中国上市企业技术并购模式及并购绩效的实证研究
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摘要
随着国际经济一体化进程的推进、科学技术的迅速发展,国内技术型企业以技术提升为目标所实施的企业间的技术并购受到更多关注。技术并购已经成为企业提升技术能力的重要方式,成为我国企业快速进入国际市场,走向国际竞争的重要途径和手段。本文针对技术并购中的并购模式和绩效问题,以技术并购理论和企业技术能力理论为基础,通过案例研究、上市公司数据采集等途径获取所需数据,利用模型、对比、实证研究法对企业技术能力提升机理、技术并购模式以及技术并购绩效进行了研究。通过研究,本文的主要研究内容和结论如下:
首先,本文从技术能力理论出发,对企业技术能力的构成要素进行了分析。之后通过分析技术并购整合各个阶段的实施内容,得到技术整合四个阶段共八个方面的构成要素,并运用解释结构模型,梳理出技术并购整合提升企业技术能力的作用机理。
其次,本文对技术并购进行了模式分类,划分为加强型、互补型以及突破型技术并购。在对技术并购中的风险分布进行整体分析后,有针对性的分析三种模式各自的风险关键点分布。并通过收集并分类2000—2007年所发生的中国上市企业技术并购案例,得出三种模式技术并购的比重分布。经观察发现,加强型技术并购样本数量占到全部样本的67%,而互补型技术并购仅占到样本的10%。再次,在技术并购绩效的研究中,本文首先收集了2000—2007年沪深两市的63起技术并购样本案例,分别从并购年份、主并企业行业以及并购模式视角入手观察主并企业绩效变化。经研究发现,随并购发生年份的推移,企业绩效有逐渐上升趋势;而各行业在技术并购方面的控制能力并没有非常明显的差别;从模式角度出发,加强型技术并购绩效相对另外两种并购模式稍好一些。之后对2000—2005年的50起案例样本进行技术并购与企业绩效的统计实证研究中发现,主并企业绩效与双方资产比例存在显著相关关系,与财务风险呈负相关关系,与并购技术多元化程度呈负相关关系。
最后,本文重点分析了科华生物加强型技术并购案例,从并购双方的技术特性、并购动因、并购的技术与财务绩效方面入手研究,既是对前文相关内容的验证,同时也为我国企业实施技术并购提供一些启示。
基于上述研究,本文取得了一些可供参考的研究结论,对国内技术并购模式分类、并购绩效研究有一定的学术价值,对我国企业技术并购风险规避与模式选择等有一定的应用意义。
With the international economic integration process and rapid development of science and technology, the technological M&A are more concerned for it has become an important way to enhance enterprises’technological capabilities and the way to enter international market quickly. This essay focuses on technological M&A’s mode and performance issues, through case studies, listed companies’data, using ISM, contrast and empirical ways to study enterprise technology ability mechanism, technological M&A mode and performance. Through a series of studies, this essay makes main conclusions as follows.
First of all, this essay analyses constituent elements of enterprise technological capability under the theory of technological capabilities. After the analysis of M&A’s integration, we get eight constituent elements. Using interpretative structural mode, the essay cards a mechanism of technological M&A integration enhances technology capacity.
Secondly, this essay classifies technological M&A as enhanced, complementary and breakthrough modes. Then it analyses respective key points of three modes risk. And through the collection and classification of the technological M&A cases occurred in 2000 - 2007, it concludes the distribution of three modes, among which, enhanced mode occurred most, for about 67% and the complementary mode is the least, only 10%.
Thirdly, this essay collects 63 cases in 2000-2007 in Shanghai and Shenzhen stock markets and studies their performance in time, industry and mode vision respectively. The observation finds performances have an upward trend as the time goes by and there is no difference in industries, also, enhanced mode is better. Then after empirical study of 50 cases happened in 2000-2005, the essay concludes that the performance is has a significant relation with assets proportion and it has negative correlation with both financial risk and degree of technology diversification.
Finally, this essay analyses the biological Kehua technological M&A case with its technical characteristics, M&A motivation, financial and technological performance. The case analysis not only verifies the content above, but also provides some enlightenment for China's enterprises’M&A events.
Based on studies above, this essay has made some research findings that has academic value on domestic M&A mode classification, M&A performance study, and the practical value for enterprises to avoid the risk of technological M&A.
