关键词: 数字并购, 突破性创新, 知识宽度, 创新效率

Abstract: Using the digital M&A data of Chinese A-share listed companies from 2010 to 2020, this paper studies the impact of enterprises' digital M&A on radical innovation based on the panel fixed effect negative binomial regression model The empirical study finds that the digital M&A can effectively promote enterprises' radical innovation, and this conclusion is still valid after controlling the endogeneity problems caused by self-selection bias, bidirectional causality and missing variables by PSM-DID and control function methods. The mediating effect test shows that the digital M&A can promote radical innovation by expanding the breadth of enterprise knowledge and improving innovation efficiency. The moderating effect shows that both knowledge absorptive capacity and resource redundancy will strengthen the promotion effect of the digital M&A on radical innovation. The research conclusions of this paper have certain implications for the country to improve and strengthen the digital economy and enhance the level of radical innovation of enterprises.

Key words: Digital M&A, Radical Innovation, Breadth of Knowledge, Efficiency of Innovation