为了在激烈的竞争中取得先机和建立优势，越来越多的企业通过技术并购等 方式快速获取技术资源，以技术获取为动因的并购变得愈发频繁，尤其是中国军 民融合上市公司，更是发起了兼并收购的热潮。研究技术并购和军民融合上市公 司创新绩效关系，探讨中国军民融合企业技术并购的效果，对于检验政府政策的 有效性具有重要意义。技术并购战略是公司战略之一，技术并购的创新效果无疑 会受到公司治理机制的影响。从现有的研究成果来看，很少有实证文章从公司治 理的维度研究中国企业技术创新，且很少有学者在研究企业技术并购影响技术创 新的作用中考虑到了公司治理对二者关系的影响，尤其在对军民融合上市公司的 研究中更是忽略了公司治理机制的影响，而随着中国军工行业体制改革进程的加 快，军民融合上市公司的市场化程度不断加深，公司治理机制对中国军民融合上 市公司的决策和创新的作用也不应忽视。因此，文章将企业技术并购、公司治理 与企业技术创新绩效纳入一个研究架构当中，对三者之间的关系进行了较为深入 的研究，在一定程度上丰富现有研究。 文章以当前发生并购整合热潮的中国军民融合上市公司为研究对象，搜集整 理了 2009-2016 年间发生过技术并购事件的军民融合上市公司的数据，并对其进 行回归检验，以探究技术并购及其特征给公司技术创新绩效带来的影响，并考虑 公司治理在其中所起的调节效应。首先，文章基于我国军民融合整合热潮大背景， 在整理了国内外相关文献后，分析了技术并购、公司治理和技术创新绩效三者的 逻辑关系，构建一个以公司治理为调节变量的调节效应模型，并进行相应的研究 假设。然后，文章运用计量软件对中国军民融合上市企业样本进行数据分析，从 而得到能说明技术并购、公司治理与企业技术创新绩效三者关系的结论。研究结 论显示，技术并购次数和技术并购规模都会对中国军民融合上市公司的技术创新 绩效有正效应，其中，技术并购次数只对技术创新效率有显著影响，技术并购规 模只对经济绩效有显著的积极影响；军工企业和民品企业采取技术并购方式获取 外部技术，对创新绩效的影响程度不同，民品企业通过技术并购获取的创新效益 更大；将股权集中度、董事会规模和高管股权激励作为调节变量加入模型后进一 步检验发现，股权集中、董事会规模较大、高管股权激励较高的公司治理特征， 有利于主并购企业获得更高的技术创新绩效。最后，基于上述结论提供一些适用 对策。 关键词：技术并购；公司治理；技术创新绩效；军民融合上市公司II Abstract In order to gain opportunities and gain an advantage in fierce competition, more and more enterprises quickly acquire technical resources through technology mergers and acquisitions（M&A）, and M&A are more frequent, a wave of M&A have happened especially in Chinese military-civilian integration listed company. Therefore, to study the relationship between technology M&A and the innovation performance of Chinese military-civilian integration listed company, to explore the impact of technology M&A on Chinese military-civilian integration enterprises is of great significance for testing the effectiveness of government policies. Technology M&A strategy is one of the company's strategies, the innovative effect of technology M&A will undoubtedly be affected by corporate governance mechanisms. Judging from the existing research results, the literature on technological innovation of Chinese enterprises is quite scarce from the perspective of corporate governance. Few scholars consider the corporate governance’s influence to the relationship between technology M&Aand technological innovation, especially the researches on Chinese military-civilian integration listed company ignore the impact of corporate governance mechanisms. With the acceleration of the reform of Chinese military industry system, the progressing of marketing in Chinese military-civilian integration listed company has been deepening, the role of the corporate governance mechanism in aspects of corporate decision-making and innovation should not be overlooked. Therefore, this paper integrates enterprise technology M&A, corporate governance and enterprise technology innovation performance into the research framework, and combines theoretical and empirical research methods to conduct in-depth research on the relationship between the three, thus enriching the existing research to a certain extent. This paper takes the Chinese military-civilian integration listed company currently undergoing M&Aas the research object, collects the data of military-civilian integration listed companies engaged in technology M&As during 2009-2016, and conducts regression tests to explore the impact of technology M&A and their characteristics to the company's technological innovation performance, and consider the regulatory effect of corporate governance. Firstly, based on the background of the integration boom of civil-military integration enterprises in China, after sorting out the relevant literature at home and abroad, this paper analyses the logical relationshipIII among technology M&A, corporate governance and technological innovation performance, constructs a moderating effect model with corporate governance as the moderating variable, and puts forward the corresponding research hypothesis. Then, the paper uses measurement software to analyze the sample of Chinese civil-military integrated listed enterprises, and draws some conclusions