数字并购与企业创新——来自中国上市企业的经验证据被引量：22

Digital M&As and Enterprise′s Innovation:Empirical Evidence from Chinese Listed Enterprises

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摘要企业并购与创新的关系一直受到学术界和业界的广泛关注。当前,数字并购作为企业实现数字化转型的重要途径在全球范围内迅速升温,中国企业也纷纷投入数字并购热潮。然而,以数字技术、服务和市场为主要并购标的的数字并购与传统并购存在较大差异,数字并购能否有效提升并购企业创新绩效仍是有待解答的重要问题。在理论分析的基础上,利用2009年至2018年中国上市企业的数字并购交易数据和专利数据,深入探究数字并购对并购企业创新绩效的影响,并对比分析(中国)境内数字并购与跨境数字并购的差异化表现,同时从知识存量、企业市盈率和息税折旧摊销前利润3个方面解析数字并购创新效应的影响机制。实证部分采用基于倾向得分匹配的倍差法构建计量模型,能够一定程度上缓解数字并购与企业创新之间的自选择效应和内生性问题。研究结果表明,数字并购能够有效促进并购企业提升创新绩效,且与创新数量相比,对创新质量的促进作用更强;细分并购模式发现,中国境内数字并购能同时促进并购企业创新数量和创新质量的提升,跨境数字并购虽然在当期对创新数量的促进作用并不明显,但其对创新质量的作用强度明显高于中国境内数字并购;进一步检验影响机制发现,数字并购可以通过增加知识存量产生的知识协同效应,与提升融资能力和盈利能力产生的财务协同效应共同提升并购企业创新绩效。在理论分析层面,将数字经济和技术的特征与传统并购理论相结合,丰富了已有并购研究的研究对象和研究机理。在经验证据层面,对数字并购创新效应的因果识别有助于企业更好地通过数字并购提升创新绩效,并对政府更好地支持和引导企业参与数字投资提供重要的参考。 The relationship between mergers and acquisitions(M&As)and innovation performance has been widely concerned by academia and industry.Currently,digital M&As as an important way for enterprises to realize digital transformation,are heating up rapidly in the world,and China′s enterprises are also jumping into the digital M&As boom.However,digital M&As with digital technology,service and market as the main objects are quite different from traditional M&As.Whether digital M&As can effectively promote enterprise innovation performance is still an important question to be answered.On the basis of theoretical analysis,we use the China′s listed enterprises′digital M&As and patent data from 2009 to 2018to explore the innovation effect of digital M&As,and we also make a comparative analysis of the differentiation performance between domestic and cross-border digital M&As.Meanwhile,we analyze the impact mechanism of the innovation effect of digital M&As from three aspects:knowledge stock,enterprise price-earnings(PE)ratio and earnings before tax,interest,depreciation and amortization(EBITDA).In the empirical part,the difference-in-differences(DID)method based on propensity score matching(PSM)is used to construct an econometric model,which can alleviate the self-selection effect and the endogenous problem between digital M&As and enterprise′s innovation to a certain extent.The results show that digital M&As can effectively promote the enterprises′innovation performance,and have a stronger effect on innovation quality than innovation quantity.We also find that domestic digital M&As can promote the innovation quantity and quality of acquirors.Although the promotion effect of cross-border digital M&As on innovation quantity is not obvious in the current period,the innovation effect of cross-border digital M&As on innovation quality is obviously higher than that of domestic digital M&As.By further examining the influence mechanism,it is found that digital M&As can jointly promote the innovation of acquirors through the“knowledge synergy effect”generated by increasing knowledge stock,and the“financial synergy effect”generated by improving financing capacity and profitability.At the level of theoretical analysis,we combine the characteristics of digital economy and technology with traditional M&As theory,which enriches the existing research object and mechanism of M&As.At the level of empirical evidence,the causal identification of the innovation effect of digital M&As is helpful for enterprises to better improve their self-innovation ability through digital M&As,and provides important reference value for the government to better support and guide enterprises to participate in digital investment.

作者方森辉唐浩丹蒋殿春 FANG Senhui;TANG Haodan;JIANG Dianchun(Center for Transnationals′Studies,Nankai University,Tianjin 300071,China;School of Economics,Nankai University,Tianjin 300071,China;The Laboratory for Economic Behaviors and Policy Simulation,Nankai University,Tianjin 300071,China)

机构地区南开大学跨国公司研究中心南开大学经济学院南开大学经济行为与政策模拟实验室

出处《管理科学》 CSSCI 北大核心 2022年第6期83-96,共14页 Journal of Management Science

基金国家自然科学基金(71873071) 国家社会科学基金(18AZ001) 南开大学文科发展基金(ZB22BZ0318) 中国博士后科学基金(2021M701781)

关键词数字并购上市企业创新数量创新质量因果识别 digital M&As listed enterprises innovation quantity innovation quality causal identification

分类号 F272 [经济管理—企业管理]

作者简介方森辉,经济学博士,南开大学跨国公司研究中心和经济行为与政策模拟实验室助理研究员,研究方向为跨国公司与国际直接投资等,代表性学术成果为“外资进入自由化如何影响中国制造业生产率”,发表在2020年第1期《世界经济》,E-mail:fangsenhui@nankai.edu.cn;唐浩丹,南开大学经济学院博士研究生,研究方向为国际直接投资和数字经济等,代表性学术成果为“数字型跨国并购:特征及驱动力”,发表在2021年第9期《财贸经济》,E-mail:thd1994@163.com;蒋殿春,经济学博士,南开大学跨国公司研究中心和经济行为与政策模拟实验室教授,研究方向为跨国公司与国际直接投资、数字经济、创新保护等,代表性学术成果为《中国企业海外并购与国际竞争力研究》,2018年由经济科学出版社出版(ISBN:978-7-5218-0075-3),E-mail:jdc@nankai.edu.cn