摘要
关键核心技术突破是制造业高质量发展与产业链自主可控的核心抓手,探寻其有效实现路径具有重要现实与理论意义。以我国2008—2023年的A股制造业上市公司为研究对象,深入探讨纵向并购对关键核心技术突破的作用效应以及内在机制。研究发现:纵向并购显著促进企业的关键核心技术突破,进行一系列稳健性检验以及考虑内生性问题后,基准回归结果依然可信;降低研发不确定性、增加研发人员、促进产业链稳定是其中关键的影响机制。进一步的分析发现,在国有企业、高技术水平企业以及创新型地区的企业,纵向并购对其关键核心技术创新的促进作用更强。同时,数字化转型有助于强化企业纵向并购的创新效应,而供应链过于集中则不利于企业纵向并购的创新效应发挥。
Breakthroughs in key core technologies are the core leverage for high-quality development of the manufacturing industry and the autonomy and controllability of the industrial chain.Exploring effective paths for their realization holds significant practical and theoreti⁃cal importance.This paper takes A-share manufacturing listed companies in China from 2008 to 2023 as the research object and deeply ex⁃plores the effect and internal mechanism of vertical M&A on the breakthrough of key core technologies.The research finds that vertical M&A significantly promotes the breakthrough of key core technologies of enterprises.After a series of robustness tests and considering endogeneity issues,the benchmark regression results remain reliable.Reducing R&D uncertainty,increasing R&D personnel,and promoting the stability of the industrial chain are the key influencing mechanisms.Meanwhile,the study also discovers that state-owned enterprises,manufacturing enterprises with high technological levels and enterprises in innovative regions have stronger capabilities in key core technology innovation.Further research reveals that digital transformation enhances the innovation effect of vertical M&A,while overly concentrated supply chains are not conducive to the innovation effect of vertical M&A.
作者
熊永莲
张誉夫
XIONG Yonglian;ZHANG Yufu(Wu Jinglian School of Economic,Changzhou University,Changzhou Jiangsu 213159,China;School of Business,Nanjing University,Nanjing Jiangsu 210093,China)
出处
《技术经济与管理研究》
北大核心
2026年第3期80-87,共8页
Journal of Technical Economics & Management
基金
国家社会科学基金青年项目“全球产业链重构冲击下中国高技术产业链脆弱性的测度与治理研究”(23CTJ015)。
关键词
纵向并购
资源整合
制造业
关键核心技术
数字化转型
产业链稳定
Vertical M&A
Resource integration
Manufacturing industry
Key core technologies
Digital transformation
Stable industrial chain
