分类号密级
U D C 编号10486
武汉大学
硕士学位论文
海外并购交易异质性与创新绩效：吸
收能力的调节效应
研究生姓名：郭丽婷
学号：2018201050247
指导教师姓名、职称：吴先明教授
学科、专业名称：企业管理
研究方向：国际企业管理
2021年5月
Heterogeneity and Innovation
Performance of Overseas M&A
Transactions:The Moderating Effect of
Absorptive Capacity
By Liting Guo
May,2021
摘要
上世纪以来，并购活动不断兴起，发达经济体采取并购的方式，使得企业的
规模在短时间内得以扩大，进一步加快了产业结构转型升级与市场资源合理优化
配置的进程。在世界经济进入全球化的大背景下，我国的经济正在快速发展，已
然成为世界最大的新兴经济体，是世界创新的新型孵化地之一。海外并购逐渐成
为我国企业在海外市场中寻求创新与发展、国家产业结构调整的一种重要方式和
途径，与此同时，海外并购对企业创新能力、绩效的影响机制受到学术界的广泛
研究。本文将探究的是：我国企业在实施海外并购战略后，交易异质性究竟如何
影响企业的创新绩效水平？企业自身的吸收能力又在当中起到什么样的作用？
因此，在回顾和总结前人理论与文献的基础上，本文提出了六个理论假设，并以
我国A 股上市公司为目标对象，选取2009-2018年的506起海外并购事件作为样
本，运用负二项回归方法进行实证分析，深入剖析并购交易层面的异质性因素对
创新绩效的内在影响机制，并对吸收能力在其中的调节效应展开探讨。
本文的研究结果表明：（1）海外并购交易异质性是影响企业创新绩效的关
键因素。其中，并购股权比例对创新绩效有明显的正面作用，海外并购相对规模、
并购双方国家（或地区）间的文化距离则对创新绩效有显著的消极影响。这意味
着，在海外并购情境中，主并方企业持有目标方的股权比例更高、购买的相对规
模越小、与目标方所在国家（或地区）的文化距离越小，越有利于创新绩效的提
升。（2）吸收能力在海外并购相对规模和并购国家（或地区）选择这两个交易
层面的异质性因素与创新绩效之间起调节作用。第一，吸收能力会正向调节并购
相对规模与创新绩效的负向相关关系，原因在于具有强吸收能力的企业往往更加
自信，在并购前后都倾向于采取更冒险的策略，导致并购规模过大带来的负面影
响扩大甚至成倍增加。第二，企业的吸收能力对两国之间的文化距离与创新绩效
的负向相关关系起到反向调节效应，也就是说，一个企业的吸收能力越强，越能
够帮助企业抵消由于并购双方文化距离过大而对创新绩效产生的一部分消极影
响。总体而言，海外并购不仅需要企业的强吸收能力，还要企业结合对方文化等
实际情况，选择并购规模大小合适、股权比例更高的海外并购战略。
本文研究的主要贡献在于：为我国企业科学评估海外并购决策提供指导意
见，帮助企业正确抓住获取资源的机会；同时，帮助企业了解自身吸收能力的重
要性，促进其增加研发投入，形成竞争优势；最后，为我国政府助力企业“走出
去”及我国企业自主研发、提高国际市场地位提供政策建议。
关键词：海外并购；创新绩效；交易异质性；吸收能力
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Abstract
Since the beginning of the last century,western countries have realized the
expansion of enterprise scale through mergers and acquisitions,thus promoting the
industrial upgrading and the optimal allocation of capital structure.In the context of
economic globalization,China's economy has developed rapidly,becoming the
world's largest emerging economy and one of the world's new incubators of
innovation.Overseas M&A has gradually become an important way for Chinese
enterprises to seek development and adjust the national industrial structure.At the
same time,the influence mechanism of overseas M&A on enterprise innovation
capability and performance has been generally researched in academia.This paper
will explore:what is the impact of M&A transaction heterogeneity on innovation
performance after Chinese enterprises implement overseas M&A strategy?What role
does the absorptive capacity of the enterprise play in it?
Therefore,based on the review of the previous theories and literature,this paper
puts forward six theoretical hypotheses,and selects 506overseas M&A events of
China's A-share listed enterprises as the research samples during 2009to 2018.This
paper uses negative binomial regression method to conduct empirical research,
analyzes overseas mergers and acquisitions heterogeneity effect on innovation
performance of the internal mechanism and the adjustment effect of absorptive
capacity in the discussion deeply.
The results of this paper show that:(1)Heterogeneity of overseas M&A
transactions is an important factor affecting firm innovation performance.Among
them,the proportion of equity in overseas M&A has a significant positive impact on
innovation performance,while the scale of overseas M&A and cultural distance have
a negative impact on innovation performance.This means that in the overseas M&A
situation,the higher the proportion of M&A equity held by the acquirer,the smaller
the M&A scale and the smaller the cultural gap with the country or region where the
acquirer is located,the more conducive to the improvement of innovation
performance.(2)Absorptive capacity plays a moderating role in the relationship
between the scale and cultural distance of overseas M&A and innovation performance.
First,absorptive capacity positively moderates the negative correlation between the
relative size of M&A and innovation performance.The reason is that enterprises with
strong absorptive capacity tend to be more confident,and tend to take more risky
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strategies before and after M&A,leading to the expansion or even doubling of the
negative impact caused by excessive scale of M&A.Second,Absorptive capacity
reversely adjusts the negative correlation between cultural distance and innovation
performance.That is to say,the stronger an enterprise's absorptive capacity is,the
more it can help the enterprise offset part of the decline in innovation performance
caused by cultural distance.In general,overseas M&A not only requires strong
absorptive capacity of the enterprise,but also requires the enterprise to choose an
overseas M&A strategy with appropriate M&A scale and higher equity ratio
according to the actual situation of the other party's culture.
The main contributions of this study are as follows:to provide guidance for
Chinese enterprises in scientific evaluation of overseas M&A decisions,and to help
enterprises correctly seize the opportunity to acquire resources;At the same time,help
enterprises to realize the importance of their own absorption capacity,promote their
increase in research and development investment,form the core competitiveness.
Finally,it provides policy suggestions for the Chinese government to help enterprises
to "go abroad"and improve the level of internationalization.
Key words:Overseas M&A;Innovation performance;Transaction heterogeneity;
Absorptive capacity
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