跨国并购对企业创新的影响——基于中国上市公司数据研究

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Abstract As the main manifestation of foreign direct investment at the micro level,cross-border M&A has important roles on the innovation activities of the parent company.The paper selects the listed companies from 2008 to 2017 as samples,and builds a fixed effect model to analyze the impact of cross-border M&A on patent application and patent authorization from the micro empirical perspective and explore the impact of cross-border M&A behavior of industrial enterprises on their innovation.The empirical results show that cross-border M&A can promote the innovation of enterprises,especially the industrial enterprises,and mainly through the direct technology spillover,cross-border M&A has a strong positive effect on the number of authorized invention application and utility model application in the same year.Based on the above conclusions,this paper respectively proposes that in order to improve the innovation ability,enterprises should take the innovation income as one of the indicators to measure the M&A income,strengthen the learning and absorption ability,increase the R&D investment;The government should issue policies to encourage enterprises to purchase abroad,improve the M&A laws and regulations and pay attention to the construction of foreign business environment.

Key words： M&A Enterprise innovation Patent Fixed effect

Received: 13 May 2020

PACS:

F832.48

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	Li Yang
	Fang Wanru

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Li Yang,Fang Wanru. The Impact of Cross-Border M&A on Enterprise Innovation ——Based on the Data of Chinese Listed Companies[J]. , 2020, 1(12): 114-123.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2020/V1/I12/114

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