| 跨国并购对企业技术创新质变的影响研究——基于技术互补性调节分析 |
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| 引用本文： | 黄苹,蔡火娣.跨国并购对企业技术创新质变的影响研究——基于技术互补性调节分析[J].科研管理,2020,41(6):80-89. |
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| 作者姓名： | 黄苹 蔡火娣 |
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| 作者单位： | 1.广东金融学院 华南创新金融研究院，广东 广州510521；
2.广东金融学院 金融数学与统计学院， 广东 广州510521 |
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| 基金项目： | 广东省哲学社会科学共建项目;国家自然科学基金;广州市哲学社会科学十三五规划课题;教育部人文社会科学研究项目 |
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| 摘 要： | 随着“走出去”战略的深入推进，跨国并购是否提升了中国企业技术创新质量?拓展现有计量模型，使用多指标构建创新质量指数，采用倾向性得分匹配和双重差分法，基于中国上市公司数据实证检验，跨国并购对并购企业的创新质量促进效应。研究发现，中国企业跨国并购积极促进了技术创新产出规模提升，但对企业技术创新质量存在显著的抑制效应，即中国上市公司跨国并购存在创新产出的量变，没有发生创新“质变”。并购双方技术互补性，通过丰富并购企业的技术知识多样化和提升技术创新效率，进而提升了并购企业的创新质量，对跨国并购的创新质量效应具有正向调节作用。研究发现为中国企业有效实施跨国并购，匹配合适并购对象，实现增长性协同效应提供启示。
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| 关 键 词： | 跨国并购 创新质量 技术互补性 |
| 收稿时间： | 2019-02-27 |
| 修稿时间： | 2019-11-26 |
Research on the impact of cross-border M&A on the qualitative change of enterprises′ technological innovation——Moderating analysis based on technology complementarity |
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| Huang Ping,Cai Huodi.Research on the impact of cross-border M&A on the qualitative change of enterprises′ technological innovation——Moderating analysis based on technology complementarity[J].Science Research Management,2020,41(6):80-89. |
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| Authors: | Huang Ping Cai Huodi |
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| Institution: | 1. South China Institute of Innovative Finance, Guangdong University of Finance, Guangzhou 510521, Guangdong, China；
2. School of Financial Mathematics and Statistics, Guangdong University of Finance, Guangzhou 510521, Guangdong, China |
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| Abstract: | With the deepening of "going global" strategy and the rapid growth of cross-border M&A of Chinese enterprises, does cross-border M&A promote the quality of technological innovation of Chinese enterprises? How to select suitable objects of cross-border M&A to effectively improve the quality of technological innovation? Under the background of accelerating technology update iteration and increasing R&D cost, and under the strict control of key technologies by leading enterprises in developed countries, the research and answers to these questions will promote Chinese enterprises to "go out" and embed into foreign innovation networks, effectively allocate foreign advanced innovation resources and achieve technology catch-up.
Scholars have conducted in-depth research on the technological innovation effects of cross-border M&A, most of the conclusions are that cross-border M&A can help enterprises obtain technological spillovers and promote innovation performance. However, the above researches used the sample of multinational enterprises in developed countries. In order to avoid the spillover effects of R&D, multinational enterprises in developed countries usually concentrate the R&D activities of the target enterprises to the corporate headquarters. In order to strengthen their ownership advantages, multinational enterprises transfer knowledge, technology and other intangible assets to the target enterprises through internal trade. Compared with the multinational enterprises in the technology leading countries, the multinational enterprises in emerging markets do not have the ownership advantage. They tend to evade the intellectual property barriers through cross- border M&A, acquire the core cutting-edge technology of the target enterprises, and achieve technology catch-up. The cross-border M&A in emerging markets is different from that in developed countries.
Existing researches usually only focus on the impact of cross-border M&A on the scale of innovation output represented by patent count, and ignore the effects of cross-border M&A on innovation quality. In fact, the innovation content or value of different patents is uneven. Only using the number of patents and ignoring the difference of patent quality may lead to the conclusion biased. Although different investment motivations are distinguished in the related researches of cross-border M&A, most of the existing researches regard cross-border M&A projects as homogeneous under the same investment motivation scenario, few of them consider the complementarity between the knowledge base of the enterprise itself and the technical knowledge of the target enterprise, the technology complementarity of both sides is different, and the innovation performance of the cross- border M&A is different. With the rapid growth of cross-border M&A, whether Chinese enterprises promote the quality of innovation through cross-border M&A is a practical question that must be explored and answered.
As an important way to acquire external knowledge and advanced technology, cross-border M&A mainly affects the innovation behavior of enterprises through the following channels: (1) the acquisition effect of innovation elements; (2) speed economy effect; (3) platform effect; and (4) embedding effect of innovation network. This paper puts forward the following hypotheses 1: Cross-border M&A promotes the innovation quality of acquiring enterprises.
The relevance of technological knowledge between cross-border M&A parties is a prerequisite for learning and integrating external knowledge. However, the relevance is too high to stimulate new ideas. There are some differences in the technological knowledge between both sides, which is helpful to the research on the divergence of acquiring enterprises and the creation of new technological orbit. However, the difference of technical knowledge between both sides is too large, the cost of understanding, absorbing and integrating each other′s technical knowledge is high, which is not conducive to innovation synergy. When the technological knowledge of both sides shows complementarity, the innovation performance is significantly improved. This paper puts forward hypothesis 2: the complementarity of technological knowledge between both sides of cross-border M&A can moderate the innovation quality effect of cross-border M&A.
Through the logit model, we empirically test the influencing factors of enterprises′ cross-border M&A behavior, obtain the tendency score and the control group matching with the observation group. By mining patent documents, the innovation quality index is comprehensively characterized by three indicators: the coverage of patent technology, the size of patent family and the number of patent citations. On the basis of propensity score matching, the double difference DID model is constructed. It is found that cross-border M&A of Chinese enterprises actively promotes the scale of technological innovation output. However, cross-border M&A in the first lag period has a significant restraining effect on the quality of technological innovation. In the early stage of M&A, due to the integration of technological resources, the friction effect is better than the synergy effect, and they are not significant in the second and third lag period, which means that as the time goes by, the restraining effect of friction on the quality of technological innovation is gradually released. That is to say, there is a "quantitative change" of innovation output but no "qualitative change" in innovation in cross-border M&A of Chinese listed companies.
The reason is that enterprises have access to the advanced innovation resources of overseas target enterprises through cross-border M&A, which enriches the innovation knowledge of enterprises to a certain extent and helps the enterprises to apply for more patents. However, whether the patent applied for after cross-border M&A has a slight improvement of the original process or technical scheme, or a breakthrough innovation is affected by technology complementarity of both sides of cross-border M&A. From the perspective of reverse technology transfer, that sample enterprises try to obtain advanced technology transfer from the target enterprises through cross-border M&A to improve the technological innovation ability has not come into reality yet.
The intermediary model is used to empirically analyze the moderating effects and influence mechanism of technology complementarity on innovation quality effect of cross-border M&A. It is found that technology complementarity has a positive moderating effect on the innovation quality effect of cross-border M&A. when technology complementarity between M&A parties, it is conducive to achieving "growth synergy". The technological complementarity both parties positively enriches the technological knowledge diversification and improves technological innovation efficiency of enterprises. The findings provide valuable reference for Chinese enterprises to effectively implement cross-border M&A, allocate innovation resources and improve innovation quality. |
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| Keywords: | cross-border M&A quality of innovation technology complementarity |
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