并购对企业创新能力的影响研究——基于实际吸收能力和潜在吸收能力的机制分析
Research on the Impact of M&A on the Innovation Ability of Enterprises——Mechanism Analysis Based on Real Absorption Capacity and Potential Absorption Capacity
杜晴 1潘丹丹2
作者信息
- 1. 复旦大学应用经济学博士后科研流动站;苏州国际发展集团有限公司博士后科研工作站
- 2. 南京邮电大学通达学院商学院;南京大学经济学院
- 折叠
摘要
基于吸收能力理论和知识基础理论,文章以2008-2019年A股上市公司为研究对象,采用倾向得分匹配模型、双重差分模型和中介效应模型,从总量和结构两个角度探讨并购对企业创新能力的影响,并检验实际吸收能力和潜在吸收能力的机制作用.研究发现:从总量上看,并购能够显著提升企业创新产出水平,同时提高企业创新效率,但是对企业创新投入有负向影响作用.从结构上看,横向并购与纵向并购均能够提升企业创新产出水平和创新效率,其中纵向并购创新效应更加显著;但是纵向并购对创新投入有显著负向影响,而横向并购对创新投入影响不显著.从机制上看,并购通过提高企业实际吸收能力和潜在吸收能力,进而提高企业创新产出水平,其中,实际吸收能力机制作用更加显著.
Abstract
Based on absorptive capacity theory and knowledge creation theory,this paper uses the propensity score matching model,difference-in-differences model and mediating effect model to explore the impact of M&A on firms'innovation capability from both aggregate and structural aspects,respectively,and to test the mechanism role of real absorptive capacity and potential absorptive capacity.The research objects are A-share listed companies from 2008-2019.It is found that,from the aggregate perspective,M&A can significantly improve the level of innovation output,as well as the efficiency of corporate innovation;but M&A has a negative effect on innovation input.From the structural point of view,both horizontal and vertical M&A can improve the level of innovation output and innovation efficiency of enterprises,among which the innovation effect of vertical M&A is more significant.However,vertical M&A has a significant negative effect on innovation input,while horizontal M&A does not have a significant effect on innovation input.From the mechanism point of view,M&A can improve enterprises'innovation output by increasing the real and potential absorptive capacity,among which,the real absorptive capacity mechanism is more significant.
关键词
企业并购/创新能力/实际吸收能力/潜在吸收能力Key words
M&A/innovation level/real absorptive capacity/potential absorptive capacity引用本文复制引用
基金项目
国家社科基金重大项目(23&ZD059)
江苏省教育厅高校哲学社会科学研究项目(2021SJA2435)
江苏省研究生科研创新计划项目(KYCX18_0004)
出版年
2024
NETL
NSTL
万方数据