Влияние международных слияний и поглощений на НИОКР: свидетельства на уровне отрасли и фирмы

Авторы

  • Оливье Бертран Институт «Высшая школа менеджмента» Санкт-Петербургского государственного университета, Россия

Аннотация

В статье исследуется влияние международных слияний и поглощений (mergers and acquisitions — M&A) на деятельность компаний в сфере НИОКР (research and development — R&D). На основе анализа активности фирм в сфере НИОКР в период с 1994 по 2004 г. автор показывает, что межстрановые поглощения демонстрируют положительное долгосрочное влияние на объем и основные характеристики проектов в сфере НИОКР и зарубежные компании увеличивают финансирование НИОКР в поглощенных фирмах. НИОКР при этом в большей степени передаются на подряд местным государ ственным лабораториям и университетам. Данные результаты заставляют усомниться в обоснованности страхов, связанных с зарубежными поглощениями и их влиянием на местную деятельность в сфере НИОКР.

 

Ключевые слова:

слияния и поглощения, промышленная реструктуризация, НИОКР, технологии

Скачивания

Данные скачивания пока недоступны.

Библиографические ссылки


REFERENCES IN LATIN ALPHABET

Aghion P., Howitt P. 1998. Endogenous Growth Theory. The MIT Press: Cambridge, MA.

Aghion P., Harris C., Howitt P., Vickers J. 2001. Competition, imitation and growth with step-by-step innovation. Review of Economic Studies 68 (3): 467–492.

Aghion P., Bloom N., Blundell R., Griffith R., Howitt P. 2005. Competition and innovation: An inverted-U relationship. Quarterly Journal of Economics 120 (2): 701–728.

Amable B., Verspagen B. 1995. The role of technology in market shares dynamics. Applied Economics 27 (2): 197–204.

Arellano M., Bover O. 1995. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68 (1): 29–51.

Arora A., Ceccagnoli M., Da Rin M. 2000. Corporate Restructuring and R&D: A Panel Data Analysis for the Chemical Industry. Working Paper No. 173, IGIER, Bocconi University.

Arrow K. J. 1962. Economic welfare and the allocation of resource for invention. In: The Rate and Direction of Inventive Activity: Economic and Social Factors. Universities-NBER, Princeton University Press; 609–626. http://www.nber.org

Arrow K. J. 1974. The Limits of Organization. Norton Publishers: N. Y.

Bernheim D., Whinston M. 1990. Multimarket contact and collusive behaviour. RAND Journal of Economics 21 (1): 1–26.

Bertrand O. 2008. Effects of Foreign Acquisitions on R&D Activity: Some Evidence from Firm-Level Data. Working Paper, Graduate School of Management, St. Petersburg State University.

Bertrand O., Mucchielli J.-L., Zitouna H. 2007. Location choices of multinational firms: The case of mergers and acquisitions. Journal of Economic Integration 22 (1): 181–209.

Bertrand O., Zuniga P. 2006. R&D and M&A: Are cross-border M&A different? An investigation on OECD countries. International Journal of Industrial Organization 24 (2): 401–423.

Blonigen B., Taylor C. 2000. R&D activity and acquisitions in High Technology Industries: Evidence from the US Electronics Industry. Journal of Industrial Economics 47 (1): 47–71.

Bloom N., Griffith R., van Reenen J. 2002. Do R&D tax credits work? Evidence from an International Panel of countries 1979–1994. Journal of Public Economics 85 (1): 1–31.

Blundell R., Bond S. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87 (1): 115–43.

Blundell R., Costa Dias M. 2000. Evaluation methods for non-experimental data. Fiscal Studies 21 (4): 427–468.

Braid R. 1986. Stackelberg price leadership in spatial competition. International Journal of Industrial Organization 4 (4): 439–449.

Capron L. 1999. The long term performance of horizontal acquisitions. Strategic Management Journal 20 (11): 987–1018.

