企业并购与创新产出——基于关联并购与横向并购的分析
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摘要
在当前的经济背景下,创新对于企业的发展越来越重要。并购是帮助企业获取创新资源,加强竞争优势的重要手段,企业并购活动能否实现相应的创新产出对于指导企业并购与创新实践活动十分重要。以2010-2012年间发生并购活动的上市公司为研究样本,采用广义最短距离法选择配对样本,系统分析并购活动对创新产出的影响,并进一步考虑关联并购、横向并购对结果的调节作用。研究发现:(1)总体来看,并购对专利申请的影响显著为正,表明企业并购活动有助于增加创新产出;(2)当并购双方具有关联关系时,能够通过缓解信息不对称以及促进并购后的协调整合,对创新产出产生更加突出的积极作用;(3)横向关联并购很可能由于技术能力同质和资源冗余,而对创新产出存在一定抑制作用。
Innovation is very important for economic development. M&As can help companies obtain innovation resources and abilities, but the impact of M&As on acquirers' innovation outputs have not yet been clarified especially considering related M&As and horizontal M&As.Based on the M&A samples of Chinese listed companies from 2010 to 2012, this paper designs paired sample by "generalized method of the shortest distance", and examine the abovementioned problems with average innovation output before and after the M&A announcement year. We find that:(1) In general, M&As have positive influences on innovation outputs;(2) the related M&As promote innovation outputs by reducing information asymmetry and facilitates integration;(3) the horizontal M&As have no significant impact on innovation outputs, but horizontal-related M&As have significantly negative impact on innovation outputs due to stronger technical-correlated relationship.
Innovation is very important for economic development. M&As can help companies obtain innovation resources and abilities, but the impact of M&As on acquirers' innovation outputs have not yet been clarified especially considering related M&As and horizontal M&As.Based on the M&A samples of Chinese listed companies from 2010 to 2012, this paper designs paired sample by "generalized method of the shortest distance", and examine the abovementioned problems with average innovation output before and after the M&A announcement year. We find that:(1) In general, M&As have positive influences on innovation outputs;(2) the related M&As promote innovation outputs by reducing information asymmetry and facilitates integration;(3) the horizontal M&As have no significant impact on innovation outputs, but horizontal-related M&As have significantly negative impact on innovation outputs due to stronger technical-correlated relationship.
引文
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[23]于开乐,王铁民.基于并购的开放式创新对企业自主创新的影响--南汽并购罗孚经验及一般启示[J].管理世界,2008,4:150-159.Yu K L,Wang T M.The Impact of M&As on Independent Innovation:NAC Acquiring MG-Rover[J].Management World,2008,4:150-159.
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[25]Wagner,M.Acquisition as a Means for External Technology Sourcing:Complementary,Substitutive or Both?[J].Journal of Engineering&Technology Management,2011,28(4):283-299.
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[27]Sudarsanam,S.,Mahate,A.A.Are Friendly Acquisitions Too Bad for Shareholders and Managers?Long-term Value Creation and Top Management Turnover in Hostile and Friendly Acquirers[J].British Journal of Management,2006,17(1):7-30.
[28]Schnitzer,M.Hostile versus Friendly Takeovers[J].Economica,1996,63(24):37-55.
[29]Choi,S.,McNamara,G.Repeating a Familiar Pattern in a New Way:The Effect of Exploitation and Exploration on Knowledge Leverage Behaviors in Technology Acquisitions[J].Strategic Management Journal,2018,39(2):356-378.
[30]吴三清,王婧.组织学习、创新氛围和创新绩效的关系研究[J].科技管理研究,2014,2:178-182.Wu S Q,Wang J.Study on Relationship of Organizational Learning,Innovation Atmosphere and Innovation Performance[J].Science and Technology Management Research.2014,2:178-182.
[31]高良谋,马文甲.开放式创新:内涵、框架与中国情境[J].管理世界,2014,6:157-169.Gao L M,Ma W J.Open Innovation:The Connotation,the Framework and China’s Context[J].Management World,2014,6:157-169.
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[33]Chesbrough,H.Managing Open Innovation[J].Research Technology Management,2004,47(5):23-26.
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