吸收能力调节下跨国并购对中国制造业创新能力的影响
首发时间:2020-06-19
摘要:跨国并购已成为中国制造业获取国际创新型资源和技术、加速创新追赶步伐的重要方式。然而,跨文化、跨区域的国际化并购活动风险与挑战重重,中国企业若无法有效消化吸收海外先进技术,这项国际化活动可能也将丧失反哺国内技术创新的能力。本文选取了2003-2017年中国28个制造业行业层面面板数据,实证检验了中国制造业跨国并购对其创新能力的影响,以及吸收能力对二者关系的调节作用。实证结果表明:(1)中国制造业企业实行跨国并购不仅能带来本行业创新能力的提升,还能通过前向溢出效应促进下游行业技术创新。(2)吸收能力在跨国并购与创新能力之间发挥正向调节作用。(3)并购方为高新技术行业、并购标的为高收入国家企业的跨国并购对中国制造业创新能力的提升效应更强,吸收能力起到强化这一效应的作用。
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The Influence of Cross-border M&As on the Innovation Capacity of Chinese Manufacturing Enterprises under the Adjustment of Absorption Capacity
Abstract:Cross-border mergers and acquisitions have become an important way for China\'s manufacturing industry to acquire international innovative resources and technologies and speed up the pace of innovation. However, cross-cultural and cross-regional international mergers and acquisitions have many risks and challenges, if Chinese companies cannot effectively absorb advanced technologies from overseas, this international activity may also lose the ability to feed domestic technological innovation. This paper selects the panel data of 28 manufacturing industries in China from 2003 to 2017, and empirically tests the influence of cross-border mergers and acquisitions of Chinese manufacturing industries on their innovation capacity and the moderating effect of absorption capacity on the relationship between them. The empirical results show that:(1)Cross-border M&As by Chinese manufacturing enterprises can promote the innovation capacity of their own industries. At the same time, cross-border M&As also have a significant forward spillover effect, which promote technological innovation in downstream industries.(2)Absorptive capacity plays a positive role between cross-border mergers and acquisitions and innovation capacity.(3)Innovation capacity enhancement effect brought by M&As for high-tech industry and M&As region for high-income countries is stronger, and the absorptive capacity will further strengthen this effect.
Keywords: Applied Economics Cross-border Mergers and Acquisitions(M&As) Innovation Capacity Absorptive Capacity Manufacturing Industry
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