并购战略性新兴企业对传统企业转型升级的影响因素分析*

并购知识技术密集、以创新为主要驱动力的战略性新兴企业，是传统企业借助外生力量促进自身转型升级的重要途径。传统企业并购战略性新兴企业的特征在于双方所属产业处于不同的生命周期阶段，由此体现出转型升级的特殊并购动因。本文将传统企业在战略性新兴标的业务方面创新能力的改变称为并购的转型升级效果。在产业生命周期理论的基础上，提炼出影响并购转型升级效果的主要因素，分析了传统企业的要素禀赋结构、融资水平、并购的渐进市场化制度环境对并购转型升级效果的影响机理，并利用A股传统行业上市公司并购战略性新兴企业的事件，构建有序响应模型进行了实证研究。结果表明，传统企业的要素禀赋结构与战略性新兴企业的适配性、传统企业的外源融资水平对其通过并购促进自身转型升级具有正向作用。在跨区域并购中，双方经营所在地的制度距离对并购的转型升级效果有负面影响。本文的研究结论对如何发挥并购在产业结构调整中的作用有一定的启示意义。

AN ANALYSIS ON INFLUENTIAL FACTORS OF ACQUIRING STRATEGIC EMERGING COMPANIES ON TRANSFORMATION AND UP GRADING IN TRADITIONAL COMPANIES

The typical feature of traditional companies acquiring emerging companies is that they are in different stages of industry life cycleProgressing in business of the industry is called the transformation and upgrading effect of acquisitionsBased on industry life cycle theory，this paper analyzes three factors affecting the transformation and upgrading effect，ieendowment structure and financing level of traditional companies，gradual marketization environment of acquisitionsBy collecting the events of traditional companies in the A share market acquiring strategic emerging companies，empirical research has following findingsExternal financing of traditional companies and its adaptation of factor endowment structure to emerging companies have a positive influence on transformation and upgrading effect，whereas the institutional distance between traditional and emerging companies has a negative influence