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

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。

Do Cross border M&As of Emerging Market Enterprises Promote Technological Innovation

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.