中国技术获取型海外并购与企业创新能力的相关性研究
发布时间：2018-10-08 06:23
【摘要】：随着中国企业自身实力的增强和"走出去"步伐的加快,越来越多的企业把海外并购当作是获取先进技术、提升创新能力的重要途径。然而,大量的案例证明,海外并购并没有像很多企业预想的那样成功。当前,学者和企业家们均已认识到技术获取型海外并购可能是一项复杂的工程,远非技术的转移与叠加那么简单。国外相关的理论大多是基于发达国家较为成熟的并购实践和产业体系,对中国的情况可能并不适合。通过对中国企业的技术获取型海外并购现状进行分析,我们发现中国企业在并购过程中不仅有其特殊性,而且还面临着诸多的难题。因此,我们有必要弄清楚在中国企业的技术获取型海外并购中,究竟是哪些因素会影响到最终的创新能力的提升。经过分析,本文发现企业创新能力提升的关键步骤在于并购后的整合阶段。借鉴"白箱"理论的研究视角,本文对企业技术获取型海外并购的传导路径进行了分析,并得出了资源整合和冲突整合、并购方整合程度和目标方自主性这两对重要变量。这两对变量在不同情境下的搭配,可以作为中国企业进行并购整合的策略参考。在此基础上,本文从收益和成本的角度建立了数理模型,并对各个变量间的关系进行了理论上的推导,一定程度上印证了并购策略搭配的合理性。最后,本文借助相关指标进行了实证检验,并基于政府和企业层面给出了相关建议。本文通过研究发现:第一,并购整合是并购后提升企业创新能力的关键,但整合需要一定的时间来完成,因此创新能力的提升也需要两到三年的时间才能体现;第二,企业在面对不同的资源整合和冲突整合的难度时,所选择的整合策略是不一样的,只有进行正确的策略搭配,才能真正实现创新能力的提升;第三,并购方的整合程度与目标方的自主性对企业创新能力的提升有重要的影响,但现实中却很难找到绝对完美的指标予以度量,这也是企业采取正确的并购整合策略的难度所在;第四,对中国企业样本进行实证检验,我们发现并购方自身所拥有的创新能力对并购后企业创新能力的影响显著为正,而目标方所拥有的创新能力却不一定产生正向作用,这也说明了创新能力的提升绝非简单的技术转移与叠加;第五,在中国企业的并购实践中,并购方的整合程度与目标方的自主性呈现高度负相关,但有意思的是,目标方自主性对创新能力的提升显著为负,并购方整合程度的影响却并不显著,这也说明中国企业在并购中比较注重对控制权的分配,而对整合程度有所忽视或者整合的效果并不理想。随着中国经济的全球影响力不断提升,本文也希望中国的技术获取型海外并购能够不断健康地发展,为增强企业乃至整个国家的自主创新能力做出重要的贡献。
[Abstract]:With the strengthening of Chinese enterprises' own strength and the quickening of "going out", more and more enterprises regard overseas M & A as an important way to acquire advanced technology and enhance innovation ability. However, a large number of cases have proved that overseas mergers and acquisitions have not been as successful as many companies expected. At present, scholars and entrepreneurs have realized that technology acquisition overseas M & A may be a complex project, far from the technology transfer and superposition. Most of the theories abroad are based on the mature M & A practice and industrial system in developed countries, which may not be suitable for China. By analyzing the status quo of technology acquisition overseas M & A of Chinese enterprises, we find that Chinese enterprises not only have their particularity in the process of M & A, but also face many difficulties. Therefore, it is necessary to find out which factors will affect the ultimate innovation ability of Chinese enterprises in technology acquisition overseas mergers and acquisitions. Through analysis, this paper finds that the key step of improving the innovation ability of enterprises lies in the integration stage after merger and acquisition. From the perspective of "White Box" theory, this paper analyzes the transmission path of enterprise technology acquisition overseas M & A, and obtains two important variables: resource integration and conflict integration, M & A integration degree and target party autonomy. The collocation of these two variables in different situations can be used as a strategic reference for M & A integration of Chinese enterprises. On this basis, this paper establishes mathematical model from the angle of income and cost, and deduces the relationship between various variables in theory, which to some extent confirms the rationality of merger and acquisition strategy collocation. Finally, this paper carries on the empirical test with the help of the relevant indicators, and gives the relevant suggestions based on the government and the enterprise level. This paper finds that: first, M & A integration is the key to enhance enterprise innovation ability after M & A, but integration takes a certain time to complete, so it takes two to three years to improve innovation ability; second, In the face of different difficulties of resource integration and conflict integration, the integration strategy chosen is different. Only if the correct strategy collocation is carried out, can the innovation ability be truly enhanced. Third, The degree of merger and acquisition integration and the autonomy of the target party have an important impact on the improvement of enterprise innovation ability, but it is difficult to find the absolute perfect index to measure in reality, which is also the difficulty for the enterprise to adopt the correct merger and acquisition integration strategy. Fourth, the empirical test on the sample of Chinese enterprises shows that the innovation ability of the M & A party has a significant positive impact on the innovation ability of the enterprise after M & A, but the innovation ability of the target party does not necessarily have a positive effect. This also shows that the promotion of innovation ability is not a simple technology transfer and superposition. Fifth, in the practice of M & A of Chinese enterprises, the degree of integration of M & A parties is highly negatively correlated with the autonomy of the target party, but the interesting thing is, The influence of target autonomy on innovation ability is negative, but the degree of merger and acquisition integration is not significant. This also shows that Chinese enterprises pay more attention to the distribution of control rights in M & A. However, the degree of integration is ignored or the effect of integration is not ideal. With the increasing global influence of China's economy, this paper also hopes that China's technology acquisition overseas M & A can continue to develop healthily, and make important contributions to enhance the independent innovation ability of enterprises and even the whole country.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F273.1
