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。
With the deepening development of a new round of technological revolution represented bydigital technology,information technology,artificial intelligence,etc.,technological innovation is graduallyshowing trends such as breaking geographical boundaries,overlapping between different fields,and updatingtechnique rapidly.Enterprises relying solely on internal innovation may face risks.Cross-border M&As,asone of the important ways to connect domestic circulation and international circulation,provide opportunitiesfor enterprises to seek diversified innovation cooperators and promote international technical communicationby embedding in the international market.It can be seen that enterprises allocate innovative resources globallythrough cross-border M&As,and drive overall technological progress through collaborative innovation,whichhas 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 breakthrough corporate boundaries,and uses a DID model to empirically analyze the impact of cross-border M&Asby 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 throughthree 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 isaffected by factors such as enterprises’internal characteristics,enterprises’external environment,and M&Atransactions’industry characteristics.The conclusions provide new solutions for Chinese enterprises to construct a development mode of collaborative innovation through internationalization strategy,and enhance theoverall innovation capacity of China with the help of external circulation under the new dual-circulation development pat
作者
万筱雯
杨波
Wan Xiaowen;Yang Bo(School of Law and Economics,Wuhan University of Science and Technology,Wuhan 430065,China;School of Economics,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《财经研究》
CSSCI
北大核心
2023年第12期34-47,共14页
Journal of Finance and Economics
基金
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)。
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
cross-border M&As
collaborative innovation
strategic sharing
overseas market
newdual-circulation development pattern
