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作 者:周绍妮[1] 杨欣月 喻陈铭 ZHOU Shao-ni;YANG Xin-yue;YU Chen-ming(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China;School of Economics,Hangzhou Dianzi University,Hangzhou 310018,China)
机构地区:[1]北京交通大学经济管理学院,北京100044 [2]杭州电子科技大学经济学院,浙江杭州310018
出 处:《经济问题》2025年第4期59-69,共11页On Economic Problems
基 金:国家自然科学基金项目“经理层市场化选聘、企业家精神激发对国企资源配置效果的影响:基于制度激活与协同的逻辑”(72372007)。
摘 要:随着数字经济的发展进入高速增长阶段,数字并购已成为企业获取数字技术、实现数字化转型、突破创新瓶颈的重要途径。基于2011—2022年中国A股上市公司的数字并购交易数据,运用双重差分法实证检验了数字并购对企业创新质量的影响及其作用机制。研究表明,数字并购对企业创新质量提升具有显著的促进作用,该结论在一系列稳健性检验之后仍然成立;机制检验显示,融资约束、人力资本结构在数字并购对企业创新质量的影响过程中发挥了显著的中介效应;进一步检验显示,创新质量对企业全要素生产率提升呈现出显著的正向影响;异质性分析显示,数字并购对高科技企业、东中部地区企业以及成长期和成熟期企业的创新质量的提升作用更为显著。研究结论为理解数字并购对企业创新质量的作用提供了理论视角,并为政策制定者和企业管理者提供参考。With the development of digital economy enters into a high-speed growth stage,digital M&A has become an important way for enterprises to acquire digital technology,realize digital transformation,and break through innovation bottlenecks.Based on the digital M&A transaction data of Chinese A-share listed companies from 2011 to 2022,the impact of digital M&A on the quality of corporate innovation and its mechanism of action are empirically examined by using the Differences-in-Differences.The study shows that digital M&A has a significant promotion effect on the improvement of the quality of corporate innovation,and this conclusion still holds after a series of robustness tests;the mechanism test shows that financing constraints and human capital structure play a significant mediating effect in the process of the digital M&A impact on the quality of corporate innovation;further test shows that innovation quality presents a significant positive impact on corporate total factor productivity improvement;Heterogeneity analysis shows that digital M&A has a more significant effect on the enhancement of innovation quality in high-tech enterprises,enterprises in the east-central region,and enterprises in the growth and maturity periods.The findings provide a theoretical perspective for understanding the role of digital M&A on the quality of corporate innovation,and provide reference value for policymakers and enterprise managers.
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