资产专用性视角下战略性新兴产业并购创新绩效

中国战略性新兴产业并购事件逐年增加，其中以获取技术为目标的并购事件不断涌现。基于2010—2017年战略性新兴产业上市公司数据，对比并购前后专利申请数量发现相比于并购前，并购后企业创新绩效有显著提高且影响具有一定持续性。通过负二项回归检验企业并购经验、并购价格、资产专用性等因素对创新绩效的影响。研究结果显示，企业并购价格对战略性新兴产业上市公司并购创新绩效产生正向促进作用，企业资产专用性在并购价格与创新绩效之间、并购经验与创新绩效之间都具有负向调节作用。研究结论拓展了影响战略性新兴产业创新绩效的研究，为政府制定相关扶持政策、企业并购等方面提供了实证依据和决策参考。

Merger and Acquisition Price,Asset Specificity and Innovation Performance

The M&A incidents of strategic emerging industries in China are increasing year by year and M&A incidents aiming at acquiring technology are emerging. Based on the data of listed companies in strategic emerging industries from 2010 to 2017,the number of patent applications before and after mergers and acquisitions is compared by paired T test. It is found that the innovation performance of enterprises after mergers and acquisitions has significantly improved and the impact has a certain degree of sustainability compared with that before mergers and acquisitions. Negative binomial regression tests the impact of M&A experience,M&A price,asset specificity and other factors on innovation performance. The research shows that M&A price has a positive effect on M&A innovation performance of listed companies in strategic emerging industries and asset specificity has a negative moderating effect between M&A price and innovation performance,between M&A experience and innovation performance. These conclusions expand the research on the impact of innovation performance of strategic emerging industries and provide empirical basis and decision-making reference for the government to formulate relevant support policies,mergers and acquisitions.