| 创新期望落差对企业并购依赖的影响 |
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| 引用本文：李广鹏，潘爱玲，邱金龙.创新期望落差对企业并购依赖的影响[J].财经理论与实践,2025,(3):75-84 |
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| 中文摘要:基于2007—2021年沪深A股上市公司的数据，考察企业在创新期望落差状态下是否会依赖并购实现成长。结果表明：在创新期望落差状态下，企业会重估研发投入、探寻竞争途径、应对成长压力，从而提高对并购策略的依赖程度，且并购经验会强化创新期望落差企业的并购依赖度。创新期望落差强度越大，企业并购依赖度越高；创新期望落差持久度越高，企业并购依赖度越低。进一步检验发现，创新期望落差对并购依赖的促进作用在非衰退期、融资约束小、CEO过度自信、行业景气度高的企业中表现更明显；创新期望落差驱动的并购依赖行为最终会降低创新质量并且使经营业绩下滑。鉴于此，应关注企业在创新困境下的成长决策选择，防止企业盲目依赖并购进行粗犷式发展。 |
| 中文关键词:并购依赖 创新期望落差 成长压力 |
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| The Impact of Innovation Underperformance on Corporate Acquisition Dependence |
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| Abstract:Based on samples of A-share listed corporations from 2007 to 2021, this paper examines whether corporations will rely on acquisitions to achieve growth in the state of innovation underperformance. It finds that innovation underperformance can increase dependence on acquisitions mainly through re-evaluating research and development (R&D) investments, exploring competition approaches and dealing with growth pressure, and previous acquisition experience can strengthen this effect. The intensity of innovation underperformance can increase the degree of acquisition dependence, while the persistence of innovation underperformance can reduce the degree of acquisition dependence. Further tests find that, for non-recession corporations, corporations with lower financing constraints, corporations with overconfident CEO, or corporations with higher industry prosperity, innovation underperformance is more likely to increase the degree of acquisition dependence. However, corporate acquisition dependence driven by innovation underperformance ultimately reduces the quality of innovation and deteriorates business performance. In view of this, it is recommended to pay attention to corporate growth decision-making under innovation dilemma, and prevent corporations from blindly relying on acquisitions for extensive development. |
| keywords:acquisition dependence innovation underperformance growth pressure |
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