新兴市场企业跨国并购促进技术创新了吗——基于PSM-DID的实证研究

Do Cross-border M & As of Emerging Market Enterprises Promote Technological Innovation——An Empirical Study Based on PSM-DID

跨国并购是新兴市场企业实现创新能力追赶的重要途径。采用2010-2016年中国制造业上市公司跨国并购数据,运用PSM-DID方法实证研究了跨国并购的创新效应,检验了企业异质性和东道国制度环境的调节作用。结果表明:跨国并购对企业技术创新绩效具有显著促进作用。企业异质性的检验结果显示,非国有企业跨国并购创新效应强于国有企业;企业吸收能力越强,从跨国并购中获取的创新收益越大。进一步研究发现,东道国制度质量对跨国并购与创新绩效的关系具有正向调节作用。研究结论丰富了跨国并购与技术创新相关理论,对于中国企业跨国并购实践具有重要启发意义。

Cross-border M&As constitute to be a popular strategy for innovation catching up of emerging market enterprises.Based on the data of Chinese listed manufacturing companies during 2010-2016,this paper empirically studied the innovative effects of cross-border M&As by using PSM-DID method,and tested the moderating effects of firm heterogeneity and host country institutional quality.The results show that Cross-border M&As can significantly promote technological innovation performance.Grouping regression of firm heterogeneity shows that the innovative effects of Cross-border M&As are greater for non-state-owned firms than the state-owned firms,and the stronger absorptive capacity is,the greater innovation gains will be obtained from Cross-border M&As.Further study shows that host country institutional quality positively moderating the relationship between Cross-border M&As and innovative performance.This paper enriches the theory of Cross-border M&As and technological innovation,and the conclusions have important enlightenment value for the cross-border M&As practice.