财经理论与实践2025，Vol.46Issue(3)：75-84,10.DOI:10.16339/j.cnki.hdxbcjb.2025.03.010
创新期望落差对企业并购依赖的影响
The Impact of Innovation Underperformance on Corporate Acquisition Dependence
摘要
Abstract
Based on samples of A-share listed corporations from 2007 to 2021,this paper ex-amines whether corporations will rely on acquisitions to achieve growth in the state of innovation underperformance.It finds that innovation underperformance can increase dependence on acquisi-tions 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 de-gree of acquisition dependence.Further tests find that,for non-recession corporations,corpora-tions with lower financing constraints,corporations with overconfident CEO,or corporations with higher industry prosperity,innovation underperformance is more likely to increase the de-gree of acquisition dependence.However,corporate acquisition dependence driven by innovation underperformance ultimately reduces the quality of innovation and deteriorates business perform-ance.In view of this,it is recommended to pay attention to corporate growth decision-making un-der innovation dilemma,and prevent corporations from blindly relying on acquisitions for exten-sive development.关键词
并购依赖/创新期望落差/成长压力Key words
acquisition dependence/innovation underperformance/growth pressure分类
管理科学引用本文复制引用
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,2025,46(3):75-84,10.基金项目
国家社会科学基金重大项目(23&ZD086) （23&ZD086）
国家社会科学基金青年项目(21CGL016) （21CGL016）