Capron L., Dussauge P., Mitchell W. 1998. Resource redeployment following horizontal mergers and acquisitions in Europe and the United states 1988–1992. Strategic Management Journal 19 (7): 631–661.

Cassiman B., Veugelers R. 1999. R&D Cooperation and Spillovers: Some Empirical Evidence. CERP Discussion Paper No. 2330. CERP, London.

Cassiman B., Veugelers R. 2002. Complementarity in the Innovation Strategy: Internal R&D, External Technology Acquisition, and Cooperation in R&D. IESE Research Paper No. D/457.

Cassiman B., Colombo M., Garrone P., Veu gelers R. 2004. The impact of M&A on the R&D process: An empirical analysis of the role of technological and market relatedness. Research Policy 34 (2): 195–220.

Caves R. E. 1989. Mergers, takeovers, and economic efficiency. International Journal of Industrial Organization 7 (1): 151–174.

Cohen W., Levin R. 1989. Empirical studies of innovation and market structure. In: Schma lensee R., Willig R. (eds.). Handbook of Industrial Organisation. Elsevier: N. Y.; Ch. 18; 1060–1107. Colombo M., Garrone P. 1996. Technological cooperative agreements and firm’s R&D intensity. A note on causality relations. Research Policy 25 (6): 923–932.

Crépon B., Duguet E. 1998. Research, Innovation and Productivity: An Econometric Analysis at the Firm Level. NBER Working Paper No. 6696. http://www.nber.org

Dasgupta P., Stiglitz J. 1980. Uncertainty, industrial structure, and the speed of R&D. Bell Journal of Economics 11 (1): 1–28.

D'Aspremont C., Jacquemin A. 1988. Cooperative and non cooperative R&D in duopoly with spillovers. American Economic Review 78 (5): 1133–1137.

Geroski P. 1995. Market Structure, Corporate Performance and Innovative Activity. Oxford University Press: Oxford.

Gioia C., Thomsen S. 2004. International Acquisitions in the Danish Business: Selection and Performance. Department of International Economics and Management, Copenhagen Business School, Copenhagen. Mimeo.

Graham E. 1996. Global Corporations and National Governments. Institute for International Economics: Washington, DC.

Granstrand O., Sjölander S. 1990. The acquisition of technology and small firms by large firms. Journal of Economic Behaviour and Organization 13 (3): 367–386.

Griliches Z. 1986. Productivity, R&D, and Ba sic Research at the Firm Level in the 1970s. NBER Working Paper No. 1547. http://www.nber.org

Gugler K., Mueller D. C., Yurtoglu B. B., Zulehner C. 2003. The effects of mergers: An international comparison. International Journal of Industrial Organization 21 (5): 625–653.

Hagedoorn J., Duysters G. 2000. The Effects of Mergers and Acquisitions on the Technological Performance of Companies in a High Tech Environment. Research Memoranda 010. MERIT: Netherlands.

Hall B. 1987. The Effect of Takeover Activity on Corporate Research and Development. NBER Working Paper No. 2191. http://www.nber.org

Hall B. 1990. The impact of corporate restructuring on industrial research and development. Brooking Papers on Economic Activity: Microeconomics 1990: 85–135.

Hall B. 1999. Mergers and R&D Revisited. NBER Conference on Mergers and Productivity. Mimeo.

Hall B., van Reenen J. 2000. How effective are fiscal incentives for R&D? A new review of the evidence. Research Policy 29 (4/5): 449–469.

Hannan M., Freeman J. 1984. Structural inertia and organisational change. American Sociological Review 49 (2): 149–164.

Harris R., Ravenscraft D. 1991. The role of acquisitions in foreign direct investment: Evidence from the U.S. stock market. Journal of Finance 46 (3): 825–844.

Hatzichronoglou T. 1997. Revision of the Hightechnology Sector and Product Classification. Working Paper No. 1997/2. OECD: France.

