并购类型会影响中国企业技术并购绩效吗

有学者发现技术相关及互补程度对技术并购绩效影响显著，这是否意味着并购类型会影响中国企业技术并购绩效呢？利用2006-2015年中国企业219起技术并购相关数据，通过实证分析及稳健性检验发现，横向技术并购对企业并购绩效具有抑制作用，纵向技术并购对企业并购绩效具有促进作用，混合技术并购对企业并购绩效影响不显著。因此，中国企业在横向并购前应当储备足够资金，充分调动研发人员并购后的积极性，提高并购后自主研发效率；中国企业并购应优先选择与自身技术互补的企业，通过协同创新提高绩效；中国企业在混合技术并购时需要提前熟悉被并企业的技术知识，并购后尽力避免被并企业人才流失。

Will Different Types of M&A Affect the Performance of Chinese Enterprises after Technological M&A

According to the studies of previous scholars, the degree of technical relevance and complementarity has a significant influence on technological M&A performance. Does this mean that different types of M&A will affect the performance of Chinese enterprises after technological M&A? This paper uses the data of 219 technological M&A of Chinese enterprises from 2006 to 2015 to do empirical analysis and robust test. The result indicates that horizontal technological M&A have a negative effect on Chinese enterprises' performance, while vertical technological M&A have a promoting effect and conglomerate technological M&As are not significant. Thus, Chinese enterprises should reserve enough capital before conducting horizontal technological M&A and motivate R&D personnel after M&As to improve the independent R&D efficiency. And Chinese enterprises should increase technological complementary M&As. For conglomerate technological M&As, Chinese enterprises should be familiar with the knowledge of the target technology and avoid the outflow of talent employee.