CAJ | 학술논문

内部R＆D投资和外部技术并购作为提升创新能力的重要源泉均受到学术界和实务界的关注。从内在机理和外部表现分析内外部R＆D间存在的协同效应，并从正、反两个角度论述关联并购对协同效应的影响。基于医药企业技术含量高、R＆D投入强度大、属于重点推进并购重组行业的特征，以2002年至2010年在沪、深证券交易所上市的A股医药行业公司为研究样本，构建OLS回归模型，通过LR检验进行实证研究。研究结果表明，内外部R＆D的协同效应存在于医药行业企业，能够提升企业绩效，单纯的进行内部R＆D投资或者只进行外部技术并购，都不是提升企业价值的最优技术创新模式；与大型企业和国有企业相比，该协同效应主要存在于小型企业和非国有企业中；不同于已有研究关注的控股股东利益驱动下的关联交易，关联并购作为一种特殊的关联交易，其具有的信息优势有利于企业内外部R＆D协同效应的实现。
내부R＆D투자화외부기술병구작위제승창신능력적중요원천균수도학술계화실무계적관주。종내재궤리화외부표현분석내외부R＆D간존재적협동효응，병종정、반량개각도논술관련병구대협동효응적영향。기우의약기업기술함량고、R＆D투입강도대、속우중점추진병구중조행업적특정，이2002년지2010년재호、심증권교역소상시적A고의약행업공사위연구양본，구건OLS회귀모형，통과LR검험진행실증연구。연구결과표명，내외부R＆D적협동효응존재우의약행업기업，능구제승기업적효，단순적진행내부R＆D투자혹자지진행외부기술병구，도불시제승기업개치적최우기술창신모식；여대형기업화국유기업상비，해협동효응주요존재우소형기업화비국유기업중；불동우이유연구관주적공고고동이익구동하적관련교역，관련병구작위일충특수적관련교역，기구유적신식우세유리우기업내외부R＆D협동효응적실현。
Both internal R&D investment and external technology M&A are important sources of innovation ability and lead to fo -cused attention by practice and academia .This study analyzes the synergy between internal and external R&D respectively from internal mechanism and external performance and explore the impact of M&A with related party on synergy effect from positive and negative sides .Pharmaceutical firms are known as being high-tech, high R&D intense and in the industry with high M&A in-tensity .This study thus collected data from pharmaceutical firms based on the period 2002-2010 in Shanghai and Shenzhen stock exchange as research sample .OLS regression models and LR test were used in the empirical research .Three main conclusions are found.First, the synergistic effect of internal and external R&D exists in the pharmaceutical enterprises .Second, this syner-gistic effect mainly exists in small enterprises and non-state-owned enterprises .Third, previous research focused on related party transactions driven by interests of controlling shareholders .However, as a special kind of related party transactions , M&As with related party are beneficial to this synergistic effect because of information advantage .