摘要
通过并购整合外部资源、提升创新绩效是企业获取竞争优势的重要手段。揭示了产品相似性在并购决策、整合阶段的作用,指出产品相似性一方面缓解了主并双方的信息不对称问题,有利于主并公司挑选合适的目标公司,另一方面促进了并购后的深度整合,进而提升了主并公司的创新绩效。使用2009—2019年中国A股制造业上市公司样本,根据文本分析方法测算出主并双方的产品相似性数值,采用条件Logit模型和负二项回归模型进行了实证分析。回归结果显示:(1)与主并公司存在产品相似性关系的企业成为目标公司的可能性更大;(2)并购后,产品相似性会提高主并方的创新绩效;(3)产品相似性主要通过“知识吸收效应”“融资约束平滑效应”和“市场压力对冲效应”三个渠道提高了主并方的创新绩效。
Integrating external resources and improving innovation performance through M&As is an important tool for corporates to gain a competitive advantage.In this paper,the role of product similarity in decision-making and integration stages of M&As is revealed.It is put forward that product similarity on the one hand alleviates information asymmetry between the acquirer and the target and thus facilitates the selection of suitable targets for the acquirer;and on the other hand it promotes deep integration after M&As,which in turn improves the innovation performance of the acquirer.Based on the data of China’s A-shared manufacturing listed companies from 2009 to 2019,product similarity was measured based on textual analysis and an empirical analysis was conducted using the conditional logit model and the negative binomial regression model.Results indicate that the higher the product similarity between the acquirer and the target,the more likely M&As happen;after M&As,product similarity increases the acquirer’s innovation performance,which is facilitated by the“knowledge absorption effect”,“financing constraint smoothing effect”and“market pressure hedging effect”.
作者
王倩
任曙明
张勤勤
WANG Qian;REN Shuming;ZHANG Qinqin(School of Maritime Economics and Management,Dalian Maritime University,Dalian Liaoning 116026,China;School of Economics and Management,Dalian University of Technology,Dalian Liaoning 116024,China)
出处
《北京理工大学学报（社会科学版）》
CSSCI
北大核心
2024年第1期208-222,共15页
Journal of Beijing Institute of Technology：Social Sciences Edition
基金
国家自然科学基金面上项目“跨国并购驱动高端装备制造业技术升级的机制:产品空间理论视角”(71573031)
辽宁省社会科学规划基金重点项目“数字经济赋能辽宁制造业高质量发展的实现机制”(L20AJY014)
中央高校基本科研业务费专项资金项目“产品空间视角下中国装备制造业的产品质量升级机制”(DUT21RW210)。
关键词
产品相似性
目标公司选择
并购
创新绩效
文本分析
product similarity
target selection
M&As
innovation performance
textual analysis
