技术并购企业创新绩效影响因素研究——以中国高端装备制造业为例

以2013—2017年中国高端制造业发生的技术并购事件为对象，展开技术并购企业创新绩效影响因素研究。结果表明，企业间关联关系、技术吸收能力和目标企业绝对知识规模对技术并购企业创新绩效有正向影响；并购双方相对知识规模和上市时长对技术并购企业创新绩效有负向影响；企业间关联关系、技术吸收能力会弱化并购双方相对知识规模对企业创新绩效的负向影响。基于此，建议我国高端装备制造企业发展到成熟阶段后，可以通过技术并购开展创新活动；在并购中，并购企业要根据自身技术吸收能力选择绝对知识规模合适的目标企业；继续提高研发投入强度，增强并购后的技术整合能力。

Research on Influencing Factors of Innovation Performance of Technology M&A Enterprises:Taking the High-end Equipment Manufacturing Industry as an Example

This paper selects technology M&A events in China's high-end manufacturing industry from 2013 to 2017, and uses this as an object to study the factors affecting the innovation performance of technology M&A companies. The results show that the inter-firm relationship, technology absorptive capacity and the absolute knowledge scale of the target company have a positive impact on the innovation performance of technology M&A companies, while the relative knowledge scale and listing duration of both parties have a negative impact on the innovation performance of technology M&A companies. And the inter-firm relationship and technology absorptive capacity can weaken the negative impact of the relative knowledge scale of the M&A parties and the innovation performance of the enterprise. On this basis, this article believes that after the high-end equipment manufacturing enterprises have developed to a mature stage, they can carry out innovative activities through technological mergers and acquisitions. And then acquirers should choose the appropriate target companies which have absolute knowledge scale according to their own technological absorption capacity. Besides, it is necessary to continue to strengthen the intensity of R&D investment and strengthen the ability of technological integration.