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

摘要： 使用2010—2020年中国A股上市公司的数字并购数据,基于面板固定效应负二项回归模型研究企业数字并购行为对突破性创新的影响效应及其影响机制。实证研究发现:数字并购能够有效促进企业突破性创新,通过PSM-DID和控制函数法对自选择偏差、双向因果和遗漏变量带来的内生性问题加以控制后,这一结论依然成立。中介效应检验表明,数字并购可以通过拓广企业知识宽度和提升创新效率来促进企业突破性创新。调节效应显示,知识吸收能力和资源冗余均会加强数字并购对突破性创新的促进作用。本文的研究结论对国家做优做强数字经济以及提升企业突破性创新水平具有一定的启示意义。

关键词: 数字并购, 突破性创新, 知识宽度, 创新效率