并购类型和知识基础维度对创新绩效的影响

占咪 张峥

摘 要：相比于自主研发，技术并购成本低、时效性快的特点使其成为企业提高自身技术创新能力的重要方式之一。近年来，越来越多的企业加入技术并购的热潮中，但技术并购所带来的创新绩效却往往不尽人意。文中选取我国生物医药行业上市公司2012—2014年技术并购案例为研究对象，使用配对T检验分别对比分析主并企业在加强型技术并购、互补型技术并购以及非相关技术并购中，并购前一年、并购时、并购后一年及并购后2年创新绩效的变化。然后将主并企业知识基础按照深度及宽度2个维度进行划分，运用多元线性回归，进一步探索知识基础维度在加强型、互补性以及非相关这3种技术并购中对创新绩效的影响。结果表明：加强型技术并购对创新绩效影响呈倒U型，互补型技术并购对创新绩效具有显著正向影响，非相关技术并购对创新绩效具有显著负向影响；主并企业的知识基础深度在技术并购中对创新绩效产生显著正向影响，而知识基础宽度只有在非相关技术并购中对创新绩效产生较为显著的正向影响。关键词：技术创新；技术并购；创新绩效；并购类型；知识基础维度

中图分类号：F 272.3

文献标识码：A 文章编号：1672-7312（2018）03-0254-06

Abstract：Compared with independent research and development，technological merger and acquisition has the characteristics of low cost and fast timeliness.It makes technological M&A one of the most important ways for enterprises to improve their technological innovation ability.In recent years，more and more enterprises have joined the upsurge of M&A，while the innovative performance is often unsatisfactory.This paper selected technological M&A cases of biomedical industry in China from 2012 to 2014 as research objects.And according to the difference of the purpose，technological M&A was divided into three categories，including enhanced technological M&A，complementary technological M&A and unrelated technological M&A.The change of innovative performance before and after technological M&A was compared by paired t-test；Then the paper divided the knowledge base of enterprises into two dimension，depth and width.Lastly，the influence of knowledge base dimension on innovation performance in this three types of technological M&A was studied by multiple linear regression.The results indicate that enhanced technological M&A has an inverted U type effect on innovation performance；that complementary technological M&A could promote innovation performance significantly；that non-related technological M&A could demote innovation performance significantly；the depth of knowledge base could promote the innovation performance significantly；but only in the non-related M&A，the width of knowledge base could promote the innovation performance.Key words：technological innovation；technological M&A；innovative performance；type of M&A；knowledge base dimension

0 引 言

党的十九大报告指出，创新是引领发展的第一动力，是建设现代化经济体系的战略支撑，全社会应积极实施创新驱动发展战略，擦亮中国创造、中国智造的名片。企业，作为市场经济的主要参与者，也是技术创新的主要推动者。……