摘要
采用PSM-DID方法检验中国企业对"一带一路"沿线国家跨国并购的技术创新促进效应。研究结果表明:中国企业对"一带一路"沿线国家跨国并购有助于母公司技术创新;中国企业跨国并购对母公司技术创新存在显著的异质性差异,表现为对高科技企业、第三产业、非供给侧改革行业和东道国经济基础好的跨国并购对母公司技术创新效应更佳,而第二产业的跨国并购却呈现显著的抑制效应;尽管第二产业呈现抑制效应,但第三产业正效应弥补了第二产业带来的负效应。从技术需求动机看,不是所有的中国企业跨国并购均能实现技术创新,只有具有知识储备的高科技企业实施跨国并购才能促进母公司技术创新;从市场需求动机看,以满足当地市场为目的的跨国并购能促进母公司技术创新,其中高科技企业的跨国并购对母公司技术创新的效果更为显著。
This paper applies the PSM-DID method to test the technological innovation promotion effect of Chinese companies on cross-border mergers and acquisitions( M&A) along the countries of the "Belt and Road". The research results show that Chinese companies ’ cross-border mergers and acquisitions along the countries of the "Belt and Road"are helpful to the parent companies’ technological innovation. There are significant heterogeneous differences in the technological innovation of the parent companies in the cross-border M&A of Chinese companies. In particular,cross-border M&A for high-tech companies,tertiary industries,non-supply-side reformed industries and the parent companies’ economic foundation have a better effect on the parent companies’ technological innovation. However,cross-border M&A in the secondary industry show a significant negative effect. Although the secondary industry shows an inhibitory effect,the positive effect of the tertiary industry makes up for the negative effect of the secondary industry. From the perspective of technology demand motives,not all Chinese companies’ cross-border mergers and acquisitions can achieve technological innovation. Only high-tech companies with knowledge reserves can enable the the parent companies to innovate technology. From the perspective of market demand motives,cross-border M&A aimed at satisfying the local market can promote the technological innovation of the parent companies. Among them,cross-border M&A of high-tech companies have a more significant effect on the technological innovation of the parent companies.
作者
蔡翔
吴俊
徐正丽
CAI Xiang;WU Jun;XU Zheng-li(School of Business,Guili University of Electronic Technology,Guili 541004,China)
出处
《湖南科技大学学报（社会科学版）》
CSSCI
北大核心
2021年第1期67-74,共8页
Journal of Hunan University of Science and Technology(Social Science Edition)
基金
国家社科基金重大项目(17ZD047)
国家自然科学基金项目(71463010)
广西教育厅中青年项目(2020KY05002)
广西科技发展战略研究专项(桂科ZL18077006)。