[Abstract]:With the strengthening of Chinese enterprises' own strength and the quickening of "going out", more and more enterprises regard overseas M & A as an important way to acquire advanced technology and enhance innovation ability. However, a large number of cases have proved that overseas mergers and acquisitions have not been as successful as many companies expected. At present, scholars and entrepreneurs have realized that technology acquisition overseas M & A may be a complex project, far from the technology transfer and superposition. Most of the theories abroad are based on the mature M & A practice and industrial system in developed countries, which may not be suitable for China. By analyzing the status quo of technology acquisition overseas M & A of Chinese enterprises, we find that Chinese enterprises not only have their particularity in the process of M & A, but also face many difficulties. Therefore, it is necessary to find out which factors will affect the ultimate innovation ability of Chinese enterprises in technology acquisition overseas mergers and acquisitions. Through analysis, this paper finds that the key step of improving the innovation ability of enterprises lies in the integration stage after merger and acquisition. From the perspective of "White Box" theory, this paper analyzes the transmission path of enterprise technology acquisition overseas M & A, and obtains two important variables: resource integration and conflict integration, M & A integration degree and target party autonomy. The collocation of these two variables in different situations can be used as a strategic reference for M & A integration of Chinese enterprises. On this basis, this paper establishes mathematical model from the angle of income and cost, and deduces the relationship between various variables in theory, which to some extent confirms the rationality of merger and acquisition strategy collocation. Finally, this paper carries on the empirical test with the help of the relevant indicators, and gives the relevant suggestions based on the government and the enterprise level. This paper finds that: first, M & A integration is the key to enhance enterprise innovation ability after M & A, but integration takes a certain time to complete, so it takes two to three years to improve innovation ability; second, In the face of different difficulties of resource integration and conflict integration, the integration strategy chosen is different. Only if the correct strategy collocation is carried out, can the innovation ability be truly enhanced. Third, The degree of merger and acquisition integration and the autonomy of the target party have an important impact on the improvement of enterprise innovation ability, but it is difficult to find the absolute perfect index to measure in reality, which is also the difficulty for the enterprise to adopt the correct merger and acquisition integration strategy. Fourth, the empirical test on the sample of Chinese enterprises shows that the innovation ability of the M & A party has a significant positive impact on the innovation ability of the enterprise after M & A, but the innovation ability of the target party does not necessarily have a positive effect. This also shows that the promotion of innovation ability is not a simple technology transfer and superposition. Fifth, in the practice of M & A of Chinese enterprises, the degree of integration of M & A parties is highly negatively correlated with the autonomy of the target party, but the interesting thing is, The influence of target autonomy on innovation ability is negative, but the degree of merger and acquisition integration is not significant. This also shows that Chinese enterprises pay more attention to the distribution of control rights in M & A. However, the degree of integration is ignored or the effect of integration is not ideal. With the increasing global influence of China's economy, this paper also hopes that China's technology acquisition overseas M & A can continue to develop healthily, and make important contributions to enhance the independent innovation ability of enterprises and even the whole country.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F273.1
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