技术并购能够带来技术创新效应吗 ——收购公司成长潜力视角

选择2009—2017年我国A股高科技产业上市公司并购事件作为研究对象，考察技术并购能否给收购公司带来技术创新效应，以及收购公司成长潜力水平对技术并购与技术创新效应的调节作用，并进一步从两维度区分不同类型技术并购以检验其技术创新效应差异。结果发现：技术并购能够显著带来技术创新产出效应和技术创新促进效应；收购公司成长潜力越大，技术并购带来的技术创新效应越显著。此外，相对技术进入型并购，技术巩固型并购更能给收购公司带来显著技术创新效应，而国内技术并购与跨境技术并购带来的技术创新效应不存在显著差异。

Can Technological Mergers and Acquisitions Bring Technological Innovation Effects? a Perspective of the Growth Potential of Acquirer

This paper chooses the mergers and acquisitions events of listed companies affiliated to high-tech industries in A-share market of China from 2009—2017 as the research object, in order to examine whether Technology Mergers and acquisitions can bring technological innovation effects to acquisition companies and the moderating effect of growth potential level of acquisition companies on the relationship between technology mergers and technological innovation effects, and further distinguish different types of technology mergers and acquisitions from two dimensions to test the difference of technological innovation effect.The paper found that technology mergers and acquisitions can significantly bring about the output effect of technological innovation and the promotion effect of technological innovation; the higher the growth potential level of acquisition companies, the more significant the technological innovation effect of technology mergers and acquisitions.The paper also found that compared with technology entry M&A, technology consolidation M&A can bring more significant technological innovation effects to acquisition companies, while there is no significant difference between domestic technology M&A and cross-border technology M&A.