摘要
本文以2007-2014年中国上市公司作为研究样本,重点考察了中国上市公司兼并重组的动机（技术内生型兼并重组、技术外生型兼并重组）,并以企业研发强度为核心解释变量,在充分考虑反映企业长短期成长机会、融资约束、投资效率等条件下,采用负二项回归计数模型及零膨胀修正计数模型,检验企业兼并重组与研发强度的关系。研究结果显示,中国上市公司兼并重组与研发强度存在显著正相关关系,表明企业的兼并重组依赖于自身投资研发所形成的内生性增长,而不是作为企业本身技术投入的一种替代,以直接或间接获取技术。因此,以兼并重组获得技术优势,不失为企业快速占领市场的一种途径,据此,也为政府推进供给侧改革提供有益的政策参考。
Based on the study samples of China＇s listed companies from 2007 -2014, this paper mainly studies the mo- tive of listed companies＇ merger and acquisition （M＆A） （which can be divided into technology endogenous and technology exogenous M＆A）. Using research and development （R＆D） intensity of the enterprises＇ as the core explanatory variable, as well as negative binomial regression count model and zero-inflation modified count model, this paper examines the relation between enterprises＇ M＆A and R＆D intensity with full consideration of enterprises＇ long and short term growth opportunity, financial con- straints, investment efficiency, etc. The results show that there is a positive correlation between enterprises＇ M＆A and R＆D in- tensity; and that M＆A relies on the endogenous growth of investment and R＆D of enterprises; M＆A will not acquire techniques directly or indirectly, because it is not a substitute of enterprises＇ technology investment. As a result, the technological advantage brought by M＆A might be an approach for enterprises to quickly take over markets and at the same time provide useful political reference for the government to promote reform of supply side.
出处
《经济体制改革》
CSSCI
北大核心
2016年第5期184-189,共6页
Reform of Economic System
关键词
兼并重组
研发强度
修正计数模型
Merger＆Acquisition
R＆D intensity
modified count model
