 for the main purpose of technology M&A, the influence of technical M&A activity to the enterprise comprehensive performance is not very clear. Different M&A mode has different effect on the comprehensive performance of enterprises. Market access M&A caused the comprehensive performance of enterprise declined. Complementary enhanced M&A can ascend the enterprise's overall performance slightly. And perfect technology M&A can obviously promote enterprise comprehensive performance.
This paper is based on the theory of enterprise technology M&A modes and performance theory and probe the influence of high technology enterprises'M&A to the levels of enterprise performance from two aspects of M&A mode and events. The first level shows the influence of enterprise M&A mode to enterprise comprehensive performance and technical performance. The second level shows the influence of other factors (such as enterprises characteristics) to technology M&A performance,such as the improved effect of the enterprise's technical level, the return on assets (ROA), technical staff ratio, intangible assets, undistributed profits, assets, equity concentration before merger to technology merger performance and the reduced effect of the proportion of technical staff accounting for all employees and administrative expenses to the technical M&A performance. These studies not only enrich the study perspective of high technology enterprises'technology M&A, but also expand the relationship study between high technology enterprise strategic orientation and the technology upgrades. Finally, it pointed out the deficiency of this paper and the future research direction.
本文以我国高技术上市公司为具体研究对象,回顾了技术并购领域国内外研究的主流文献,在并购现状分析和文献研究的基础上重点探讨了并购理论中的技术并购模式和技术并购绩效问题,即并购模式对企业技术并购的技术绩效和综合绩效的影响。本文将高技术企业技术并购活动归纳为市场进入型、完善升级型、互补增强型、融合创新型、控制发展型和技术防卫型等六个模式,并讨论各并购模式的特征和适用性；将技术并购绩效分解为技术绩效和综合绩效两个层次,首先利用MALMQUIST指数模型计算出2000－2005年期间发生技术并购的63家高技术企业的技术绩效,然后把得到的技术绩效做为企业并购的技术协同效应之一,结合企业财务协同效应、管理协同效应和经营协同效应等改进传统的平衡记分卡模型,以建立高技术企业技术并购综合绩效评价模型,并利用粗糙集的方法计算出主并企业在并购前后各年度的综合绩效；在比较各模式高技术企业技术并购技术绩效和综合绩效的基础上,采用多元回归的方法分析高技术企业技术并购绩效的关键影响因素,并通过深圳顺络电子的技术并购案例加以说明。
本研究的创新点与贡献包括：
(1)利用基于优势粗糙集多目标决策理论的高技术企业技术并购模式选择模型,此量化模型有助于企业深入认识各种技术并购模式的适用性,帮助企业根据内外部竞争环境选择适当的并购模式,在提高技术并购成功率的基础上提升主并方的技术水平和技术能力。高技术企业技术并购模式理论的研究表明：企业应根据其内部竞争环境因素(技术能力和市场占有率)和外部市场环境(市场增长率)选择适当模式进行技术并购,才能顺利实现并购的战略意图。
(2)利用数据包络法(DEA)计算企业在技术并购前后的MALMQUIST指数及分解的技术效率指数、技术进步指数和全要素生产率指数等,以量化模型研究我国高技术企业技术并购的技术绩效变化,讨论技术并购行为影响主并方技术绩效的主要因素和机理。技术并购活动对主并企业技术进步指数有明显的提升作用,尤其完善升级型技术并购对主并企业技术进步指数的提升作用最明显。市场进入型技术并购在并购后的第二年会降低主并企业技术人员占全体员工的比例。
(3)采用并购协同效应理论改进传统平衡记分卡模型,改进的平衡记分卡模型适用于技术并购绩效的评价。将之前计算得到的企业技术绩效作为评价维度之一,建立高技术企业技术并购综合绩效评价体系,然后利用粗糙集优化该体系并获取各指标的评价权重,最终建立高技术企业技术并购综合绩效评价模型。研究发现：市场进入型并购引起企业综合绩效下降,互补增强型小幅提升主并企业的综合绩效,完善升级型技术并购对主并企业综合绩效提升明显。
(4)从技术绩效和综合绩效等层次研究我国高技术企业技术并购绩效,并对市场进入型、完善升级型、互补增强型等并购模式对我国高技术企业技术并购绩效的影响进行了理论和实证研究,研究发现：并购前的技术水平、资产收益率(ROA)、技术人员占全体员工的比例、无形资产、未分配利润、资产负债率、股权集中度等与并购后的绩效正相关,并购前的管理费用与并购后的综合绩效变化负相关。
本文以企业技术并购模式理论和技术并购绩效理论为基础,从并购模式和并购事件两个层面深入探究我国高技术企业的并购行为对各层次上的并购绩效产生的影响：第一个层面表现为并购模式对主并企业综合绩效和技术绩效的影响；第二个层面表现为其他因素(如主并企业在并购前的各方面表现)对技术并购绩效的影响,如并购前一年主并企业的技术水平、资产收益率(ROA)、技术人员占全体员工的比例、无形资产、未分配利润、资产负债率、股权集中度对技术并购各种绩效的提升作用,技术人员占全体员工的比例和管理费用对技术并购各种绩效的降低作用等。这些研究不仅丰富了我国高技术企业技术并购的研究视角,而且扩展了我国高技术企业战略导向与技术升级的关系研究。最后,指出了本研究存在的不足之处以及今后的研究方向。
Technology M&A (Merge & Acquisition) has become one of the most important means that enterprises acquire external technological. In recent years, many enterprises at home and abroad seek fast development by the way of technology M&A. The universal upsurge of enterprise technology M&A is under way. High-tech enterprise is a typical R&D driven enterprise. In the latest M&A upsurge, more and more high-tech enterprises make use of M&A to acquire related technology and knowledge assets, build, reinforce or enhance technical ability. Meanwhile, acquiring external new technology and product also becomes one of the basic factors of high-tech enterprises carrying out M&A activity, which also attracts scholars'attention. For thirty years, high-tech enterprise develop rapidly and make great achievement in China. However, high-tech enterprise encounters the bottleneck for its development relies on raw materials with high intensity, money and manpower. Therefore, development mode is anxious for changing. The abundant fund accumulated by long term high-speed development has provided the possibility for high-tech enterprise technology M&A, which can enhance the technical level and ability. High-tech enterprises also make a great effort in technology M&A field. Technology M&A of some companies achieved great results. Some enterprises' operating declined and its competitive also decreased by technology M&A. Many theoretical and practical problems of technology M&A are worth researching deeply. Research on technology M&A behavior and main factors that influence performance is still far behind the development of practice in China, which surely leaves some space for the study on the field of M&A.
