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跨国数字并购对企业数字创新的影响研究
The impact of cross-border digital M&As on corporate digital innovation
加快企业数字创新是数字经济时代驱动经济高质量发展的关键力量。本文基于动态能力理论和数字并购特征系统探究了跨国数字并购对企业数字创新的理论影响,并采用多期双重差分方法和2010年至2022年中国A股上市跨国公司的翔实数据进行了实证检验。研究发现:(1)跨国数字并购对企业数字创新产生了显著、持久且稳健的正向提升作用;(2)跨国数字并购通过提升企业高管数字素养、优化人力资本结构以及加速企业数字化转型,有效促进了企业数字创新动态能力;(3)跨国数字并购的创新促进作用对数字行业企业、国有企业以及大型企业尤为明显。本文的创新点在于从数字资源跨境整合视角丰富了动态能力理论的数字场景应用,论证了跨国数字并购是企业获取国际数字资源、提升数字创新动态能力的重要途径,这对制定数字创新战略、优化跨国投资政策也具有重要的参考价值。
In the digital economy era, accelerating corporate digital innovation is a crucial force for high-quality economic development. Based on dynamic capabilities theory and the characteristics of digital mergers and acquisitions (M&As), this paper presented a theoretical analytical framework to examine the effects of cross-border digital M&As on corporate digital innovation. Empirically, we employed a multi-period difference-in-differences (DID) method with detailed panel data from Chinese A-share listed multinational companies from 2010 to 2022. We found that:(1) Cross-border digital M&As exert a significant, lasting, and robust positive promoting effect on corporations' digital innovation. (2) This effect is achieved through three channels:enhancing corporate executives' digital literacy, optimizing the human capital structure, and accelerating corporate digital transformation, thereby effectively promoting corporations' dynamic capabilities for digital innovation. (3) Heterogeneity analyses show that the positive impacts are particularly pronounced in digital industry companies, state-owned enterprises, and large firms. This paper enriched the application of dynamic capabilities theory in digital scenarios by examining cross-border digital resource integration. It confirms that cross-border digital M&A is an important pathway for corporations to acquire international digital resources and enhance their dynamic capabilities for digital innovation, which will provide valuable insights for formulating digital innovation strategies and optimizing cross-border investment policies.
cross-border digital M&As / digital innovation / digital transformation
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新一轮全球制造业格局大调整中,数字技术作为信息技术的高阶迭代,为制造业转型升级创造了难得的历史机遇。将解构的数字技术可供性划分为积累可供性和变异可供性,并基于搜索视角探讨其对企业数字创新价值实现的影响机制。通过对894家先进制造业企业的样本数据进行实证检验,结果表明:积累可供性对企业数字创新价值强度和价值范围具有显著的正向影响,变异可供性对企业数字创新价值强度和范围也具有显著的正向影响。此外,一致搜索机制在积累可供性与数字创新价值强度、变异可供性与数字创新价值范围之间都起到了强化作用;而敏捷搜索则强化了变异可供性和数字创新价值范围之间的关系。研究结论对于厘清数字技术可供性、企业数字创新价值实现机理有显著的理论贡献,同时为制造业企业开展数字创新价值实现提供实践启示。
As a high-order iteration of information technology, digital technology has created a rare historic opportunity for the transformation and upgrading of the global manufacturing industry. In the digital economy era, digital technology is a key strategic resource of enterprises with innovative advantages. How to make digital technology play a better role in manufacturing enterprises and promote the digital innovation practice of enterprises is an urgent problem to be solved in the digital transformation and upgrading of manufacturing enterprises. Digital technology affordance is a key inducement for the heterogeneity of enterprise digital innovation. After deconstruction, digital technology affordance can be divided into cumulative affordance and variant affordance. Based on the perspective of coherent and flexible search, this paper discusses the mechanism of its influence on the realization of the value of enterprise digital innovation. In addition, the generativity function of digital infrastructure in the digital technology affordance serves as a connecting mechanism between the realization of digital innovation value and the digital technology affordance, it provides an explanation mechanism for exploring the process mechanism of enterprise sustainable digital innovation. Therefore, this paper constructs the theoretical model of the realization mechanism of enterprise digital innovation value, trying to answer the paradox that similar digital technology will produce different effects in different enterprises. This paper adopts the method of questionnaire survey to obtain sample data, focuses on the digital innovation practice of advanced manufacturing enterprises in Yangtze River Delta Economic Zone, and uses the sample data of 894 private high-tech enterprises for empirical test and analysis. The results show that the cumulative affordance of digital technology has a significant positive influence on the value intensity and the value scope of enterprise digital innovation. While the variant affordance of digital technology also has a significant positive influence on the value intensity and the value scope of enterprise digital innovation. The coherent search mechanism helps to strengthen the relationship between cumulative affordance and the value intensity of digital innovation, and the relationship between variant affordance and the value scope of digital innovation. While flexible search strengthens the relationship between variant affordance and the value scope of digital innovation. The findings of the study have made significant theoretical contributions to clarify the realization mechanism of digital technology affordance and digital innovation value of enterprises. At the same time, it also provides the following three practical inspirations for manufacturing enterprises to realize the value of digital innovation. First, enterprises need to be good at using digital technology to promote the transformation and upgrading of organization. In the practice of digital innovation, enterprises can use digital technology to upgrade or replace traditional production technology according to their own situation, and promote product innovation and upgrading, better respond customer demand and create enterprise value. Secondly, managers need to promote steady digital reform and innovation through duality search strategies. Finally, enterprises can further develop the generative characteristics of digital technology by building a digital resource database to better perceive the current innovation status of digital technology applied to products, so as to adjust the application strategy of digital technology in enterprises and promote the sustainable realization of the value of enterprise digital innovation.
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Can the IT imprints experienced by executives during sensitive periods have a lasting impact on corporate behaviour and drive digital innovation? Based on the imprinting theory, using the data of the NEEQ-Listed Companies from 2013 to 2021, this paper empirically examine the effects and mechanisms of executives with information technology background influencing corporate digital innovation by identifying digital patents to measure corporate digital innovation through text analysis. The study shows that the larger the proportion of executives with IT education or experience, the more digital patents the enterprise obtains and the higher the quality, indicating that executives with IT background promote the "quantity and quality" of enterprise digital innovation; it is further found that executives with IT background promote enterprise digital innovation through the cognitive imprint of identifying digital innovation opportunities, the skill imprint of overcoming digital technology It is further found that executives with IT background promote digital innovation through the cognitive imprint of identifying digital innovation opportunities, the skill imprint of overcoming digital technology short-sightedness, and the relational network imprint of gathering innovation factors; and when market development is insufficient and property rights protection is absent, it is more obvious that executives with IT background promote digital innovation of enterprises. This paper extends the research on the antecedents of digital innovation to provide insights on promoting digital innovation from the perspective of talent allocation and talent development.
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