首先,本文从技术能力理论出发,对企业技术能力的构成要素进行了分析。之后通过分析技术并购整合各个阶段的实施内容,得到技术整合四个阶段共八个方面的构成要素,并运用解释结构模型,梳理出技术并购整合提升企业技术能力的作用机理。
其次,本文对技术并购进行了模式分类,划分为加强型、互补型以及突破型技术并购。在对技术并购中的风险分布进行整体分析后,有针对性的分析三种模式各自的风险关键点分布。并通过收集并分类2000—2007年所发生的中国上市企业技术并购案例,得出三种模式技术并购的比重分布。经观察发现,加强型技术并购样本数量占到全部样本的67%,而互补型技术并购仅占到样本的10%。再次,在技术并购绩效的研究中,本文首先收集了2000—2007年沪深两市的63起技术并购样本案例,分别从并购年份、主并企业行业以及并购模式视角入手观察主并企业绩效变化。经研究发现,随并购发生年份的推移,企业绩效有逐渐上升趋势;而各行业在技术并购方面的控制能力并没有非常明显的差别;从模式角度出发,加强型技术并购绩效相对另外两种并购模式稍好一些。之后对2000—2005年的50起案例样本进行技术并购与企业绩效的统计实证研究中发现,主并企业绩效与双方资产比例存在显著相关关系,与财务风险呈负相关关系,与并购技术多元化程度呈负相关关系。
最后,本文重点分析了科华生物加强型技术并购案例,从并购双方的技术特性、并购动因、并购的技术与财务绩效方面入手研究,既是对前文相关内容的验证,同时也为我国企业实施技术并购提供一些启示。
基于上述研究,本文取得了一些可供参考的研究结论,对国内技术并购模式分类、并购绩效研究有一定的学术价值,对我国企业技术并购风险规避与模式选择等有一定的应用意义。
With the international economic integration process and rapid development of science and technology, the technological M&A are more concerned for it has become an important way to enhance enterprises’technological capabilities and the way to enter international market quickly. This essay focuses on technological M&A’s mode and performance issues, through case studies, listed companies’data, using ISM, contrast and empirical ways to study enterprise technology ability mechanism, technological M&A mode and performance. Through a series of studies, this essay makes main conclusions as follows.
First of all, this essay analyses constituent elements of enterprise technological capability under the theory of technological capabilities. After the analysis of M&A’s integration, we get eight constituent elements. Using interpretative structural mode, the essay cards a mechanism of technological M&A integration enhances technology capacity.
Secondly, this essay classifies technological M&A as enhanced, complementary and breakthrough modes. Then it analyses respective key points of three modes risk. And through the collection and classification of the technological M&A cases occurred in 2000 - 2007, it concludes the distribution of three modes, among which, enhanced mode occurred most, for about 67% and the complementary mode is the least, only 10%.
Thirdly, this essay collects 63 cases in 2000-2007 in Shanghai and Shenzhen stock markets and studies their performance in time, industry and mode vision respectively. The observation finds performances have an upward trend as the time goes by and there is no difference in industries, also, enhanced mode is better. Then after empirical study of 50 cases happened in 2000-2005, the essay concludes that the performance is has a significant relation with assets proportion and it has negative correlation with both financial risk and degree of technology diversification.
Finally, this essay analyses the biological Kehua technological M&A case with its technical characteristics, M&A motivation, financial and technological performance. The case analysis not only verifies the content above, but also provides some enlightenment for China's enterprises’M&A events.
Based on studies above, this essay has made some research findings that has academic value on domestic M&A mode classification, M&A performance study, and the practical value for enterprises to avoid the risk of technological M&A.
引文
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2刘开勇.企业技术并购战略与管理[M].中国金融出版社, 2004
3 Williamson. Oliver E. Markets and Hierarchies: Analysis and antitrust implications, A study in the economics of internal organization[J], the Free press London, 1975: 196-207
4 Utterback. James and Goran Reitbeger. Technology and industrial innovation in Sweden, A study of new technology-based firms. Report submitted to National Swedish Board for Technical Development(STU), Stockholm, 1982
5 Granstrand, Ove and Susanne Jacobsson. Innovation economy and business development: A study of innovation take-overs. CIM report, Chalmers University of Technology, Gothenburg, Aug. 1983
6 Ove Granstrand and Soren Sjolander.“The acquisition of technology and small firms by large firms.”Journal of Economic Behavior and Organization, 1990(13):367—386
7 Williamson. Oliver E. Markets and Hierarchies: Analysis and antitrust implications, A study in the economics of internal organization[J], the Free press London, 1975: 196-207
8 Link,A. Acquisition as sources of technological innovation[J]. Mergers & Acquisitions. 1988, 23(3): 36-39
9 Agrawal, A., F.Jaffe, G.N.Mandelkar. The post merger performance of acquiring firms: A re-examination of an anomaly[J]. Finance 1992(47): 1605-1621
10 Grant, R.M. Toward a knowledge-based theory of the firm. Strategic Management[J]. 1996, 17 (1): 109-122
11 Chatterji, D. Accessing external sources of technology[J]. Research Technology Management. 1996, 39(2): 48-56
12 Desyllas. P., Hughes. A., Sourcing technological knowledge through corporate acquisition: Evidence from an international sample of high technology firms[J], Journal of High Technology Management Research , 2008(9): 112-129
13白玫.基于知识和技术的并购[J].经济经纬. 2002(5): 52-54
14 Cohen, M.D. Individual learning and Organizational Routine: Emerging Connections[J]. Organization Science, 1991(2): 135-139
15 Narayanan,VK. Technology development in the multination firm: a frameworkfor planning and strategy[J] .R&D Management . 1990, 20(4): 305-351
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