技术并购对企业创新绩效的影响——基于技术知识视角的一种分析
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摘要
从并购双方的技术知识特性的视角出发,区分并购双方技术知识相似性与互补性不同的维度,以及结合双方自身拥有的知识规模体系,分析其对企业后续创新绩效的影响,通过构建系统的理论框架进行梳理分析,并以我国部分上市公司并购事件作为样本进行实证分析。研究表明,并购双方技术相似和互补与后续的创新绩效分别呈现倒U和正U型关系;同时,并购方的知识规模具有调节作用,对技术相似程度与创新绩效的关系有负向调节作用,而对技术互补程度与创新绩的关系有正向调节作用。
From the perspective of the characteristics of technology, this paper investigates how technology acquisition affects post-acquisition innovation by distinguishing the dimensions of similarity and complementarity of technology between acquired company and acquiring company, and combining the size of knowledge base of the two parties. After constructing the detailed theoretical framework, we conduct empirical research by using the M&A events of some listed companies in China as samples. The results shows there is an inverted-U relationship between similar technology and post-acquisition innovation, and there is an U relationship between complementary technology and post-acquisition innovation. In addition, the size of knowledge base of acquiring company has an adjustment function, and it will moderate the relationship between the similar technology and post-acquisition negatively. It will also moderate the relationship between the complementary technology and post-acquisition positively.
From the perspective of the characteristics of technology, this paper investigates how technology acquisition affects post-acquisition innovation by distinguishing the dimensions of similarity and complementarity of technology between acquired company and acquiring company, and combining the size of knowledge base of the two parties. After constructing the detailed theoretical framework, we conduct empirical research by using the M&A events of some listed companies in China as samples. The results shows there is an inverted-U relationship between similar technology and post-acquisition innovation, and there is an U relationship between complementary technology and post-acquisition innovation. In addition, the size of knowledge base of acquiring company has an adjustment function, and it will moderate the relationship between the similar technology and post-acquisition negatively. It will also moderate the relationship between the complementary technology and post-acquisition positively.
引文
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[15]王珍义,徐雪霞,伍少红,等.技术并购、相对技术差异与技术创新[J].科技进步与对策,2015(12):19-23.
[16]刘洪伟,冯淳.基于知识基础观的技术并购模式与创新绩效关系实证研究[J].科技进步与对策,2015(16):70-75.
[17]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.
[18]柳卸林,简明珏.如何通过国际兼并提高技术创新能力:京东方的并购与创新[J].中国软科学,2007(12):73-82.
[19]谢伟,孙忠娟,李培馨.影响技术并购绩效等的关键因素研究[J].科学学研究,2011(10):245-251.
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[21]GERPOTT T J.Successful integration of R&D functions after acquisitions:an exploratory empirical study[J].R&D Management,1995,25(2):161–178.
[2]PHILLIPS G M,ZHDANOV A.R&D and the incentives from merger and acquisition activity[J].Review of Financial Studies,2013,26(1):34-75.
[3]BENA J,LI K.Corporate innovations and mergers and acquisitions[J].The Journal of Finance,2014,69(5):1923-1960.
[4]FLEMING L,SORENSON O.Technology as a complex adaptive system:evidence from patent data[J].Research Policy,2001,30(7):1019-1039.
[5]AHUJA G,KATILA R.Technological acquisitions and the innovation performance of acquiring firms:a longitudinal study[J].Strategic Management Journal,2010,22(3):197-220.
[6]HUANG J,LING J,YANG J Q.Key successful factors in knowledge transfer during M&A in traditional industries:an empirical study[J].Journal of International Technology and Information Management,2012,21(4):43-65.
[7]张铮,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(1):57-61.
[8]CHEN E T,MONAHAN J,FENG D.A longitudinal cross-section examination of the implementation of knowledge management systems and firm performance[J].Journal of International Technology and Information Management,2009,18(2):223-238.
[9]HARRISON J S,HITT M A,HOSKISSON R E,et al.Synergies and post-acquisition performance:differences versus similarities in resource allocations[J].Journal of Management,1991(17) :173-190.
[10]SERU A.Firm boundaries matter:evidence from conglomerates and R&D activity[J].Journal of Financial Economics,2014,111(2):381-405.
[11]ZENGER T R,LAZZARINI S G.Compensating for innovation:do small firms offer high-powered incentives that lure talent and motivate effort?[J].Managerial & Decision Economics,2004,25(6):329–345.
[12]KAPOOR R,LIM K.The impact of acquisition on the productivity of inventors at semiconductor firms:a synthesis of knowledge-based and incentive-based perspectives[J].Academy of Management Journal,2007,50(5):1133–1155.
[13]DATTA P,ROUMANI Y.Knowledge-acquisitions and post-acquisition innovation performance:a comparative hazards model[J].European Journal of Information Systems,2014,24(2):202-226.
[14]MAKRI M,HITT M A,LANE P J.Complementary technologies,knowledge relatedness,and invention outcomes in high technology mergers and acquisition[J].Strategic Management Journal,2010,31(6):602-628.
[15]王珍义,徐雪霞,伍少红,等.技术并购、相对技术差异与技术创新[J].科技进步与对策,2015(12):19-23.
[16]刘洪伟,冯淳.基于知识基础观的技术并购模式与创新绩效关系实证研究[J].科技进步与对策,2015(16):70-75.
[17]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.
[18]柳卸林,简明珏.如何通过国际兼并提高技术创新能力:京东方的并购与创新[J].中国软科学,2007(12):73-82.
[19]谢伟,孙忠娟,李培馨.影响技术并购绩效等的关键因素研究[J].科学学研究,2011(10):245-251.
[20]TANRIVERDI H.Information technology relatedness,knowledge management capability,and performance of multibusiness firms[J].MIS Quarterly,2005,29(2):311–334.
[21]GERPOTT T J.Successful integration of R&D functions after acquisitions:an exploratory empirical study[J].R&D Management,1995,25(2):161–178.