Heckman J., Ichimura H., Todd P. 1997. Matching as an econometric evaluation estimator: Evidence from evaluating a job training programme. Review of Economic Studies 64 (221): 605–654.

Hitt M., Harrison J., Ireland R., Best A. 1998. Attributes of successful and unsuccessful acquisition of U.S. firms. British Journal of Management 9 (2): 91–114.

Hitt M., Hoskisson R., Ireland R., Harrison J. 1991. Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal 34 (3): 693–706.

Hitt M., Hoskisson R., Johnson R., Moesel D. 1996. The market for corporate control and firm innovation. Academy of Management Journal 39 (5):1084–1119.

Jacobs J. 1969. The Economy of Cities. Jonathan Cape: London. Jacquemin A., Slade M. 1989. Cartels, collusion, and horizontal merger. In: Schmalensee R., Willig R. (eds.). Handbook of Industrial Organisation. Elsevier: N. Y.; ch. 7, 415–473.

Kamien M., Muller E., Zang I. 1992. Research joint ventures and R&D cartels. American Economic Review 82 (5): 1293–1306.

Kamien M., Schwartz N. 1982. Market Structure and Innovation. Cambridge University Press: Cambridge.

Kang N. H., Johansson S. 2000. Cross-Border Mergers and Acquisitions: Their Role in Industrial Globalisation. Working Paper No. 2000/1. OECD: France.

Katz M. 1986. An analysis of cooperative research and development. Rand Journal of Economics 17 (4): 527–543.

King D., Dalton D., Daily C, Covin J. 2004. Meta-analyses of post-acquisition performance: Indications of unidentified moderators. Strategic Management Journal 25 (2): 187–200.

Kogut B., Zander U. 1992. Knowledge of the firm, combinative capabilities and the replication of technology. Organisation Sciences 3 (3): 383–397. (Русск. пер.: Когут Б., Зандер У. Знания фирмы, комбинационные способности и репликация технологий. Российский журнал менеджмента 2 (1): 121–140.)

Kuemmerle W. 1999. The drivers of foreign direct investment into research and development: An empirical investigation. Journal of International Business Studies 30 (1): 1–24.

Lee T., Wilde L. 1980. Market structure and innovation: A reformulation. Quarterly Journal of Economics 94 (2): 429–436.

Lehto E., Lehtoranta O. 2002. Becoming an Acquirer and Becoming Acquired. Labour Institute for Economic Research: Helsinki.

Lerner J., Tirole J., Strojwas M. 2003. Cooperative Marketing Agreements Between Competitors: Evidence from Patent Pools. NBER Working Paper No. 9680. http://www.nber.org

Levin R., Reiss P. 1988. Cost-reducing and demand-creating R&D with spillovers. RAND Journal of Economics 19 (4): 538–559.

Levy D., Reitzes J. 1992. Anticompetitive effects of mergers in markets with localized competition. Journal of Law, Economics and Organization 8 (2): 427–440.

Levy D., Reitzes J. 1995. Price discrimination and mergers. Canadian Journal of Economics 28 (2): 427–36.

Mairesse J., Hall B. 1996. Estimating the Productivity of Research and Development: An Exploration of GMM Methods Using Data on French and United Sates Manufacturing Firms. NBER Working Paper No. 5501. http://www.nber.org

Mansfield E. 1968. Industrial Research and Technological Innovation: An Econometric Analysis. Norton: N. Y.

Markides C., Ittner C. 1994. Shareholder benefits from corporate international diversification: Evidence from US international acquisitions. Journal of International Business Studies 25 (2): 343–366.

McAfee R., Simons J., Williams M. 1992. Horizontal mergers in spatially differentiated non cooperative markets. Journal of Industrial Economics 15 (4): 349–358.

Meschi M. 1997. Analytical Perspectives on Mergers and Acquisitions: A Survey. CIBS Research Papers in International Business, Paper No. 5-97.

