摘要
目前学术界对异地并购中地理距离和技术资源跨区域流动之间的影响关系尚未有一致结论。基于战略地理理论、信息不对称理论和高层梯队理论,以2009—2019年间我国高新技术上市企业发生的异地并购交易为研究样本,运用多元线性回归分析法研究地理距离对技术资源跨区域流动的影响效应以及并购双方技术重叠的调节作用。研究结果表明,地理距离对技术资源跨区域流动有显著的负向影响,在分组回归中,这种负向影响在制造业和新创企业分组中更显著;技术资源重叠对地理距离和跨区域技术资源流动之间的负向关系具有明显的调节作用。进一步的研究表明,董事长和总经理两职分离、独立董事地理邻近和较大规模高管团队可以显著降低地理距离的负效应。研究结论以期从并购前标的方选择和并购后资源整合的双视角为缓解异地并购中地理距离的束缚效应提供理论依据,为深化对跨区域技术资源流动中地理距离影响效应的认知提供参考。
At present,there is no consistent academic conclusion on the relationship between geographical distance and cross-regional flow of technology resources in off-site M&A,therefore,Based on strategic geography theory,information asymmetry theory and upper echelon theory,this paper uses the off-site M&A transactions of Chinese high-tech listed firms from 2009 to 2019 as research sample,applies multiple linear regression analysis to test the effect of geographic distance and cross-regional flow of technological resources as well as the moderating effect of technology overlap.The results show that geographical distance has a significant negative effect on the cross-regional flow of technological resources,and is more significant in the manufacturing and start-up subgroup;technological resource overlap has a significant moderating effect on the negative relationship between geographical distance and crossregional flow of technological resources.Further research shows that the separation of chairman and general manager,the geographical proximity of independent directors,and the size of top management team can significantly reduce the negative effect of geographical distance.From the dual perspectives of targets selection and resource integration,it provides a theoretical basis for how to alleviate the binding effect of geographical distance in cross-regional M&A,and provides reference for deepening the cognition of the influence effect of geographical distance on cross-regional resource flow.
作者
裴旭东
丁奎
赵李
高钰
Pei Xudong;Ding Kui;Zhao Li;Gao Yu(School of Economics and Management,Xi'an Shiyou University,Xi'an 710065,China)
出处
《科技管理研究》
CSSCI
北大核心
2022年第20期189-196,共8页
Science and Technology Management Research
基金
国家社会科学基金一般项目“新产品开发模糊前端阶段企业技术差异化能力的提升机理研究”(16BGL042)
陕西省软科学研究计划一般项目“创新支持政策对陕西省高科技企业高质量发展的影响研究”(2021KRM102)。
关键词
异地并购
技术资源流动
地理距离
技术重叠
资源整合
cross-regional M&A
technological resources flow
geographic distance
technology overlap
resources integration
