跨国并购能否驱动企业创新?:基于技术和资源互补性的理论和实证研究

Can Cross-border M&As Drive Enterprise Innovation? Theoretical and Empirical Research Based on the Complementarity of Technology and Resources

在全球创新资源流动加速的背景下,跨国并购已成为中国企业增强竞争优势,提升创新能力的重要途径。文章基于2004~2018年中国上市公司微观数据,运用双重差分倾向得分匹配法(PSM-DID),实证研究跨国并购对企业创新的影响及其内在机制。研究结果表明,跨国并购可显著驱动企业创新规模和创新质量提升,且该影响具有递增的动态效应;知识基础、研发效率、企业生产率和海外业务使跨国并购通过内外兼修的途径提升企业创新;技术互补性正向促进跨国并购技术协同创新效应。文章从管理者能力、政治关联度和资源互补性三个视角进行企业异质性分析,结果表明,跨国并购企业管理者能力较强,具有较高的政治关联以及与目标企业具有较强资源互补性,则对企业创新的促进作用更显著。

In the context of the accelerated flow of global innovation resources, cross-border mergers and acquisitions(M&As for short)have become an important way for Chinese enterprises to enhance their competitive advantages and innovation capabilities. Based on the micro data of Chinese listed companies from 2004 to 2018, this paper uses the Difference in Difference-Propensity Score Matching method(PSM-DID) to empirically study the impact of cross-border M&As on enterprise innovation and its internal mechanism. The results show that cross-border M&As can significantly drive the improvement of enterprise innovation scale and innovation quality, it has an increasing dynamic effect. Knowledge base, research and development efficiency, enterprise productivity and overseas business enable cross-border M&As to enhance enterprise innovation through both internal and external improvement. Technology complementarity positively promotes the collaborative innovation effect of cross-border M&As technology;the heterogeneity of enterprises is analyzed from the perspectives of manager ability, political relevance and resource complementarity. The results show that competent managers, certain political relevance, and resource complementarity with the target enterprises have a vital role in promoting enterprise innovation. Based on the low efficiency of China′s overall innovation system,this paper enriches the related research on cross-border M&As from the perspective of technology and resource complementarity.