Meyer B. D. 1994. Natural and Quasi-Experiments in Economics. NBER Technical Working Paper No. 170. http://www.nber.org

Nocke V., Yeaple S. 2007. Cross-border mergers and acquisitions versus greenfield foreign direct investment: The role of firm heterogeneity. Journal of International Economics 72 (2): 336–365.

Norbäck P-J. 2001. Multinational firms, technology and location. Journal of International Economics 54 (2): 449–469.

Norbäck P.-J., Persson L. 2007. Investment liberalization — Why a restrictive crossborder merger policy can be counterproductive. Journal of International Economics 72 (2): 366–380.

OECD. 1998. Stan Database for Industrial Analysis, Sources and Methods. Organisation for Economic Co-operation and Development: Paris.

OECD. 2001a. New Patterns of Industrial Globalisation Cross-border Mergers and Acquisitions and Strategic Alliances. Organisation for Economic Co-operation and Development: Paris.

OECD. 2001b. The Science, Technology and Industry (STI) Scoreboard. Organisation for Economic Co-operation and Development: Paris.

Patel P., Pavitt K. 1992. Large firms in the production of the world’s technology: An important case of non-globalization. In: Grandstrand O., Hakanson L., Sjolander S. (eds.). Technology Management and International Business. John Wiley & Sons: N. Y.; 53–74.

Pautler P. 2003. Evidence on mergers and acquisitions. Antitrust Bulletin 48 (1): 119–22.

Petit M-L., Sanna-Randaccio F. 2000. Endogenous R&D and foreign direct investment in international oligopolies. International Journal of Industrial Organization 18 (2): 339–67.

Reger G. 2001. Differences in the Internationalization of Research and Technology between Western European, Japanese and North American Companies. University of Brandenburg: Germany.

Reinganum J. F. 1983. Uncertain innovation and the persistence of monopoly. American Economic Review 73 (4): 741–748.

Röller L.-H., Stennek J., Verboven F. 2001. Efficiency gains from mergers. European Economy 5: 31–128.

Lee T., Wilde L. 1980. Market structure and innovation: A reformulation. Quarterly Journal of Economics 94 (2): 429–436.

Lehto E., Lehtoranta O. 2002. Becoming an Acquirer and Becoming Acquired. Labour Institute for Economic Research: Helsinki.

Lerner J., Tirole J., Strojwas M. 2003. Cooperative Marketing Agreements Between Competitors: Evidence from Patent Pools. NBER Working Paper No. 9680. http://www.nber.org

Levin R., Reiss P. 1988. Cost-reducing and demand-creating R&D with spillovers. RAND Journal of Economics 19 (4): 538–559.

Levy D., Reitzes J. 1992. Anticompetitive effects of mergers in markets with localized competition. Journal of Law, Economics and Organization 8 (2): 427–440.

Levy D., Reitzes J. 1995. Price discrimination and mergers. Canadian Journal of Economics 28 (2): 427–36.

Mairesse J., Hall B. 1996. Estimating the Productivity of Research and Development: An Exploration of GMM Methods Using Data on French and United Sates Manufacturing Firms. NBER Working Paper No. 5501. http://www.nber.org

Mansfield E. 1968. Industrial Research and Technological Innovation: An Econometric Analysis. Norton: N. Y.

Markides C., Ittner C. 1994. Shareholder benefits from corporate international diversification: Evidence from US international acquisitions. Journal of International Business Studies 25 (2): 343–366.

McAfee R., Simons J., Williams M. 1992. Horizontal mergers in spatially differentiated non cooperative markets. Journal of Industrial Economics 15 (4): 349–358.

Meschi M. 1997. Analytical Perspectives on Mer gers and Acquisitions: A Survey. CIBS Research Papers in International Business, Paper No. 5-97.

