【摘要】 2008—2017年10年间,中国境内公司开展的跨国并购活动已呈现出从自然资源型并购向技术创新型并购转变的趋势。这些并购活动通过作用于并购公司的创新激励和创新效率的途径,对中国追赶型产业和领先型产业产生了不同的技术创新影响。通过跨国并购活动,追赶型产业的创新投资强度提升了10%～35%,领先型产业的创新研发效率提升了20%～40%;但追赶型产业的研发效率下降幅度高达50%,而股市的短期行为也一定程度阻碍了领先型行业的并购式激进创新。需要政府和社会行业组织加大技术并购式"走出去"力度、抑制投机性交易、在技术创新型并购的专业层面和政策层面提供支持,并逐步完善与资本市场相关的长期创新投资机制等。更多还原

【Abstract】 During the period from 2008 to 2017, the cross-border M&A activities carried out by Chinese companies have shown a trend from natural resources M&A to technological innovation M&A. These M&A activities exert different technological innovation influences on China’s catch-up industries and leading industries by acting on the innovation incentive and innovation efficiency of M&A companies. Through cross-border M&A activities, although the innovation investment intensity of catch-up industries has increased by 10%～35% and the R&D efficiency of leading industries has increased by 20%～40%, the R&D efficiency of the catch-up industries has declined by as much as 50%, while the short-term behavior of stock market has also hindered the M&A radical innovation of leading industries to a certain extent. It is necessary for the government and social industry organizations to strengthen the "going out" of technology M&A, curb speculative transactions, provide support at the professional and policy levels of technology innovation M&A, and gradually improve the long-term innovative investment mechanism related to capital market.更多还原