跨国并购整合对技术创新绩效的影响
及资源互补性和文化距离的调节作用

商业研究

跨国并购整合对技术创新绩效的影响及资源互补性和文化距离的调节作用

高厚宾

（河南师范大学商学院，河南新乡 453007）

收稿日期:2018-05-27 出版日期:2018-10-10
作者简介:高厚宾（1988-），男，河南平顶山人，河南师范大学商学院讲师，管理学博士，研究方向：企业国际化与技术创新。
基金资助:
国家社会科学基金重点项目“创造性资产寻求型跨国并购的主要影响因素和运作推进机制研究”，项目编号：12AZD034；教育部哲学社会科学研究重大课题攻关项目“战略性新兴产业国际化发展战略研究”，项目编号：14JZD017。

The Impact of Cross-border M&A Integration on Technological Innovation Performance and the Moderating Effects of Resource Complementarity and Cultural Distance

GAO Hou-bin

(Business School，Henan Normal University，Xinxiang 453007，China)

Received:2018-05-27 Online:2018-10-10

摘要/Abstract

摘要： 新兴市场企业跨国并购以图实现迅速提升创新能力战略的关键环节是并购整合。本文以2011-2015年中国A股上市公司的跨国并购为样本，实证分析跨国并购整合对技术创新绩效的影响，并整合资源基础理论和制度理论考察资源互补性与文化距离的调节机制。研究发现：结构性整合与创新绩效显著负相关，目标企业自主性与创新绩效显著正相关；当资源互补性较高时，结构性整合对创新绩效的抑制作用更强，目标企业自主性对创新绩效的促进效应更大；在文化距离较大的情况下，结构性整合对创新绩效的消极影响更强，目标企业自主性对创新绩效的积极作用更大。本文揭示跨国并购整合对企业创新绩效的作用机制，对于中国企业跨国并购实践具有一定的参考价值。

关键词: 跨国并购整合, 创新绩效, 资源互补性, 文化距离

Abstract: Cross-border M&A integration is the key process for emerging market enterprises to rapidly improve their innovative capacity. Using Cross-border M&A data of China′s listed firms from 2011 to 2015, the paper empirically studies the impact of M&A integration on firms′ innovation performance. Further, integrating resource-based theory and institutional theory, it examines the moderating effects of cultural distance and resource complementarity. Research finds that structural integration is negatively correlated with innovation performance, and target autonomy is positively correlated with innovation performance; further research shows when resource complementarity is higher, the negative impact of structural integration on innovation performance will be stronger, while the positive impact of target autonomy will be greater; in the case of high cultural distance, the negative effect of structural integration on innovation performance is stronger, while the positive effect of target autonomy is greater. This research reveals the mechanism of cross-border M&A integration on innovation performance, and has a certain reference value for cross-border M&A practice of Chinese firms.

Key words: cross-border M&A integration, innovation performance, resource complementarity, cultural distance

高厚宾. 跨国并购整合对技术创新绩效的影响及资源互补性和文化距离的调节作用 [J]. 商业研究.

GAO Hou-bin. The Impact of Cross-border M&A Integration on Technological Innovation Performance and the Moderating Effects of Resource Complementarity and Cultural Distance[J]. 商业研究.

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