CAJ | 학술논문

创新和并购是经济体实现增长的两种重要途径。两者之间究竟是“此消彼长”，还是“推波助澜”？以中国31个省级区域为样本研究技术创新和并购的关系以及政府干预、信贷规模对技术创新和并购的影响差异。结果表明，前期的创新成果与后续的创新投入存在显著正相关，而创新成果与并购显著负相关。信贷规模对政府干预与技术创新产生部分中介效应和调节效应。信贷规模对政府干预与并购之间不存在中介效应，但是有调节效应。
창신화병구시경제체실현증장적량충중요도경。량자지간구경시“차소피장”，환시“추파조란”？이중국31개성급구역위양본연구기술창신화병구적관계이급정부간예、신대규모대기술창신화병구적영향차이。결과표명，전기적창신성과여후속적창신투입존재현저정상관，이창신성과여병구현저부상관。신대규모대정부간예여기술창신산생부분중개효응화조절효응。신대규모대정부간예여병구지간불존재중개효응，단시유조절효응。
Innovation and M &A are two important paths of growing for economic entities .Are they substitutional or complementary ?By analyzing the samples of 31 provincial_level regions in China ,this paper studies the relationship between technological innovation and M &A ,and the impacts of government intervention and credit size on innovation and M &A .The result shows that previous innovation has a significantly positive effect on subsequent R&D investment ,while innovation has a significantly negative impact on M &A .Credit size has a partially mediating ef-fect and moderating influence on the relation between government intervention and technological innovation ,but it has no mediating effect on government intervention and M &A albeit some moderating influences .