胡晓辉

• 1:嘉兴学院经济学院

摘要(Abstract)：

本文基于2010—2019年国内192家上市制药企业的数据，采用可加性误差交互式线性模型，以排序效应和分级分析方法，考察企业经营的服务化业务对制造企业并购重组的异质性影响。结果发现：(1)排序效应(SPE)与平均效应(APE)估计的置信区间明显不一致，表明异质性的存在。(2)企业并购重组受服务化影响的差异与企业特征有关。容易产生并购重组行为的企业通常具有如下特征：拥有较多广告宣传费、总资产和研发投入，以及较多政府补助和税费返还；这些企业拥有较少专利权和境外投资者股权，其供应商与销售商的集中程度通常不高。研究证实“服务化”是制药企业并购重组以及商业模式创新的关键作用机制，它有助于选择技术创新和扩大创新规模。由此，需要进一步推进服务型制造以及培育服务化战略实施的驱动因素。

关键词(KeyWords)： 排序效应;分级分析;服务化;并购重组;制药企业

Abstract:

Keywords:

基金项目(Foundation): 国家社科基金一般项目“我国制造业集群的韧性提升及其实现路径研究”(项目编号:21BJY154)的资助

作者(Author): 胡晓辉

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