摘要
为弥补现有研究在企业知识基础、合作能力与技术并购创新绩效之间的作用机理的不足,基于医药行业技术壁垒高、技术更新速度快的特点,以2007—2018年我国沪深A股生物医药行业发生的109起技术并购事件为对象,构建含有中介变量的回归模型,探究医药企业知识基础、合作能力对技术并购创新绩效的作用机制以及吸收能力的中介效应。结果显示:企业知识基础和合作能力对创新绩效有显著正向影响,吸收能力在知识基础、合作能力与创新绩效关系中均起到部分中介作用;并购方首席执行官接受技术类教育水平越高,企业技术特征的敏感度更高;互补型技术并购加强了主体知识基础对创新绩效的正向影响,相似性技术并购则加强了合作能力对创新绩效的正向影响。最后,从重视前期技术能力积累和技术并购后研发投入,强化人才战略以及适当选择并购目标方面提出相关建议。
To remedy the deficiencies of existing studies on the role mechanisms of knowledge base,cooperation ability and technology M&A innovation performance,based on the characteristics of high technical barriers and fast pace of technological turnover in the pharmaceutical industry,this paper takes 109 technological mergers and acquisitions events in China’s Shanghai and Shenzhen A-share biopharmaceutical industries from 2007 to 2018 as research samples,constructs a regression model with intermediary variables to explore the mechanism of knowledge base and cooperation ability of pharmaceutical enterprises on the technological mergers and acquisitions performance,as well as studies the mediation effect of absorption capacity.The research shows that knowledge base and cooperation ability of the enterprises have a significant positive impact on innovation performance after M&A,absorptive capacity plays a partial mediating role in the relationship between knowledge base,cooperation ability and innovation performance;the higher technical education that acquirers’CEO has received,the higher sensitivity of the company’s technical characteristics;complementary technology mergers and acquisitions strengthen the positive impact of the subject’s knowledge base on innovation performance,while similarity technology mergers and acquisitions strengthen the positive impact of cooperation capabilities on innovation performance.Finally,relevant suggestions are made in terms of paying attention to the accumulation of technological capabilities in the early stage and R&D investment after technology M&A,strengthening talent strategy as well as appropriate selection of M&A targets.
作者
齐莹
唐菡
李靖
Qi Ying;Tang Han;Li Jing(College of Economics and Management,Beijing University of Technology,Beijing 100124,China;School of Accountancy,Central University of Finance and Economics,Beijing 100081,China)
出处
《科技管理研究》
CSSCI
北大核心
2022年第12期107-116,共10页
Science and Technology Management Research
基金
北京社会科学基金研究基地重点项目“促进北京高端制造业跨界融合发展的技术并购路径研究”(18JDGLA042)。
关键词
技术并购
知识基础
合作能力
吸收能力
创新绩效
technology mergers and acquisitions
knowledge base
cooperation ability
absorptive capacity
innovation performance
