价值链延伸型并购与中国企业自主创新

摘要在全球价值链时代,向“微笑曲线”两端延伸是企业提升竞争力的核心战略,而价值链延伸型并购是实现此战略的重要举措。以价值链延伸型并购为切入点,基于2008—2017年中国制造业企业数据以及并购交易数据,利用OLS、PSM-DID等多种实证方法,考察了价值链延伸型并购对中国企业自主创新的影响。研究发现,实施并购所需投入的大量资源会在一定程度上挤占企业创新资源,特别是不利于微型企业的自主创新。然而,价值链延伸型并购所形成的上下游一体化可降低市场交易成本,激励企业加大专用性更强的研发投入,进而带动企业自主创新,在总体上对企业自主创新具有促进效应。就上游并购而言,上述效应显著高于其他并购对企业自主创新的影响,并且能在并购后一段时间内持续增强。因此,营造有利于企业价值链延伸型并购的经营环境能够推动我国创新型国家建设。

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关键词：垂直一体化价值链延伸上游并购企业并购自主创新

Abstract： In the era of global value chains, extending to both ends of the “smile curve” is a core strategy for firms to enhance competitiveness. And value chain extension mergers and acquisition (M&A) is an important measure to realize this strategy. Based on the data of Chinese manufacturing enterprises and M & A transaction data from 2008 to 2017, this paper examines the impact of value chain extension M & A on the independent innovation of Chinese enterprises by using OLS, PSM-DID and other empirical schemes based on upstream M & A, which clearly focuses on the characteristics of vertical integration of M & A. The results show that although the large amount of resources required by implementing M&A will squeeze out R&D inputs, especially of micro-firms', the integration of upstream and downstream formed by value chain extension M&A can reduce the original market transaction costs, encourage specific R&D investment, and drive independent innovation. Value chain extension M&A generally promotes firms' independent innovation. As far as upstream M&As are concerned, the above effects are significantly higher than those of other types of M&A on the independent innovation of firms. And it can keep increasing for a period of time afterwards. Therefore, creating a business environment conducive to the extension of enterprise value chain M & A can promote the construction of an innovative country in China.

Keywords： Vertical Integration Value Chain Extension Upstream Merger and Acquisition Enterprise Merger and Acquisition Independent Innovation

收稿日期 2021-09-14; 接受日期 ;

基金资助:国家社会科学基金重点项目(20AZD049);国家自然科学基金面上项目(72173067)

作者简介: 葛顺奇(1964— ),男,河南郑州人,博士,教授,博士生导师,主要从事国际投资研究;万淑贞(1993— ),女,广东东莞人,博士研究生,主要从事国际投资和企业并购研究。

引用本文:

葛顺奇, 万淑贞.价值链延伸型并购与中国企业自主创新[J]. 经济经纬, 2022,3: 55-66

GE Shunqi, WAN Shuzhen.Value Chain Extension M&As and Independent Innovation of Chinese Firms[J] Economic Survey, 2022,V39(3): 55-66

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2022/V39/I3/55

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