技术并购的门槛效应：基于吸收能力与整合程度的研究

The application of "Threshold effect" in Economics and Management Science paved a new path to the study of technology-driven acquisitions. However, it still remains unclear through which channels the "absorptive capacity" and "degree of integration" affect the performance of technology-driven acquisitions. Coupled with the rapid increasing of Merger & Acquisitions (M&As), the “high deal rates” and “high failure rates” Chinese enterprises experienced during the past decades have led to the urgent questions: if there is a threshold effect of absorptive capacity in fostering the performance of enterprises’ technology-driven acquisition? If there exists the similar threshold effect regarding the degree of integration? And how both absorptive capacity and integration affect the outcome of technology-driven acquisition simultaneously? This research aims to investigate the performance realization mechanism jointly determined by the absorptive capacity and degree of integrations among Chinese enterprises, based on the threshold and structural equation models. The study comprises three core parts: (1) identifying the threshold effect of absorptive capacity and its determinants; (2) estimating the threshold effect of integration degree and its determinants; (3) exploring and evaluating the synergistic effect between absorptive capacity and degree of integration on the Chinese enterprises’ technology-drive acquisition performance. The results will contribute to the current theories on M&A, innovation, technology capability upgrading and other domains, as well as support the improvement of Chinese enterprises' M&A strategies and performance by providing scientific evidence and management suggestions.

“门槛效应”在经济与管理学科的应用为技术并购研究指出了新思路，尤其是吸收能力和整合程度对技术并购绩效的影响路径还难以确定。与此同时，中国企业技术并购“高发生率”与“高失败率”对研究提出了亟待回答的问题：技术并购企业绩效的实现是否存在吸收能力门槛，是否存在整合程度门槛，两者又如何影响技术并购绩效？本研究以中国企业技术并购为样本，基于门槛回归和结构方程等方法，探索“技术并购绩效实现机制”，即识别技术并购企业的吸收能力门槛、整合程度门槛如何联合影响技术并购绩效。研究内容包括：（1）识别“吸收能力的门槛效应及其影响因素”；（2）界定“整合程度的门槛效应及其影响因素”；（3）探索并验证“吸收能力门槛与整合程度门槛及其交互影响对技术并购绩效的影响机制”。研究结论将对技术并购、创新和能力提升等理论做出贡献，并为中国企业技术并购决策和绩效提升提供科学依据和管理建议。

本项目“技术并购的门槛效应：基于吸收能力与整合程度的研究”探索性研究了技术并购企业的吸收能力门槛、整合程度门槛及其联合影响技术并购绩效的机制。基于扎根案例研究、门槛回归分析、显著性差异检验、模糊断点回归等方法，发现了一些列有重要启示的结论。具体而言：.（1）通过数据搜集整理，筛选出2000-2019年中国企业为技术获取方的技术并购事件1738例，并对其进行绩效和特征的描述性分析，建立了微型数据库。.（2）基于扎根理论的多案例数据，运用面板门槛回归模型等实证方法，研究发现技术并购影响企业创新绩效确实存在吸收能力门槛、整合能力门槛和基于二者交互的联合门槛。其中，企业的吸收能力的影响因素主要包括技术能力、管理能力、并购能力和学习能力以及并购双方的相似互补性这几项指标；整合能力的影响因素主要包括整合程度、整合速度，以及管理问题、技术问题、文化问题和产品市场问题这几项指标。据此，研究进一步提出了跨越门槛的企业指标地图。.（3）研究在门槛效应与技术并购创新战略的启发下，进一步探索了企业创新的政府扶持门槛、多种创新战略组合对企业创新的影响机制等问题。.总的来说，本项目采用了门槛效应作为探索并购创新绩效的新视角，是对“现有围绕技术并购绩效的研究忽视了要素影响过程和机制”的具体研究的进一步探索，为基于技术并购的绩效提升机制之学术研究提供了新的思路。.研究产生了专著和SSCI、CSSCI来源期刊系列论文等成果。