High-tech enterprises are chosen as the research target. Literatures in the field of technology M&A at home and abroad are reviewed. On the base of status analysis and literature study, this paper mainly discuss the technology M&A theory model and technology performance. Technology M&A performance and M&A comprehensive performance are discussed in different M&Amodels. Through a lot of analysis and integration high-tech enterprises M&A activity are summarized as market entry, complementary enhanced, fusion innovation, control development and technical defense. Also characteristic and practicability of every M&A mode are studied. Technology M&A performance is studied from two view point:technical performance and comprehensive performance in this paper. First of all, technical performance in 63 high-tech enterprise M&A during 2000 to 2005 is evaluated by Malmquist index model. Then, technical performance is used as one of the technical synergy of enterprise acquisition. This synergy combining financial synergies, management synergies and business synergies improve traditional balance scorecard model to establish comprehensive performance evaluation model of high technology enterprise technology acquisition. Comprehensive performance of each year is calculated by rough method. On the basis of comparing high-tech enterprise performance of each model with comprehensive performance, factors of affecting M&A performance are analyzed by the multiple regression analysis and illustrated through the technology M&A case of Shenzhen SUNLORD.
The main contributions can be formulated as follows:
First of all, a multi-object decision-making model based on dominance-rough set theory is constructed to offer pattern selection of technology M&G for high-tech enterprise. The model helps enterprise know applicability of M&A modes on technology M&A and choose the right mode in some competitive environment. The success rate of M&A is advance and technological level of the acquiring corporation is upgraded by technology M&A. The study of high-tech enterprise M&A mode theory shows that enterprise should carry out technology M&A by choosing the appropriate mode, which realize the M&A strategic intent smoothly according to its internal competition environment factors (technical ability and market share) and external market environment (market growth).
Secondly, DEA is utilized to compute Malmquist index, technology efficiency, technology progress index and total factor productivity. Technical performance appraisal is discussed based on quantification model. The main factors influencing the performance of the acquiring corporation are analyzed. Technology M&A activity has obviously promoted the enterprise technology progress index; especially the function of perfecting the promotion of technology M&A to the enterprise technological progress index is most obvious. Market access technology M&A can reduce the ratio of technical staff accounting for enterprise staff in the second year after M&A.
Thirdly, improved BSC model is presented based on the theory of M&G synergistic effect and is utilized to evaluate technical performance. Index system of performance evaluation to High-tech enterprise is study on Based on improved BSC model. Weight of each index is obtained based on rough set theory. Then comprehensive evaluation model of High-tech enterprise performance is constructed. The results of the studies are listed as follows:Market access M&A caused the comprehensive performance of enterprise declined. Complementary enhanced M&A can ascend the enterprise's overall performance slightly. And perfect technology M&A can obviously promote enterprise comprehensive performance..
Fourth, seeing from the M&A events of 63 high technology listed companies during the period of 2000 to 2005 for the main purpose of technology M&A, the influence of technical M&A activity to the enterprise comprehensive performance is not very clear. Different M&A mode has different effect on the comprehensive performance of enterprises. Market access M&A caused the comprehensive performance of enterprise declined. Complementary enhanced M&A can ascend the enterprise's overall performance slightly. And perfect technology M&A can obviously promote enterprise comprehensive performance.
This paper is based on the theory of enterprise technology M&A modes and performance theory and probe the influence of high technology enterprises'M&A to the levels of enterprise performance from two aspects of M&A mode and events. The first level shows the influence of enterprise M&A mode to enterprise comprehensive performance and technical performance. The second level shows the influence of other factors (such as enterprises characteristics) to technology M&A performance,such as the improved effect of the enterprise's technical level, the return on assets (ROA), technical staff ratio, intangible assets, undistributed profits, assets, equity concentration before merger to technology merger performance and the reduced effect of the proportion of technical staff accounting for all employees and administrative expenses to the technical M&A performance. These studies not only enrich the study perspective of high technology enterprises'technology M&A, but also expand the relationship study between high technology enterprise strategic orientation and the technology upgrades. Finally, it pointed out the deficiency of this paper and the future research direction.
引文
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