异地并购对企业技术创新能力的影响研究——基于多重差分模型的实证检验

Research on the Influence of Cross-regional M&A on the Technological Innovation Ability of Enterprises:Empirical Test based on Multiple Difference Model

异地并购是企业快速获取外部创新资源的有效途径,近年来已引起国内外的广泛关注。通过PSM-DID模型以及三重差分模型,选取2011—2021年我国上市公司面板数据,对企业异地并购行为是否促进技术创新能力这一重要问题进行分析,研究发现:异地并购对企业技术创新能力存在显著的促进作用,但在时间上具有滞后效应;相较于同地并购,异地并购对企业技术创新能力的促进作用更加明显。鉴于此,从扩大并购“眼界”,合理选择标的企业;提升吸收能力,加快成果转化效率;重视长远发展,适当减少政府干预等方面提出了管理启示,以期为企业选择异地并购提供科学依据。

Cross-regional M&A is an effective way for enterprises to obtain innovative resources,which has attracted widespread attention at home and abroad in recent years.This research conducts an empirical study on the impact of cross-regional M&A between listed companies and technological innovation through PSM-DID model and triple difference model(DDD).The results show that:There is a positive promoting effect of enterprises M&A in different regions on technological innovation,but there is a lag effect in time;Compared to local M&A,cross-regional M&A has a more significant promoting effect on enterprise technological innovation.Therefore,this study puts forward management inspirations from the aspects of expanding the horizon of M&A,selecting the target enterprise reasonable;Improving absorptive capacity and accelerating the efficiency of achievement transformation;Emphasizing on long-term development and appropriating reduction of government intervention,in order to provide a scientific basis for enterprises to choose cross-regional M&A.