跨国并购整合中的协同与创新：整合动机与整合度的匹配

成功完成并购整合对于并购创新意图的实现至关重要，然而现有研究尚未揭示并购整合决策作用于创新绩效的内在机理。基于并购协同视角实证研究运营协同和财务协同两种整合动机对创新绩效的影响，同时检验整合程度、整合速度与整合动机的匹配效应。研究发现，运营协同、财务协同均对创新绩效具有正向影响，而并购整合动机也须与整合度相匹配。对致力于实现运营协同的并购企业，在整合过程中应采取深度整合、缓慢整合策略；对旨在实现财务协同的企业而言，在整合过程中应采取低程度整合、快速整合策略。研究结论对于跨国并购整合理论与实践具有启示意义。

Synergy and Innovation during Cross-Border Acquisition Integration: Strategic Fit between Integration Motive and Integration Degree

The successful completion of M&A integration is crucial to the realization of innovation intentions.However,existing research has not revealed the internal mechanism of M&A integration decision-making on innovation performance.Based on the perspective of M&A synergy,this paper empirically examines the impact of two types of integration motivations,such as operational collaboration and financial collaboration,on innovation performance.At the same time,we also examine the moderating effects of integration depth and integration speed based on strategic fit theory.The results show that both operational synergy and financial synergy have a positive impact on innovation performance,and the motivation for M&A integration must also match the degree of integration.For firms that are committed to achieving operational synergy,deep integration and slow integration strategies should be adopted during the integration process; for firms aiming to achieve financial synergy,low integration and rapid integration strategies should be adopted during the integration process.This study has theoretical and practical implications for cross-border M&A integration.