that can explain the relationship between technology M&A, corporate governance and technological innovation performance of enterprises. The research finds that the number and scale of technology M&A will have a significant positive impact on the technological innovation performance of Chinese civil-military integrated listed companies. Among them, the number of technology M&A only has a significant impact on the technological innovation efficiency, and the scale of technology M&A only has a significant positive impact on the main business income. Military and civilian enterprises acquire external technology through technology M&A, which has different impact on innovation performance. Civil enterprises acquire more innovative benefits through technology M&A. After adding ownership concentration, board size and executive equity incentive as moderator variables into the model, further tests show that while the corporate governance characteristics with higher ownership concentration, board size and executive equity incentive are conducive to the higher technological innovation performance of the main merger and acquisition enterprises. Finally, based on the above conclusions, some recommendations are put forward. Keywords: Technology mergers and acquisitions; corporate governance; technological innovation performance; military-civilian integration listed companyIV 目录 摘要................................................................I Abstract ...........................................................II 第 1 章 绪论........................................................1 1.1 研究背景与意义 .............................................1 1.1.1 研究背景..............................................1 1.1.2 研究目的与意义........................................3 1.2 国内外研究现状 .............................................4 1.2.1 技术并购与企业创新绩效的关系..........................4 1.2.2 技术并购影响企业创新绩效的条件与环境..................5 1.3 研究内容与框架 .............................................7 1.4 研究方法与创新之处 .........................................8 1.4.1 研究方法..............................................8 1.4.2 创新之处..............................................8 第 2 章 技术并购、公司治理与企业创新绩效的理论基础.................10 2.1 企业创新绩效的相关理论 ....................................10 2.1.1 技术创新绩效的概念和测量.............................10 2.1.2 企业技术创新绩效的影响因素...........................10 2.2 技术并购的含义与相关理论 ..................................11 2.2.1 并购与技术并购的含义.................................11 2.2.2 并购的相关理论.......................................12 2.3 技术并购、公司治理与企业技术创新绩效的相关理论分析 ........13 2.3.1 技术并购与企业技术创新绩效的关系.....................13 2.3.2 技术并购、公司治理与企业技术创新绩效的关系...........14 第 3 章 研究假设与模型设定.........................................17 3.1 研究假设 ..................................................17 3.1.1 技术并购与企业技术创新绩效的关系假设.................17 3.2.2 技术并购、公司治理与技术创新绩效的三者之间的关系假设.18 3.2 样本选择与数据来源 ........................................21 3.3 模型设定与变量说明 ........................................22 3.3.1 多元回归模型.........................................22V 3.3.2 变量说明.............................................22 第 4 章 实证分析...................................................25 4.1 样本公司的基本情况 ........................................25 4.1.1 样本公司的技术并购现状分析...........................25 4.1.2 样本公司的创新现状分析...............................28 4.2 各变量的描述性统计分析 ....................................29 4.3 假设模型的检验 ............................................30 4.3.1 Pearson 相关性分析 ...................................30 4.3.2 多重共线性检验.......................................32 4.4 回归结果的分析 ............................................33 4.4.1 技术并购与企业技术创新绩效的检验结果分析.............33 4.4.2 技术并购、公司治理与技术创新绩效的回归结果分析.......36 4.5 稳健性检验 ................................................39 第 5 章 主要结论与政策建议.........................................44 5.1 主要结论 ..................................................44 5.2 政策建议 ..................................................45 5.3 研究局限与展望 ............................................46