本文選題：跨國(guó)并購(gòu)　切入點(diǎn)：創(chuàng)新績(jī)效　出處：《浙江工商大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：本文在國(guó)內(nèi)外學(xué)者研究分析的基礎(chǔ)上,以我國(guó)2008年至2013年間發(fā)生的上市A股高新技術(shù)公司跨國(guó)并購(gòu)事件為對(duì)象,實(shí)證分析高新技術(shù)公司在跨國(guó)并購(gòu)發(fā)生前后兩年的創(chuàng)新績(jī)效指標(biāo)變化情況,并尋找在此期間未發(fā)生跨國(guó)并購(gòu)的對(duì)比公司樣本作為對(duì)照組進(jìn)行對(duì)比分析,采用實(shí)證與理論分析相結(jié)合的研究辦法來研究跨國(guó)并購(gòu)對(duì)企業(yè)創(chuàng)新能力發(fā)展的影響,隨后本文進(jìn)一步考察了文化差異對(duì)進(jìn)行跨國(guó)并購(gòu)事件對(duì)高新技術(shù)企業(yè)的創(chuàng)新績(jī)效的影響情況。首先,本文闡述了跨國(guó)并購(gòu)的定義,然后在理論分析的基礎(chǔ)上提出本文研究假設(shè)并建立模型,采用Stata軟件進(jìn)行數(shù)據(jù)分析,在采用實(shí)證研究中的描述性統(tǒng)計(jì)、Pearson相關(guān)性檢驗(yàn)、樣本配對(duì)T檢驗(yàn)和多元回歸分析等方法對(duì)研究問題和假設(shè)進(jìn)行檢驗(yàn)。實(shí)證回歸分析的結(jié)果表明跨國(guó)并購(gòu)對(duì)高新技術(shù)企業(yè)創(chuàng)新績(jī)效并未產(chǎn)生顯著的影響。但是在與對(duì)照組的樣本配對(duì)T檢驗(yàn)的結(jié)果中,本文發(fā)現(xiàn)跨國(guó)并購(gòu)對(duì)主并購(gòu)方的專利申請(qǐng)數(shù)和發(fā)明專利數(shù)均有較為顯著的影響。同時(shí),本文對(duì)實(shí)驗(yàn)組樣本分析文化差異對(duì)創(chuàng)新績(jī)效的影響,結(jié)果發(fā)現(xiàn)跨國(guó)并購(gòu)文化差異與企業(yè)創(chuàng)新績(jī)效正相關(guān),即文化差異能給跨國(guó)并購(gòu)創(chuàng)新績(jī)效帶來積極的影響,跨國(guó)并購(gòu)交易雙方所處的文化差異越大,企業(yè)的創(chuàng)新績(jī)效越好。通過分析認(rèn)為,高新技術(shù)跨國(guó)公司進(jìn)行技術(shù)并購(gòu)主要是以技術(shù)獲取為目的,首先先進(jìn)技術(shù)知識(shí)發(fā)達(dá)的國(guó)家多集中在距離本國(guó)較遠(yuǎn)的歐美等州,其次異質(zhì)性文化所帶來的先進(jìn)技術(shù)知識(shí)以及被并購(gòu)公司的創(chuàng)新氛圍和決策管理機(jī)制得到了更好地吸收和利用。從本文的研究中結(jié)論中可以看出,在我國(guó)的經(jīng)濟(jì)和制度背景環(huán)境下,總體來說跨國(guó)并購(gòu)對(duì)企業(yè)的創(chuàng)新績(jī)效有正向的促進(jìn)作用�？鐕�(guó)公司通過對(duì)國(guó)外企業(yè)的并購(gòu)活動(dòng),能夠提升本企業(yè)的自身的技術(shù)能力,跨國(guó)并購(gòu)是提升本國(guó)企業(yè)和國(guó)家整體創(chuàng)新水平的有效途徑。但是對(duì)跨國(guó)并購(gòu)對(duì)創(chuàng)新績(jī)效的結(jié)論不是很顯著,這可能是由于我國(guó)的跨國(guó)并購(gòu)市場(chǎng)還處于初始階段,對(duì)于這方面的各項(xiàng)規(guī)章制度約束較多,相關(guān)部門對(duì)整個(gè)跨國(guó)并購(gòu)活動(dòng)并沒有完全市場(chǎng)化。此外,在本文的研究中文化差異對(duì)跨國(guó)公司創(chuàng)新能力有正向作用,因此對(duì)于有技術(shù)尋求的企業(yè)來說,選擇相對(duì)本國(guó)的文化差異相遠(yuǎn)的公司也是一個(gè)很好的方向,尤其是技術(shù)距離相對(duì)較大的西方發(fā)達(dá)國(guó)家。
[Abstract]:Based on the research and analysis of scholars at home and abroad, this paper takes the events of cross-border mergers and acquisitions of A-share high-tech companies that occurred between 2008 and 2013 in China as the object. Empirical analysis of high-tech companies before and after cross-border mergers and acquisitions before and after two years of innovation performance indicators change, and look for no cross-border M & A in this period of comparative company samples as the control group for comparative analysis. Using empirical and theoretical analysis to study the impact of cross-border mergers and acquisitions on the development of innovation capacity of enterprises. Then this paper further studies the influence of cultural differences on the innovation performance of high-tech enterprises. Firstly, the definition of cross-border M & A is expounded. Then, based on the theoretical analysis, this paper puts forward the hypothesis and establishes the model, uses the Stata software to carry on the data analysis, and adopts the descriptive statistics in the empirical research to test the Pearson correlation. The empirical regression analysis shows that transnational M & A has no significant effect on the innovation performance of high-tech enterprises. In the results of the matched T test in the control group, This paper finds that cross-border M & A has a significant impact on the number of patent applications and invention patents of the main M & A. meanwhile, this paper analyzes the impact of cultural differences on innovation performance in the experimental group. The results show that the cultural differences of cross-border M & A are positively related to the innovation performance of enterprises, that is, cultural differences can bring positive effects on the performance of cross-border M & A, and the cultural differences between the two sides of cross-border M & A transactions are greater. The better the innovation performance of enterprises is, the better the analysis shows that technology acquisition is the main purpose of technology acquisition by high-tech multinational corporations. First of all, countries with advanced technological knowledge are concentrated in Europe and the United States, which are far away from their own countries. Secondly, the advanced technological knowledge brought by heterogeneous culture and the innovation atmosphere and decision-making management mechanism of the acquired company have been better absorbed and utilized. In the economic and institutional background of our country, transnational M & A has a positive effect on the innovation performance of enterprises. Multinational corporations can enhance their own technological ability through M & A activities of foreign enterprises. Cross-border M & A is an effective way to improve the innovation level of domestic enterprises and countries as a whole, but the conclusion of transnational M & A on innovation performance is not very significant, which may be due to the fact that the market of cross-border M & A in China is still in its initial stage. There are many rules and regulations in this respect, and the relevant departments have not completely marketized the whole cross-border M & A. in addition, the cultural differences have a positive effect on the innovation ability of multinational corporations in the research of this paper. Therefore, it is also a good direction for the enterprises seeking technology to choose the company with different cultural differences, especially in the western developed countries, where the distance of technology is relatively large.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F273.1

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