Meyer B. D. 1994. Natural and Quasi-Experiments in Economics. NBER Technical Working Paper No. 170. http://www.nber.org

Nocke V., Yeaple S. 2007. Cross-border mergers and acquisitions versus greenfield foreign direct investment: The role of firm heterogeneity. Journal of International Economics 72 (2): 336–365.

Norbäck P-J. 2001. Multinational firms, technology and location. Journal of International Economics 54 (2): 449–469.

Norbäck P.-J., Persson L. 2007. Investment liberalization — Why a restrictive crossborder merger policy can be counterproductive. Journal of International Economics 72 (2): 366–380.

OECD. 1998. Stan Database for Industrial Analysis, Sources and Methods. Organisation for Economic Co-operation and Development: Paris.

OECD. 2001a. New Patterns of Industrial Globalisation Cross-border Mergers and Acquisitions and Strategic Alliances. Organisation for Economic Co-operation and Development: Paris.

OECD. 2001b. The Science, Technology and Industry (STI) Scoreboard. Organisation for Economic Co-operation and Development: Paris.

Patel P., Pavitt K. 1992. Large firms in the production of the world’s technology: An important case of non-globalization. In: Grandstrand O., Hakanson L., Sjolander S. (eds.). Technology Management and International Business. John Wiley & Sons: N. Y.; 53–74.

Pautler P. 2003. Evidence on mergers and acquisitions. Antitrust Bulletin 48 (1): 119–22.

Petit M-L., Sanna-Randaccio F. 2000. Endogenous R&D and foreign direct investment in international oligopolies. International Journal of Industrial Organization 18 (2): 339–67.

Reger G. 2001. Differences in the Internationalization of Research and Technology between Western European, Japanese and North American Companies. University of Brandenburg: Germany.

Reinganum J. F. 1983. Uncertain innovation and the persistence of monopoly. American Economic Review 73 (4): 741–748.

Röller L.-H., Stennek J., Verboven F. 2001. Efficiency gains from mergers. European Economy 5: 31–128.

Romer P. 1990. Endogenous technological change. Journal of Political Economy 98 (5): 71–102.

Rosenbaum P., Rubin D. B. 1983. The central role of the propensity score in observational studies for causal effects. Biometrika 70 (1): 41–55.

Scherer F. M. 1967. Market structure and the employment of scientists and engineers. American Economic Review 57 (3): 524–531.

Scherer F. M.1980. Industrial Market Structure and Economic Performance. McNally College Publishing: Chicago, IL. (Русск. пер.: Шерер Ф. 1997. Структура отраслевых рынков. М.: ИНФРА-М.)

Schumpeter J. A. 1942. Capitalism, Socialism and Democracy. Harper: N. Y. (Русск. пер.: Шумпетер Й. 1995. Капитализм, социализм и демократия. М.: Экономика.)

Serapio M., Dalton D. 1999. Globalization of industrial R&D: An examination of FDI in R&D in the US. Research Policy 28 (2/3): 303–316.

Swenson D. 1993. Foreign mergers and acquisitions in the United States. In: Froot K. A. (ed.). Foreign Direct Investment. University of Chicago Press: Chicago, IL; 255–284.

World Investment Report. 2000. Cross-border Mergers and Acquisitions and Development. UNCTAD: Switzerland.

World Investment Report. 2005. FDI from Developing and Transition Economies: Implications for Development. UNCTAD: Switzerland.

World Investment Report. 2006. Transnational Corporations and the Internationalization of R&D. UNCTAD: Switzerland.

Zenger T. R. 1994. Explaining organizational diseconomies of scale in R&D: Agency problems and the allocation of engineering talent, ideas, and effort by firm size. Management Science 40 (6): 708–729.

Загрузки

Опубликован

09.12.2008

Как цитировать

Бертран, О. (2008). Влияние международных слияний и поглощений на НИОКР: свидетельства на уровне отрасли и фирмы. Российский журнал менеджмента, 6(4), 49–74. извлечено от https://rjm.spbu.ru/article/view/487

Выпуск

Раздел

Новые исследования