企业技术并购、自主研发投资与创新效率——来自技术密集型行业的实证
Corporation Technology M&A, Independent R&D and Innovation Efficiency: An Empirical Analysis of the Technology-intensive Industries

以沪深两市技术密集型行业企业为样本，研究主并企业并购前自主研发投资形成的研发资本存量和对外技术并购获取技术知识两方面对其并购后创新效率产生的混合作用，再进一步检验并购双方技术重叠在主并企业并购前自主研发投资和并购后创新效率之间关系的调节作用。研究表明：企业并购前自主研发投资形成的知识储备量会促进其并购后创新效率的提升。技术并购及并购双方的技术重叠进一步放大了这种正向促进作用，说明技术并购及技术重叠会加强主并企业内部自主研发对外来创新能量的内化、吸收速度，并改善和提升内部研发投资效率。同时，在并购前持续追加研发投资的主并企业中，这种现象和作用也会更为明显。
The paper selects firms in technology-intensive industries, focuses on the combined effect of R&D capital stock which formed by acquiring pre-merger independent R&D and the external technical knowledge from technology M&A on the acquiring innovation performance after M&A. We further introduce the technological overlap between firm pairs and explore its moderating role in the pre-merger acquiring independent R&D and its post-merger innovation efficiency. The results show that pre-merger R&D capital stock formed by acquiring independent R&D can greatly accelerate the upgrade of post-merger innovation efficiency. Technology M&A and technological overlap between firm pairs can further amplify that effect, it illustrates that technology M&A and technological overlap can pick up speed of acquiring independent R&D to absorb and internalize external innovation energy, and improve the efficiency of internal R&D investment. Moreover, among firms that continually raise funds to R&D, this positive role and phenomenon will more obvious.