基于技术并购模式重构的企业绩效及其影响因素研究
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摘要
随着国际经济和科技的迅猛发展,技术对于企业的生存和发展起到越来越重要的作用。以获取企业技术能力为目的的并购显著增加,日益成为企业实现发展战略的重要手段。然而直到现在,无论是技术并购的理论研究还是从实证角度分析技术并购型企业的绩效及其影响因素的研究都比较少见,技术并购研究领域亟待深耕。针对技术并购中不同的并购模式和绩效问题,文章以并购及技术并购相关理论为基础,通过对近年来我国上市公司技术并购案例数据的分析,对技术并购模式及技术并购绩效进行了探讨。
首先,从技术能力理论出发,归纳出技术并购的定义;梳理了技术并购发展脉络及发展阶段。其次,将技术并购模式重构为业务开拓型和行业巩固型技术,收集并分析2000 -2004年中国上市公司的技术并购案例。再次,以沪深两地2000-2004年的75起技术并购案例为样本,从并购模式切入观察主并企业绩效变化。经研究发现,不同技术并购模式下的主并企业绩效不同,长期而言,行业巩固型技术并购绩效优于业务开拓型技术并购绩效。之后的因子分析发现,主并企业绩效与技术并购模式、同属管辖、关联交易、股权集中度、总资产增长率、每股经营活动现金净流量、账面市值比等因素显著相关。
上述研究,拓展了并购研究视野,丰富了企业技术并购研究成果,对企业合理选择或构建技术并购模式、控制技术并购风险、提升技术并购绩效,推动企业健康成长及优化企业技术资源配置,具有较强的现实意义。
With the international economic integration process and rapid development of science and technology,it is more and more important for enterprises to emphasize technology. The acquisitions that aim obtains the technological capability show a significant increase and have gradually become an important way to realize development strategy. However, until now, it is relatively rare that the theoretical study and the empirical study from the empirical perspective to analysis performance of technology acquisition and influencing factors, technology M & A research is in urgent need. This essay focuses on technological M&A’s mode and performance issues, through case studies listed companies’data, study 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 technology and technological capability, after the definition of the technology acquisition.
Secondly, this essay classifies technological M&A as the business-expanding technology acquisition and the consolidation technology acquisition. And then collects and analyses the technological M&A cases occurred in 2002-2004.
Thirdly, this essay collects 75 cases in 2000-2004 in Shanghai and Shenzhen stock markets and studies their performance in mode vision. The observation finds different technology acquisition mode has different effect on M&A performance, the business-expanding technology acquisition has certain result in a short time while the consolidation technology acquisition performance has a short-term dropping, but a long going up steadily, and the results also shows that there is a significant relation among the technology acquisition mode, whether in identical administrative division, relation deal , ownership concentration, growth rate of total assets, net cash flow from operating activities per share,book-to-market ratios and M&A performance.
The research mentioned above has strong practical significance. In one hand,the study has developed the acquisition vision of research field and enriched the enterprise technology acquisition research results. In the other hand, the research has positive influence on the enterprise reasonable choice or the construction technology acquisition pattern, the control of technology acquisition risk and the lift of M&A performance. It will not only promote the enterprise healthy development but also optimize the enterprise technology resource disposition.
首先,从技术能力理论出发,归纳出技术并购的定义;梳理了技术并购发展脉络及发展阶段。其次,将技术并购模式重构为业务开拓型和行业巩固型技术,收集并分析2000 -2004年中国上市公司的技术并购案例。再次,以沪深两地2000-2004年的75起技术并购案例为样本,从并购模式切入观察主并企业绩效变化。经研究发现,不同技术并购模式下的主并企业绩效不同,长期而言,行业巩固型技术并购绩效优于业务开拓型技术并购绩效。之后的因子分析发现,主并企业绩效与技术并购模式、同属管辖、关联交易、股权集中度、总资产增长率、每股经营活动现金净流量、账面市值比等因素显著相关。
上述研究,拓展了并购研究视野,丰富了企业技术并购研究成果,对企业合理选择或构建技术并购模式、控制技术并购风险、提升技术并购绩效,推动企业健康成长及优化企业技术资源配置,具有较强的现实意义。
With the international economic integration process and rapid development of science and technology,it is more and more important for enterprises to emphasize technology. The acquisitions that aim obtains the technological capability show a significant increase and have gradually become an important way to realize development strategy. However, until now, it is relatively rare that the theoretical study and the empirical study from the empirical perspective to analysis performance of technology acquisition and influencing factors, technology M & A research is in urgent need. This essay focuses on technological M&A’s mode and performance issues, through case studies listed companies’data, study 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 technology and technological capability, after the definition of the technology acquisition.
