作　　者： ;

机构地区： 中山大学

出　　处： 《管理科学》 2014年第5期12-23,共12页

摘　　要： 内部R＆D投资和外部技术并购作为提升创新能力的重要源泉均受到学术界和实务界的关注。从内在机理和外部表现分析内外部R＆D间存在的协同效应，并从正、反两个角度论述关联并购对协同效应的影响。基于医药企业技术含量高、R＆D投入强度大、属于重点推进并购重组行业的特征，以2002年至2010年在沪、深证券交易所上市的A股医药行业公司为研究样本，构建OLS回归模型，通过LR检验进行实证研究。研究结果表明，内外部R＆D的协同效应存在于医药行业企业，能够提升企业绩效，单纯的进行内部R＆D投资或者只进行外部技术并购，都不是提升企业价值的最优技术创新模式；与大型企业和国有企业相比，该协同效应主要存在于小型企业和非国有企业中；不同于已有研究关注的控股股东利益驱动下的关联交易，关联并购作为一种特殊的关联交易，其具有的信息优势有利于企业内外部R＆D协同效应的实现。 Both internal R＆D investment and external technology M＆A are important sources of innovation ability and lead to fo- cused attention by practice and academia. This study analyzes the synergy between internal and external R＆D respectively from internal mechanism and external performance and explore the impact of M＆A with related party on synergy effect from positive and negative sides. Pharmaceutical firms are known as being high-tech, high R＆D intense and in the industry with high M＆A in- tensity. This study thus collected data from pharmaceutical firms based on the period 2002-2010 in Shanghai and Shenzhen stock exchange as research sample. OLS regression models and LR test were used in the empirical research. Three main conclusions are found. First, the synergistic effect of internal and external R＆D exists in the pharmaceutical enterprises. Second, this syner- gistic effect mainly exists in small enterprises and non-state-owned enterprises. Third, previous research focused on related party transactions driven by interests of controlling shareholders. However, as a special kind of related party transactions, M＆As with related party are beneficial to this synergistic effect because of information advantage.

关 键 词： R&D投资 技术并购 协同效应 关联并购

分 类 号： [F273.1]

领　　域： []