摘要
并购作为快速获取技术的重要手段,逐渐成为企业提高竞争力的途径。本文首先建立双寡头古诺模型,从理论上分析了企业并购前后的创新投入和利润变化,然后针对我国医药制造业企业2013~2017年的技术并购数据,利用CDM模型实证分析近年来并购对该行业创新绩效的影响,并进一步将企业分为国有与非国有进行研究,然后用PSM-DID模型进行稳健性检验。最终发现在医药制造业,长期内并购增加了创新投入,但是不会通过创新投入这一中介变量提高企业的创新产出,虽然企业利润提高,但是没有提高企业的创新绩效,同时国有企业的并购表现要优于非国有企业。
As an important means to acquire technology quickly,M&A has gradually become a way for enterprises to improve their competitiveness.In this paper,we first establish a duopoly Cournot model to analyze the changes of innovation investment and profit before and after M&A in theory.Then we use CDM model to analyze the impact of M&A on innovation performance of Chinese pharmaceutical manufacturing enterprises in 2013-2017,and further divide the enterprises into state-owned and non-state-owned enterprises.Then we use PSM-DID model conduct robustness test.Finally,it is found that in the pharmaceutical manufacturing industry,M&A increases the innovation input in the long term,but it will not improve the innovation output of enterprises through the intermediary variable of innovation input.Although the profits of enterprises are improved,it does not improve the innovation performance of enterprises.At the same time,the M&A performance of state-owned enterprises is better than that of non-state-owned enterprises.
作者
刘伟
陈晨
Wei Liu;Chen Chen
出处
《产业经济评论（山东）》
2020年第3期1-22,共22页
Review of Industrial Economics
基金
教育部人文社会科学研究规划基金项目“产能利用、过剩产能与并购动机:微观机理及实证研究”(17YJA790057)的资助
关键词
并购
创新投入
创新产出
创新绩效
M&A
Innovation Input
Innovation Output
Innovation Performance
作者简介
刘伟:华东政法大学商学院,地址:上海市松江区龙源路555号,邮编201620,Email:liuweichuanyue@126.com;陈晨:华东政法大学商学院,地址:上海市松江区龙源路555号,邮编201620,Email:chencheen@163.com。
