中国企业的跨国技术并购能否提升技术绩效尚无定论,文章旨在提出并验证并购后企业技术绩效提升的关键在于吸收能力.首先建立了国内并购企业和国外目标企业隐性知识共享的演化博弈模型,其动态进化稳定策略是“贡献-贡献”和“不贡献-不贡献”.知识流动动力机制分析表明,吸收能力对该演化博弈的均衡有关键影响,基于此提出如下假说:企业吸收能力是知识整合、技术提升的关键,企业吸收能力越强,并购后的技术绩效越好.然后以2004-2009年国内A股上市公司跨国技术并购的事件为样本建立了泊松回归模型,实证结果证实了如上假说.这一结果刻画了并购后的知识共享机制,证明了吸收能力是中国企业通过跨国技术并购提升技术绩效的关键.
There isn't a consistent conclusion about whether transnational technology M&As in China can improve technological performance.This article's aim is to test and verify that absorptive capacity is crucial to corporations' technological performance increasing.First,we built an evolutional game theory model based on a situation when M&A corporations and target corporations share tacit knowledge,in which dynamically evolutionary strategies are "contribute-contribute" and "not contribute-not contribute".The game theory analysis manifests that absorptive capacity is crucial to the equilibrium of the evolutional game theory model which leads to an hypothesis that the better absorptive capacity a corporation embraces,the better technological performance it will gain after multinational technology M&As.Then we used data of quoted public companies from 2004 to 2009 as samples to build a Poisson regression model to do experimental test and the result is accorded with the hypothesis.This result depicts the mechanism of tacit knowledge sharing after M&As and proves that absorptive capacity is the key to increasing technological performance when corporations in China conducting transnational technology M&As.