Secondly, this essay classifies technological M&A as the business-expanding technology acquisition and the consolidation technology acquisition. And then collects and analyses the technological M&A cases occurred in 2002-2004.
Thirdly, this essay collects 75 cases in 2000-2004 in Shanghai and Shenzhen stock markets and studies their performance in mode vision. The observation finds different technology acquisition mode has different effect on M&A performance, the business-expanding technology acquisition has certain result in a short time while the consolidation technology acquisition performance has a short-term dropping, but a long going up steadily, and the results also shows that there is a significant relation among the technology acquisition mode, whether in identical administrative division, relation deal , ownership concentration, growth rate of total assets, net cash flow from operating activities per share,book-to-market ratios and M&A performance.
The research mentioned above has strong practical significance. In one hand,the study has developed the acquisition vision of research field and enriched the enterprise technology acquisition research results. In the other hand, the research has positive influence on the enterprise reasonable choice or the construction technology acquisition pattern, the control of technology acquisition risk and the lift of M&A performance. It will not only promote the enterprise healthy development but also optimize the enterprise technology resource disposition.
引文
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[2]吴婷,康灿华.从中外企业技术并购比较中得到的启示[J].科技创业, 2006, 11: 46-47
[3] O.Granstrand, S. Sjolander. The acquisition of technology and small firms by large firms[J]. Journal of Economic Behavior and Organizatio,1990, 13:367—386
[4]徐康平,吕来明.企业的并购与破产[M].北京:中国物资出版社, 2002
[5]邵万钦.美国企业并购浪潮[M].北京:中国商务出版社,2005
[6] B. Cassiman, M. Colomb, P. Garrone et al. The Impact of M&A on the R&D Process:An Empirical Analysis of the Role of Technological and Market Relatedness[J]. Research Policy, 2003
[7] JORGE KATZ. Technological innovation , industrial organization and comparative advantages of latin mericanmet alworking industries [A]. In : Technoloical capability in the Third World[J]. Macmillan , London , 1984 : 94- 133
[8]DESA I . Achievements and limitations of India’s technological capability[ A]. In : Technologicl Capability in the Third World[J]. Macmillan , London , 1984 : 244- 262
[9] Martijn J.. Technological effort, technological capabilities and economic performance: a case study of the paper manufacturing sector in West Java[J]. The Academy of Management Journal, 2007, 26: 121-134
[10]魏江,许庆瑞.企业技术能力的概念、结构和评价[J].科学学与科学技术管理, 25,6(9):29-53
[11]潘惠.企业技术能力积累的机制、途径与动态模型[D]:[硕士论文].杭州:浙江大学经济学院,2005
[12] O. Williamson, E. Markets and Hierarchies. Analysis and antitrust implications: A study in the economics of internal organization[J].the Free press London, 1975:196-207
[13] Utterback, James, Goran Reitbeger. Technology and industrial innovation in Sweden: A study of new technology-based firms[R]. Stockholm: National Swedish Board Technical Development(STU), 1992
