摘要
以沪深A股上市公司产业并购事件为研究样本,深入探讨中国上市公司产业并购对企业创新产出的作用机制。结果表明,产业并购通过吸收能力强化效应、市场势力推动效应的促进机制对企业创新产出产生正向影响,通过财务能力侵蚀效应的阻碍机制对企业创新产出产生负向影响,三重叠加后的综合效应为正。结论能够加深学界对产业并购如何影响企业创新产出这一问题的理解,为现代化产业体系建设进程中企业制定并购战略决策提供重要理论支撑。
Enterprises play an essential role in building a technological powerhouse,achieving high-level technological selfreliance and developing new quality productive forces.However,with the acceleration of new product and technology updates,it has become increasingly challenging to innovate by relying solely on internal learning models.It is well-accepted that mergers and acquisitions are important means for companies to bolster their innovation capabilities as an effective way to acquire external technological knowledge;however,the academic community has not yet formed a complete mechanism for the impact of mergers and acquisitions on corporate innovation,which brings the aims of this study,i.e.,to explore and assess the impact of industrial M&A on corporate innovation output,and to investigate the mechanisms by which industrial M&A affects corporate innovation output,in the hope of clarifying how the future development of industrial M&A market is more conducive to corporate innovation,and how companies can better promote innovation by conducting industrial M&A activities.Aligned with the Schumpeterian hypothesis,as well as the theories of absorptive capacity and pecking order,this study considers the substitution effect,the escape from competition effect,and theorizes the mechanism of the impact of industrial M&A on the innovation output of enterprises from three perspectives:the absorptive capacity argument,the market power argument and the financial capability argument.It then proposes the corresponding key hypotheses within the theoretical framework of technology management,industrial organization and financial economics.Taking Chinese non-financial A-share listed companies from 2008 to 2019 as the research sample,the study comprehensively applies the propensity score matching model(PSM)and the difference in difference model(DID)to assess the impact of industrial M&A on enterprises'innovation output.The simple mediating effect model and the multiple mediating effect model are combined to examine the mechanism paths of industrial M&A affecting the innovation output of enterprises.First,the number of patent applications and the number of authorizations are used to measure the quantity and the quality of innovation output of enterprises,and an empirical study is conducted on this basis.The conclusions indicate that industrial M&A has a significant effect on the quantity and quality of innovation output of enterprises.Second,the actual absorptive capacity and the potential absorptive capacity of enterprises are measured by the patent stock and the number of R&D personnel,respectively,and it is found that the improvement of the actual absorptive capacity and the potential absorptive capacity of enterprises after industrial M&A have a significant promotion effect on the innovation output of enterprises,and the absorptive capacity effect is an important mechanism to enhance the innovation output of enterprises after industrial M&A.Third,the Lerner index ranking is used to measure the market power of enterprises,and it is found that the increase in market power of enterprises after industrial M&A has a significant promotion effect on the innovation output of enterprises,and the market power effect is an important enhancement mechanism for industrial M&A to influence the innovation output of enterprises,which indicates that the Schumpeterian hypothesis is applicable to the influence of changes in market power on the innovation output of enterprises in industrial M&A activities in China.Fourth,the financial capability of enterprises is measured from two dimensions,namely,asset-liability ratio and financial expense ratio,and it is found that the decrease in financial capability of enterprises after industrial M&A has a significant inhibiting effect on the innovation output of enterprises,and the financial capability effect is an important hindering mechanism for industrial M&A to affect the innovation output of enterprises.Lastly,it is confirmed that the enhancement mechanism of absorptive capacity effect and market power effect and the hindrance mechanism of financial capacity effect jointly affect the impact of industrial M&A on the innovation output of enterprises,and the overall mediating effect is positive with the cumulation of the triple effect,which shows that the enhancement mechanism of industrial M&A on innovation output is stronger than the hindrance mechanism.
作者
杜晴
范从来
Du Qing;Fan Conglai(Postdoctoral Research Station of Applied Economics,Fudan University,Shanghai 200433,China;Suzhou International Development Group Co.,Ltd.,Suzhou 215031,China;Yangtze River Delta Economic and Social Development Research Center,Nanjing University,Nanjing 210004,China)
出处
《科技进步与对策》
北大核心
2025年第13期60-70,共11页
Science & Technology Progress and Policy
基金
国家社会科学基金重大项目(23&ZD059)。
关键词
产业并购
吸收能力
市场势力
财务能力
创新产出
Industrial M&A
Absorptive Capacity
Market Power
Financial Capability
Innovation Output
