财经问题研究

研究海外并购的创新效应，全球创新活动的网络化特征不容忽视。本文基于2010—2020年中国沪深A股上市公司数据，采用倾向得分匹配—双重差分（PSM-DID）模型实证检验海外并购对企业创新的影响及其作用机制。研究结果显示：海外并购能够促进企业创新，该结论在经过一系列稳健性检验后仍然成立；海外并购通过提升全球创新网络嵌入程度促进企业创新，提升内部知识吸收能力和海外市场熟悉程度能够强化海外并购的全球创新网络嵌入促进效应；海外并购对企业发明专利的促进作用更明显，发生在制度质量较高东道国的海外并购才具有创新效应。本文不仅有助于厘清海外并购对企业创新的作用机制，也为进一步提升中国科技创新自立自强能力提供了对策建议。

The networked characteristics of global innovation activities have become increasingly prominent. The United States, taking advantage of its advantageous position in the global innovation network, has continuously escalated technological containment against China. To further enhance the capability of independent and self-reliant technological innovation, enterprises are in urgent need to embed themselves in the global innovation network with a more proactive attitude, innovate the modes of outward investment and cooperation, and gradually build a network pattern that is “led by us” and “serving our needs”. Exploring issues such as whether outward investment activities like overseas mergers and acquisitions(M&As) can promote embedding in the global innovation network and thereby stimulate independent innovation, and by what means enterprises can embed in the network more efficiently, holds significant practical value.Based on the data from Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2020, this paper adopts the propensity score matching-difference-in-differences(PSM-DID) method to empirically examine the impact of overseas M&As on corporate innovation and its mechanism. The research results are as follows. First, overseas M&As can promote corporate innovation. Second, the mechanism test reveals that promoting enterprises' embedding in the global innovation network is a key channel through which overseas M&As exert their innovation incentive effect. Third, further results show that improving internal knowledge absorption capacity and familiarity with overseas market operations can strengthen the effect of overseas M&As in promoting network embedding. Fourth, the heterogeneity analysis indicates that overseas M&As have a more significant effect on increasing the number of enterprises' invention patents, and only overseas M&As conducted in host countries with higher institutional quality have an innovation incentive effect.Compared with existing literature, the marginal contributions of this paper are mainly reflected in the following three aspects. First, it expands the research perspective in the field of overseas M&As. By incorporating the key characteristic of the networking of global innovation activities into the research framework, it provides a new perspective that is more in line with the global innovation pattern. Second, it deepens research on the mechanism of how overseas M&As affect corporate innovation. By constructing a global innovation network based on cross-enterprise knowledge flow and using node in-degree centrality to measure the level of network embedding, it more clearly reveals the micro-path through which overseas M&As influence corporate innovation by promoting network embedding. Third, the research conclusions have rich policy implications. It provides specific countermeasures for enterprises to embed in the global innovation network more efficiently from two perspectives: enhancing internal knowledge absorption capacity and improving external market familiarity.