新兴市场海外并购的持续创新效果及影响因素研究

新兴市场企业海外并购，购买技术的同时能否提升其创新能力？以中国A股上市公司为对象，研究技术并购行为对企业技术创新的影响及持续效果。不仅考虑了海外并购事件，还考虑了并购之后的吸收过程与技术创新的关系。研究发现，中国企业能够通过海外并购促进其技术创新绩效显著提高，但长期来看，海外并购对其创新能力的促进作用逐步减弱。国有企业能够通过海外并购获得更高的创新绩效，并且该效果能保持更长时间。具有海外经历的高管也能够帮助企业从海外并购中获得更高的创新绩效，但海归高管不利于该效果的长期保持。

The Persistent Innovation Effect and Influencing Factors of Cross Border M&As in Emerging Markets

To buy the technology or to gain the innovative capacity? Studies on cross border mergers and acquisitions (CBMAs) conducted by emerging market firms have been a puzzle. In this study, it attempts to investigate the ongoing influence of cross border M&A (CBMA) on the innovation performance of enterprises and the persistent effect of CBMA in emerging markets. This paper not only considers the influence of CBMA, but also innovatively studies the relationship between absorbs procedure and post acquisition innovation performance. The result shows that Chinese firms can significantly promote their innovation performances through CBMA, but such influence is gradually weakening in the long term. As is shown in further research, the State owned enterprises (SOEs), compared with the Non State owned enterprises, have more advantage in post acquisition innovation performance, and this effect can last longer. Moreover, Returnee Top Management Team (TMT) can also help companies get better innovation performance through CBMA, but Returnee Top management team are not good for the long term retention of this effect. Therefore, this paper is of great significance to explore the long term influence of CBMA on the innovation performance of enterprises.