科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (8): 101-110.DOI: 10.19571/j.cnki.1000-2995.2025.08.010

• 论文 • 上一篇    下一篇

数字化跨境并购对企业高质量技术创新的影响——来自零售业上市公司的证据

钟小浜1，赵志强2，王健俊3   

  1. 1.西北大学马克思主义学院，陕西 西安710127；
    2.厦门大学教育研究院，福建 厦门361005；
    3.上海外国语大学贤达经济人文学院 数据科学学院，上海200083

  • 收稿日期:2023-11-16 修回日期:2025-03-12 出版日期:2025-08-20 发布日期:2025-08-14
  • 通讯作者: 王健俊
  • 基金资助:
    国家社会科学基金西部项目：“数字化赋能西部先进制造业新质生产力发展的机制与路径设计研究”（24XGL006）；2024年度上外贤达学院科研创新团队项目：“数智化转型驱动下的企业对跨境数字并购的战略性响应”（24XDCX121903）。

The impact of digital cross-border M&As on high-quality technological innovation: The evidence from listed retail companies

Zhong Xiaobang1, Zhao Zhiqiang2, Wang Jianjun3   

  1. 1. School of Marxism, Northwest University, Xi′an 710127, Shaanxi, China; 
    2. Institute of Education, Xiamen University, Xiamen 361005, Fujian, China; 
    3. School of Data Science, Xianda College of Economics & Humanities, Shanghai International Studies University, Shanghai 200083, China
  • Received:2023-11-16 Revised:2025-03-12 Online:2025-08-20 Published:2025-08-14

摘要：    随着数字经济成为全球经济增长的新引擎，在“双循环”格局以及创新驱动发展战略下，以数字化跨境并购为代表的数字经济对外投资合作，为我国企业寻求数字手段来提升创新能力进而打造竞争新优势提供了有效途径。以数字化跨境并购最为活跃的零售业为研究对象，利用2011—2022年A股上市零售企业数据，通过识别技术专利引证量与知识宽度以刻画创新质量，实证检验了数字化跨境并购对企业高质量技术创新的影响效应与作用机制。研究发现，数字化跨境并购显著促进了零售企业进行高质量技术创新，且该结论在经过稳健性检验后依然成立。异质性分析显示，数字化跨境并购带来的创新质量促进作用在非国有、东部地区以及并购溢价较低的企业中更为明显。进一步考察影响机制发现，数字化跨境并购主要通过提高企业流通效率促进了技术创新质量的提升，而过于集中的供应链关系会削弱数字化跨境并购对创新质量的正向影响。本研究既为企业探索数字化转型提供了新的经验证据，也为企业创新活动的开展提供了有益启示。

关键词: 数字化跨境并购, 高质量技术创新, 零售企业, 流通效率, 供应链关系

Abstract: As digital economy has become a new engine of global economic growth, under the pattern of "double cycle" and innovation-driven development strategy, the digital economy outbound investment cooperation represented by digital cross-border M&A provides an effective way for Chinese enterprises to seek digital means to enhance the innovation ability and create new competitive advantages. Taking the retail industry, which is the most active in digital transformation and digital M&As, as the research object, this paper adopted the data of A-share listed retail enterprises from 2011 to 2022 to characterize innovation quality by identifying the amount of technology patent citations and knowledge width, and empirically tested the effect and mechanism of digital cross-border M&As on enterprises′ high-quality technological innovation. It was found that digital cross-border M&As significantly promote the retail enterprises to carry out high-quality technological innovation, and this conclusion is still valid after the robustness test. The heterogeneity analysis showed that the promotion effect of digital crossborder M&A on innovation quality is more obvious in non-state-owned enterprises, eastern regions and enterprises with low M&A premium. Further investigation of the impact mechanism showed that digital cross-border M&A mainly promotes the improvement of technological innovation quality by improving the circulation efficiency of enterprises, while overly centralized supply chain relations will weaken the positive impact of digital cross-border M&A on innovation quality. This study will not only provide new empirical evidence for enterprises to explore digital transformation, but also provide beneficial enlightenment for enterprises to carry out innovation activities.

Key words: digital cross-border M&A, high-quality technological innovation, retail firm, distribution efficiency, supply chain relationship