| 基于协同效应的企业技术并购绩效研究——以上市公司为例 |
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| 引用本文： | 朱华桂,庄晨.基于协同效应的企业技术并购绩效研究——以上市公司为例[J].软科学,2016(7). |
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| 作者姓名： | 朱华桂 庄晨 |
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| 作者单位： | 南京大学 工程管理学院,南京,210093 |
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| 基金项目： | 国家自然科学基金面上项目，教育部人文社会科学规划基金 |
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| 摘 要： | 对A股上市公司2011~2013年间517起并购事件进行了实证研究,结果发现,技术并购在发生当年对公司产出绩效有负向影响,通过与后续研发投入的协同效应可以促进生产力的提高,这在国有企业中尤为显著;而非国有企业却未从并购中取得显著收益,但其国外技术引进的效率较高;并购公司的成立年限和股权集中度对最终绩效有显著正向影响,但与技术基础无明显关联。
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| 关 键 词： | 创新绩效 技术并购 协同效应 |
Research on the Enterprises Technological M & A Performance Based on Synergistic Effect---Based on the Data of Listed Companies |
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| Abstract: | Based on the investigation of 517 M&A events of A shares listing corporations from 2011 to 2013, this paper ana-lyzed the enterprises technological M&A performance. Results show that, technology acquisition had negative effect on com-pany performance, but the synergistic effect with R&D investment could promote its productivity, which is particularly sig-nificant in state-owned enterprises. Though non state-owned enterprises could not get significant benefit from M&A, it was good at acquiring foreign technology. The age and large shareholder’s proportion of corporation had a significant positive effect on performance, but the technological accumulation had not. |
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| Keywords: | innovation performance technological M&A synergistic effect |
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