[14] Ove Granstrand, Susanne Jacobsson. Innovation economy and business development: Astudy of innovation take-overs[R]. Gothenburg: Chalmers University of Technology, 1998, CIM report
[15] Ove Granstrand. Towards a theory of the Technology-based firm[J]. Research Policy, 2005, 27: 465-489
[16]Laamanen T., Aution E.. Dominant dynamie complementarities and technology-motivated acquisitions of new, technology-based firms[J]. Internation Journal of Technology Management, 2006, 12: 769-786
[17]T Lookabaugh. Innovation by acquisition[J]. The Cornell Hotel and Restaurant Administration Quarterly, 2006, 29: 86
[18]吴贵生.技术创新管理[M].北京:清华大学出版社, 2000:56-59
[19]李纪珍.研究开发合作的原因与组织[J].科研管理,2002,1:106-112
[20]白玫.基于知识和技术的并购[J].经济经纬,2002,5:52-54
[21]刘开勇.企业技术并购战略与管理[M].北京:中国金融出版社, 2004
[22] D.H. Cho, P.I.Yu. Influential factors in the choice of technology acquisition mode: an empirical analysis of small and medium size firms in the Korean telecommunication industry[J]. Technovation, 2000, 20: 691–704
[23] P. Desyllas, A.Hughes. Sourcing technological knowledge through corporate acquisition: Evidence from an international sample of high technology firms[J]. Journal of High Technology Management Research, 2008, 18:157–172
[24]陈松,冯国安.三种技术导入模式的技术效果[J].科研管理,2003,24(3):58-62
[25]丛海涛,唐元虎.知识外溢对合作创新组织模式选择的影响[J].上海交通大学学报, 2006, 9(40):1544-1548
[26]彭新敏,吴晓波,卫冬苇.我国IT企业新产品开发中的技术获取模式研究[J].科学学研究, 2007, 25(5):927-934
[27] S.W. Hung, R.H. Tang. Factors affecting the choice of technology acquisition mode: An empirical analysis of the electronic firms of Japan, Korea and Taiwan[J]. Technovation, 2008, 28:551–563
[28]胥朝阳,黄晶,颜金秋等.上市公司技术并购绩效研究.中大管理研究[J], 2009, 4(4):18–34
[29] J.Hagedoorn. G. Duysters. The Effect of Mergers and Acquisitions on the Technological Performance of Companies in High-tech Environment[J]. Technology Analysis and Strategic Management, 2002, 14(1):67–85
[30] G. Duysters. Collaboration and innovation: a review of the effects of mergers[J], acquisitions and alliances on innovation.Technovation, 2005, 25(12):1377-1387
[31] J.P. Kallunki, E. Pyykko, T. Laamanen. Stock Market Valuation, Profitability and R&D Spending of the Firm: The Effect of Technology Mergers and Acquisitions[J]. Journal of Business Finance & Accounting , 2009, 36(7):838–862
[32]李纪珍.研究开发合作的原因与组织[J].科研管理, 2000, 1(21):106–112
[33]王宛秋,张永安,刘煜.我国上市公司技术并购绩效的实证研究[J].科学学研究, 2009, 11(21):1712–1728
[34]陈福中.市场有效性与网络产业短期并购绩效—基于信息技术业上市公司的实证证据[J].兰州商学院学报, 2010, 8(26):29–34
[35]李艳琴.技术并购对研发效率影响的实证研究[J],现代商贸工业, 2010, 11:13-15
[36]李月平.企业并购分析[M].北京:经济科学出版社, 2002
[37]邓艳,郑善伟,雷家骕.国外技术整合研究的进展情况[J].国际技术经济研究,2004,7(4):43-47
[38] Haspeslagh, P. C., Jemison, D. B.. Managing Acquisitions: Cre-ating Value through Corporate Renewal[J]. New York: The Free Press. 1991
[39] L. Capron, P. Dussauge, W. Mitchell. Resource Redeployment Following Horizontal Acquisitions in Europe and North America, 1988-1992[J].Strategic Management Journal, 1998, 19(7): 631-661
[40]徐雨森,张宗臣.基于技术平台理论的技术整合模式及其在企业并购中的应用研究[J].科研管理,2002,23(3):64-68
[41]王宛秋,王淼.基于动态能力观的技术并购整合研究[J].经济问题探索,2009,3:123-129
[42]侯汉坡,殷晓倩,张璐璐.基于项目管理的技术并购整合实施模式研究[J].开发研究, 2009, (4):100-102
[43]林娟,李婷.企业跨国并购后的技术整合策略探讨—基于新技术寻求动因视角[J].财会月刊,2010,16-18
[44]李善民,刘永新.并购整合对并购公司绩效的影响—基于中国液化气行业的研究[J].南开管理评论.2010,13(4):154-160.
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