[1]张文菲 金祥义 张诚.跨国并购、市场化进程与企业创新——来自上市企业的经验证据[J].南开经济研究官网,2020,(02):203.
 Zhang Wenfei,Jin Xiangyi and Zhang Cheng.Transnational Mergers and Acquisitions, Marketization Degree and Enterprise InnovationEmpirical Evidence from Listed Companies[J].Nankai Economic Studies,2020,(02):203.
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跨国并购、市场化进程与企业创新——来自上市企业的经验证据(  )
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《南开经济研究》官网[ISSN:1001-4691/CN:12-1028/F]

卷:
期数:
2020年02
页码:
203
栏目:
出版日期:
2020-04-22

文章信息/Info

Title:
Transnational Mergers and Acquisitions, Marketization Degree and Enterprise InnovationEmpirical Evidence from Listed Companies
作者:
张文菲 金祥义 张诚
张文菲,南开大学国经所、南开大学跨国公司研究中心;金祥义(通讯作者),南开大学国经所、南开大学跨国公司研究中心;张诚,南开大学国经所、南开大学跨国公司研究中心
Author(s):
Zhang WenfeiJin Xiangyi and Zhang Cheng
Institute of International Economics,Research Center on Multinational Corporations,Nankai University,Tianjin 300071,China
关键词:
跨国并购市场化进程企业创新
Keywords:
Cross-border Mergers and Acquisitions Marketization Level Enterprise Innovation
摘要:
本文通过建立一个数理模型,考察了跨国并购、市场化进程与企业创新之间的理论关系,并使用了Zephyr企业跨国并购、市场化进程和企业专利数据进行实证检验,发现跨国并购显著提高了企业的创新能力,且这一作用就企业所属地区、所有权性质存在明显差异,跨国并购对东部地区企业、非国有企业的创新提升作用分别高于中西部地区企业、国有企业;影响机制显示,跨国并购通过提高企业研发效率,进而提高企业的创新水平;此外,市场化进程对跨国并购创新效应具有一定调节作用,市场化水平越高,跨国并购对企业创新的促进作用越大。本文结论意味着实施“走出去”政策是新时代背景下提高企业整体创新能力的重要利器,同时应统筹推进各地区的市场化进程,进一步提升跨国并购带来的创新促进作用,坚持发挥市场在企业创新上的积极作用。
Abstract:
By establishing a mathematical model, this paper examines the theoretical relationship between cross-border mergers and acquisitions, marketization process and enterprise innovation, and uses Zephyr’s cross-border M&A data and patent data for empirical testing. The study found that cross-border mergers and acquisitions significantly improved corporate innovation. Capacity, and this role is significantly different in terms of the region, ownership, and capital intensity of the company. The percentage of innovation in cross-border M&A for Midwest, Non-state, and Low Capital Intensive Enterprises is higher than that of enterprises in the eastern region and state-owned enterprises. Enterprises and high-capital-intensive enterprises; the impact mechanism shows that cross-border M&A improves the R&D efficiency of enterprises by improving the R&D efficiency of enterprises; the higher the level of marketization, the more conducive to enterprise innovation, and the greater the promotion of cross-border M&A innovation. . The conclusion of this paper implies that the implementation of the “going out” policy is an important tool to improve the overall innovation capability of the enterprise in the new era. At the same time, it should promote the marketization process of each region’s economy, further enhance the innovation promotion role brought by cross-border mergers and acquisitions, and persist in exerting the market. The positive role in corporate innovation is also a new source of power for Chinese companies to carry out innovation quality innovation.

相似文献/References:

[1]赵文军,于津平.市场化进程与我国经济增长方式——基于省际面板数据的实证研究[J].南开经济研究官网,2014,(03):3.
 Zhao Wenjun,Yu Jinping.Marketization and Economic Growth Pattern in China:Empirical Analysis Based on Provincial Panel Data[J].Nankai Economic Studies,2014,(02):3.

更新日期/Last Update: 2020-03-11