|
|
|
| Research on Influencing Factors of Innovation Performance of Technology M&A Enterprises：Taking the High-end Equipment Manufacturing Industry as an Example |
| Qi Yong1,2,Song Hancheng2 |
| (1.School of Intellectual Property, Nanjing University of Science and Technology; 2.School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094, China) |
|
|
|
|
Abstract This paper selects technology M&A events in China's high-end manufacturing industry from 2013 to 2017, and uses this as an object to study the factors affecting the innovation performance of technology M&A companies. The results show that the inter-firm relationship, technology absorptive capacity and the absolute knowledge scale of the target company have a positive impact on the innovation performance of technology M&A companies, while the relative knowledge scale and listing duration of both parties have a negative impact on the innovation performance of technology M&A companies. And the inter-firm relationship and technology absorptive capacity can weaken the negative impact of the relative knowledge scale of the M&A parties and the innovation performance of the enterprise. On this basis, this article believes that after the high-end equipment manufacturing enterprises have developed to a mature stage, they can carry out innovative activities through technological mergers and acquisitions. And then acquirers should choose the appropriate target companies which have absolute knowledge scale according to their own technological absorption capacity. Besides, it is necessary to continue to strengthen the intensity of R&D investment and strengthen the ability of technological integration.
|
|
Received: 07 January 2021
|
|
|
|
|
|
| [1] 谢伟,孙忠娟,李培馨. 影响技术并购绩效的关键因素研究[J]. 科学学研究,2011,29(2):245-251.[2] 杨青,周绍妮. 技术并购能够带来技术创新效应吗:收购公司成长潜力视角[J]. 科技进步与对策,2019,36(24):100-108.[3] AHUJA G,KATILA R. Technological acquisitions and the innovation performance of acquiring firms:a longitudinal study[J]. Strategic Management Journal,2001,22(3):197-220.[4] 张学勇,柳依依,罗丹,等. 创新能力对上市公司并购业绩的影响[J]. 金融研究,2017,38(3):159-175.[5] CEFIS E,MARSILI O. Crossing the innovation threshold through mergers and acquisitions[J]. Research Policy,2015,44(3):698-710.[6] NELSON R R, WINTER S G. The Schumpeterian trade off revisited[J]. Innovation and Entrepreneurship, 2009,15:179-197.[7] 严焰,池仁勇. 技术相似性与并购后创新绩效关系的再探讨:基于企业技术吸收能力的调节作用[J]. 科研管理,2020,41(9):33-41.[8] 吴洁,刘沙沙,盛永祥,等. 不同技术并购模式下知识基础和知识整合对企业创新绩效的影响[J]. 中国科技论坛,2020,36(6):94-102.[9] 马双,邹琳. 知识重叠、知识库特性与创新绩效:来自机械制造企业技术并购的实证[J]. 科技进步与对策,2020,37(1):146-152.[10] 张永冀,何宇,张能鲲,等. 中国医药上市公司技术并购与绩效研究[J]. 管理评论,2020,32(8):131-142.[11] HIGGINS M J,RODRIGUEZ D. The outsourcing of R&D through acquisitions in the pharmaceutical industry[J]. Journal of Financial Economics,2006,80(2):351-383.[12] 陈仕华,姜广省,卢昌崇. 董事联结、目标公司选择与并购绩效:基于并购双方之间信息不对称的研究视角[J]. 管理世界,2013,29(12):117-132,187-188.[13] PURANAM P,SRIKANTH K. What they know vs. what they do:how acquirers leverage technology acquisitions[J]. Strategic Management Journal,2007,28(8):805-825.[14] BENSON D,ZIEDONIS R H. Corporate venture capital as a window on new technologies:implications for the performance of corporate investors when acquiring startups[J]. Organization Science,2009,20(2):329-351.[15] LEAHY D,NEARY J P. Absorptive capacity,R&D spillovers,and public policy[J]. International Journal of Industrial Organization,2007,25(5):1089-1108.[16] 张峥,高明明,王红倩. 相对知识规模对制造业企业并购创新绩效的影响研究[J]. 软科学,2018,32(1):57-61.[17] 李寅龙. 基于创新环境类型的企业年龄与创新绩效关系研究[J]. 企业经济,2015,34(8):30-35.[18] GILBERT C G. Unbundling the structure of inertia:resource versus routine rigidity[J]. Academy of Management Journal,2005,48(5):741-763.[19] WANG Q W,HANG Y,SUN L C,et al. Two-stage innovation efficiency of new energy enterprises in China:a non-radial DEA approach[J]. Technological Forecasting and Social Change,2016,112:254-261.[20] 王维,李宏扬. 新一代信息技术企业技术资源、研发投入与并购创新绩效[J]. 管理学报,2019,16(3):389-396. |
|
|
|
