基于跨国并购的创新网络嵌入、网络异质性与创新质量研究

区别于现有研究通常将跨国并购视为一个“事件”研究其对并购企业技术创新的影响，基于创新网络视角，文章采用中国上市公司数据，通过关系嵌入和结构嵌入两个维度探讨基于跨国并购的国外创新网络对创新质量的影响机制。研究发现，通过跨国并购嵌入创新网络的直接联系促进了创新质量提升，间接联系和结构洞对创新质量产生了显著的抑制效应。网络异质性对基于跨国并购的创新网络嵌入与创新质量具有倒U型调节作用，在网络异质适度阶段，网络异质性正向调节基于跨国并购的创新网络嵌入的创新质量效应，在网络异质过度阶段，网络异质性具有负向调节效应。研究发现为新兴经济体企业实施跨国并购，有效嵌入国外创新网络，配置创新资源，提升创新质量，提供了有价值的参考。

Research on Network Embeddedness Based on Cross-border M&A,Network Heterogeneity and Innovation Quality

Different from the existing literature on the impact of cross-border M&A regarded as an “event” on the technological innovation, this study expands the existing econometric model, makes an empirical test on the promotion of the innovation quality driven by the innovation network embeddedness based on cross-border M&A using the data of the Chinese listed companies. The results show that the direct links actively promote the innovation quality, and the indirect links and structure hole have significant inhibitory effects on the quality of technology innovation. Network heterogeneity produces an inverted U-shaped adjustment effect on the relationship between foreign innovation networks embeddedness based on cross-border M&A and innovation quality. The study provides valuable references for companies in emerging economies to implement cross-border M&A, effectively embed in foreign innovation networks, allocate innovative resources and improve the quality of innovation.