摘要
技术获取型海外并购中,并购双方技术相似性与并购后创新绩效之间的倒U型关系已得到广泛验证。我们认为,只有在充分考虑并购企业技术吸收能力的基础上,探讨两者之间的关系才更具现实意义。本研究分析了并购双方技术相似性对并购后创新绩效的影响机制,并进一步探讨并购企业技术吸收能力对两者关系的调节机理。采用带调节项的多元线性层级回归分析法对中国企业技术获取型海外并购案例展开实证分析,结果显示,技术相似性与并购后创新绩效之间呈倒U型关系,而并购企业的吸收能力对这一关系具有显著调节作用。并购企业具有低吸收能力,该倒U型关系将得到强化;并购企业具有高吸收能力,该倒U型关系将显著改变为负相关关系的理论分析并未得到验证,在实践中表现为正相关。
In technology acquisition overseas M&A,the inverted U-shaped relationship between technical similarity of M&A enterprises and innovation performance after M&A has been widely verified.We believe that only on the basis of fully considering the technology absorption capacity of acquiring enterprise,it is more practical to explore the relationship between the two items.This study analyzes the impact mechanism of technical similarity of M&A enterprises on innovation performance after M&A,and further explores the moderating mechanism of technology absorption capacity of acquiring enterprise on the relationship between the two items.Furthermore,based on the data of technology acquisition overseas M&A events of Chinese enterprises from 2000 to 2013,this paper empirically tests the interaction between the technology absorption capacity of acquiring enterprise and technical similarity on innovation performance after M&A by using multiple linear hierarchical regression analysis with moderator.The main research results are as follows:firstly,the similarity of technological knowledge is beneficial to the realization of R&D scale economy and scope economy,so as to improve the R&D efficiency after M&A.However,if the knowledge bases of the two companies are particularly close,the learning potential is very limited,which reduces the opportunity for the acquirer to learn and explore different research.In addition,the weakening of technology competition and market competition caused by M&A may further strengthen the innovation path dependence,which is not conducive to the improvement of innovation performance after M&A.Our empirical resultsonce again verify that there is an inverted U-shaped relationship between technical similarity and innovation performance after M&A.Secondly,the technology absorptive capacity of acquiring enterprise can adjust the inverted U-shaped relationship between technical similarity and innovation performance after M&A.If the technology absorptive capacity of acquiring enterprise is higher,that is,the R&D intensity is greater,the larger the scale of knowledge base will be established,and the stronger learning and integration ability will be provided,which will help to understand,absorb and assimilate the new technology and new knowledge of the target enterprise,and weaken the adverse impact of low technology similarity;on the other hand,low technical similarity provides more learning opportunities for M&A enterprises,and the potential learning range is also larger.The advantages of absorptive capacity of acquiring enterprise can be brought into full play,which will strengthen this favorable influence and promote the improvement of innovation performance after M&A.On the contrary,in the case of high technology similarity,the absorptive capacity advantage of acquiring enterprise cannot be brought into full play,and the adverse effects such as the reduction of learning opportunities and the dependence on innovation path are highlighted.Therefore,we believe that the inverted U-shaped relationship between technical similarity and innovation performance will become a negative correlation when the technology absorption capacity of acquiring enterprise is high.However,the empirical test shows the opposite result,that is,when the technology absorptive capacity of acquiring enterprise enterprises is high,there is a positive correlation between technical similarity and innovation performance.Our explanation is that in the technology acquisition overseas M&A,if acquiring enterprises with high technology absorption capacity have strong ability to further explore potential technology opportunities and develop deep core technology,they may obtain more prominent knowledge learning effect and R&D scale economy effect after M&A.The expansion of the scale of knowledge in similar fields,as well as the high focus and deep-seated exploration of the technology in this field,promote the learning speed after M&A and the mastery of deep core technology.Once the influence of this mechanism is dominant and the advantages of high-tech absorption capacity are brought into play,it is enough to overcome the adverse effects of limited learning space and innovation path dependence brought by high technical similarity.Finally,if the technology absorptive capacity of acquiring enterprise is low and its learning ability is not enough to overcome the difficulties of knowledge understanding,absorption and assimilation caused by low technical similarity,the process of knowledge transfer,absorption and assimilation will be easier with the enhancement of technical similarity,and the innovation performance after M&A will also be improved;when the technical similarity reaches a certain level,due to the limitation of learning space and the dependence of innovation path,the innovation performance begins to decline with the continuous improvement of technology similarity.Moreover,due to the poor learning ability of acquiring enterprise under low technical absorption capacity,these negative effects will appear earlier and dominate.Therefore,when the technology absorptive capacity of acquiring enterprise is low,the inverted U-shaped relationship between technical similarity and innovation performance will be further strengthened.The results of empirical test well verify this conclusion.The above conclusions have important enlightenment significance for the enterprises to choose the matching target enterprises with different technical similarity characteristics in the process of technology acquisition overseas M&A,lay the foundation for realizing the maximization of technology synergy effect of technology acquisition overseas M&A,and then improve innovation performance after M&A.
作者
严焰
池仁勇
Yan Yan;Chi Renyong(Zhejiang International Studies University,Hangzhou 310023,Zhejiang,China;Zhejiang University of Technology,Hangzhou 310023,Zhejiang,China)
出处
《科研管理》
CSSCI
CSCD
北大核心
2020年第9期33-41,共9页
Science Research Management
基金
浙江省软科学项目:“面向小微企业的共性技术分类供给及精准推广模式研究”(2017C35008)
教育部人文社会科学研究青年基金项目:“企业家特质、社会资本与创业企业绩效交互关系及影响机制研究”(14YJC630149)
国家社科基金项目:“中小企业共性技术支持模式的国际比较研究”(14CGL004)。
关键词
技术获取型海外并购
技术相似性
技术吸收能力
创新绩效
technology sourcing overseas M&A
technical similarity
absorption capacity
innovation performance
