本文選題：并購　切入點(diǎn)：上市公司　出處：《中國科學(xué)技術(shù)大學(xué)》2017年碩士論文

【摘要】：隨著新經(jīng)濟(jì)時(shí)代的到來,企業(yè)與世界經(jīng)濟(jì)的聯(lián)系越來越緊密,市場競爭愈演愈烈,技術(shù)創(chuàng)新、技術(shù)進(jìn)步正逐漸成為企業(yè)快速發(fā)展的原動(dòng)力。近年來,越來越多的技術(shù)創(chuàng)新突破了企業(yè)的邊界,迫使企業(yè)紛紛從內(nèi)部研發(fā)轉(zhuǎn)向外部市場尋求技術(shù)的升級換代,尤以獲取技術(shù)為目的的并購更為頻繁。盡管并購浪潮火熱,但是并購的失敗率卻居高不下。本文以計(jì)算機(jī)、通信及其它電子設(shè)備制造業(yè)企業(yè)為研究對象,研究公司自身能力存量方面的因素對公司并購后創(chuàng)新績效的影響,希望對我國企業(yè)的并購創(chuàng)新實(shí)踐提供一定的理論指導(dǎo),以提高并購的成功率和創(chuàng)新績效水平。本文基于企業(yè)并購相關(guān)理論,用泊松方法建立負(fù)二項(xiàng)式回歸模型,就近年來我國計(jì)算機(jī)、通信及其它電子設(shè)備制造業(yè)企業(yè)自身能力存量方面因素對企業(yè)并購后創(chuàng)新績效的影響進(jìn)行研究。本文涉及的能力存量方面的影響因素主要包括企業(yè)自身的知識規(guī)模,并購經(jīng)驗(yàn)和RD努力水平。研究結(jié)果表明:技術(shù)并購經(jīng)驗(yàn),企業(yè)自身的知識基礎(chǔ)規(guī)模,企業(yè)的RD努力水平對主并企業(yè)并購后創(chuàng)新績效的影響為正,非技術(shù)并購經(jīng)驗(yàn)對主并企業(yè)并購后的創(chuàng)新績效沒有正向影響。因此,本文建議企業(yè)在以并購的方式,獲取其他公司的核心技術(shù),試圖提升創(chuàng)新績效的時(shí)候,應(yīng)該多從以往的技術(shù)并購中學(xué)習(xí)經(jīng)驗(yàn)總結(jié)規(guī)律,盡量提高自身的技術(shù)知識庫存和RD努力水平,以提高企業(yè)的技術(shù)整合吸收能力;同時(shí)應(yīng)及時(shí)做出相應(yīng)的戰(zhàn)略調(diào)整,做好公司資源分配的同時(shí),避免無效的并購經(jīng)驗(yàn)對并購后技術(shù)整合吸收的干擾,以此提升公司并購的成功率。目前,國內(nèi)關(guān)于并購經(jīng)驗(yàn)等能力存量因素對并購后創(chuàng)新績效的影響的研究較少,且研究方法上,多采用簡單的多元回歸分析方法,或是采用比較法,這類方法沒有考慮數(shù)據(jù)的特點(diǎn),存在模型誤射的問題,致使研究結(jié)論存在比較大的誤差。本文嚴(yán)格遵循數(shù)據(jù)特點(diǎn),使用泊松方法對數(shù)據(jù)進(jìn)行負(fù)二項(xiàng)式回歸,較為合理。另一方面,本文的樣本覆蓋面比較窄,并沒有考慮不同行業(yè)對結(jié)果產(chǎn)生的影響。同時(shí),對研究涉及變量的衡量指標(biāo)選擇也比較單一,這些都有待在未來的研究中改進(jìn)完善。
[Abstract]:With the new economic era, enterprises have to contact with the world economy more and more closely, the increasingly fierce market competition, technological innovation, technological progress is becoming the driving force of the rapid development of enterprises. In recent years, more and more technology innovation breakthrough in the enterprise boundary, forcing enterprises from internal to external market Research for technical upgrading especially, in order to obtain technology acquisitions for the purpose of more frequent. Despite the hot wave of mergers and acquisitions, but the failure rate of mergers and acquisitions are high. In this paper, the computer industry, communications and other electronic equipment manufacturing enterprises as the research object, the influence factors of the company stock of their ability of innovation performance of the company after the merger, hoping to provide some theoretical guidance the acquisition of innovative practice of enterprises in our country, in order to improve the success rate of M & A and the level of innovation performance. This paper is based on the theory of enterprise merger and acquisition, use Methods to establish the Poisson negative binomial regression model, in recent years, China's computer, to study their ability to influence stock enterprise communications and other electronic equipment manufacturing factors on innovation performance after merger. The factors affect the ability of stock of this thesis mainly includes the enterprise's own knowledge scale, experience and effort level. Research on RD the results show that the technical experience in mergers and acquisitions, the knowledge base scale of the enterprise itself, affect the enterprise RD effort level on the innovation performance and after merger is positive, non technical experience in mergers and acquisitions has no influence to the enterprise merger and the innovation performance. Therefore, this paper suggests that companies in mergers and acquisitions, obtaining core technique other companies, when trying to improve innovation performance, should be more from the previous learning experience in technology acquisition and summarize the law, try to improve their technical knowledge RD inventory and effort level, to improve the enterprise's absorptive capacity and technology integration; should make strategic adjustment accordingly, make the allocation of resources at the same time, to avoid invalid interference on mergers and acquisitions experience absorption technology integration after M & A, in order to improve the success rate of corporate mergers and acquisitions. At present, the domestic research on effects of mergers and acquisitions experience ability of stock the factors on the performance of innovation after the merger is less, and the research method, analysis method using simple multiple regression, or by using the method of comparison, this method does not consider the characteristics of the data, the model mistakenly shot, resulting in the conclusion of the study are relatively large errors. This paper strictly follow the characteristics of data, using the Poisson method negative binomial regression, reasonable data. On the other hand, the sample coverage is narrow, and did not consider the impact of different industries on the results. At the same time, the The selection of measurement indexes involving variables is also relatively simple, which need to be improved and improved in the future research.

【學(xué)位授予單位】：中國科學(xué)技術(shù)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F273.1

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