企业跨国并购的协同创新效应

The Collaborative Innovation Effect of Enterprise Cross-border M&As

《财经研究》2023年49卷第12期 页码：34-47 online：2023年12月3日

作者

中：万筱雯1 , 杨波2

英：Wan Xiaowen1, Yang Bo2

作者单位：1. 武汉科技大学 法学与经济学院，湖北 武汉 430065; 2. 中南财经政法大学 经济学院，湖北 武汉 430073

摘要及关键词

摘要：企业通过跨国并购在全球配置创新资源，并通过协同创新带动技术进步，这成为经济全球化背景下适应科技创新交叉融合模式的重要路径之一。文章构建了创新活动突破企业边界的跨国并购理论模型，并使用双重差分方法实证分析了中国企业跨国并购对协同创新的影响。结果表明，跨国并购促进了企业与其他研发主体之间的协同创新，这种影响主要通过企业内部增加研发投入、外部拓展海外市场和建立战略共享渠道这三个途径得以实现。此外，跨国并购的协同创新效应会受到企业内部特征、外部环境和并购交易行业特征等因素的影响。文章的研究为中国企业通过国际化战略来构建协同创新发展模式，以及双循环新发展格局下借助外循环来提升国内创新能力提供了新的思路。

关键词：跨国并购；协同创新；战略共享；海外市场；双循环新发展格局

Summary: With the deepening development of a new round of technological revolution represented by digital technology, information technology, artificial intelligence, etc., technological innovation is gradually showing trends such as breaking geographical boundaries, overlapping between different fields, and updating technique rapidly. Enterprises relying solely on internal innovation may face risks. Cross-border M&As, as one of the important ways to connect domestic circulation and international circulation, provide opportunities for enterprises to seek diversified innovation cooperators and promote international technical communication by embedding in the international market. It can be seen that enterprises allocate innovative resources globally through cross-border M&As, and drive overall technological progress through collaborative innovation, which has become an important path to adapt to the overlapping fusion mode of technological innovation in the context of economic globalization. This paper constructs a mathematical model of cross-border M&As where innovation activities break through corporate boundaries, and uses a DID model to empirically analyze the impact of cross-border M&As by Chinese enterprises on collaborative innovation. The results indicate that cross-border M&As promote collaborative innovation between enterprises and other R&D entities, and this impact is mainly achieved through three channels: increasing R&D investment, expanding overseas market scale, and establishing strategic sharing channels. Heterogeneity analysis indicates that the collaborative innovation effect of cross-border M&As is affected by factors such as enterprises’ internal characteristics, enterprises’ external environment, and M&A transactions’ industry characteristics. The conclusions provide new solutions for Chinese enterprises to construct a development mode of collaborative innovation through internationalization strategy, and enhance the overall innovation capacity of China with the help of external circulation under the new dual-circulation development pattern. The potential academic value of this paper are that: First, it constructs a mathematical model from the perspective of innovation activity boundaries, and explores whether cross-border M&As can help enterprises extend innovation activities to the outside, thereby enhancing the level of external collaborative innovation. Second, it takes cross-border M&As as one of the ways to embed into global innovation networks and connect domestic circulation and international circulation, exploring the path through which cross-border M&As affect collaborative innovation among enterprises. Third, it explores the differential impact of cross-border M&As on collaborative innovation under different heterogeneity factors, providing an empirical basis for different enterprises to formulate heterogeneous cross-border M&A strategies, and for the government to promote innovation cooperation between different R&D entities.

Key words:cross-border M&As; collaborative innovation; strategic sharing; overseas market; new dual-circulation development pattern

其他信息

DOI：10.16538/j.cnki.jfe.20230919.201

收稿日期：2023-04-18

基金项目：国家社会科学基金重大项目（18ZDA038）；教育部人文社会科学研究规划基金项目（23YJA790092）；湖北省软科学重点项目（2023EDA044）

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