科研管理

科研管理 ›› 2016, Vol. 37 ›› Issue (4): 36-43.

• 论文 • 上一篇    下一篇

中国制造业上市公司并购创新绩效研究

张峥,聂思   

  1. 上海理工大学管理学院
  • 收稿日期:2014-08-07 修回日期:2016-01-21 出版日期:2016-04-20 发布日期:2016-04-13
  • 通讯作者: 聂思
  • 基金资助:

    国家自然科学基金项目（编号：71371124），20141-201712；沪江基金“研究基地专项”（A14006）；上海市一流学科项目“管理科学与工程”（S1201YLXK）

An Empirical Study on Chinese Manufacturing M&A Performance Based on Technology Innovation Ability

Zhang Zheng, Nie Si     

  1. Business School, Shanghai University of Science and Technology, Shanghai 200093, China
  • Received:2014-08-07 Revised:2016-01-21 Online:2016-04-20 Published:2016-04-13

摘要： 摘 要：近年来，随着技术的快速发展和产品升级速度的加快，并购成为企业获取技术创新能力的重要方式。 本文通过构建负二项回归经济计量模型，以企业专利数作为技术创新能力并购绩效的衡量标准，对中国制造业上市公司1999-2013年的并购行为进行了实证研究。研究表明：技术并购能促进并购公司创新绩效，非技术并购对创新绩效无显著影响；目标公司知识基础绝对规模对并购创新绩效产生倒U型的影响，并购公司知识基础绝对规模对创新绩效无显著影响；相比类似性技术和不相关性技术，互补性技术并购能够显著促进并购公司创新绩效。

关键词: 制造业, 上市公司, 并购创新绩效

Abstract: Abstract: In recent years, with the rapid development of technology and the speeding of product updating, M&A has become an important way for enterprises to obtain technology innovation ability. By establishing a negative binomial regression econometric model, and measuring the M&A performance of technology innovation ability with enterprise patent number, this paper does empirical research of the M&A behavior of Chinese manufacturing listing corporations from year 1999 to year 2013. The results show: the technological M&A can promote innovation performance, non-technological M&A has no significant effect on innovation performance; absolute scale of the acquired firm knowledge base has inverted U type influence on M&A innovation performance, while absolute scale of the acquiring firm knowledge base has no significant effect on innovation performance; compared with similar technology and unrelated technology, complementary technology can significantly promote the enterprise innovation performance.

Key words: manufacturing industry, listing corporation, M&A innovation performance