【摘要】 在全球化浪潮势不可挡的现在，跨国并购是助推企业提升数字创新水平的有效手段。基于2008—2022年中国上市高新技术企业数据，利用多时点差分方法，深入探讨了企业跨国并购对数字创新的影响及其作用机制。研究结果表明：企业通过跨国并购能够有效促进数字创新，经过内生性检验、平行趋势检验、控制行业动态效应以及替换被解释变量等一系列稳健性检验后，结论依然有效；中介效应表明，高新技术企业跨国并购主要通过提升研发效率和全要素生产率，进而增强数字创新能力；异质性检验结果表明，相较于非国有企业，国有企业的跨国并购更能促进数字创新能力的提高，在经济、科技发展水平更高的东部地区企业跨国并购更能促进数字创新。基于此，企业不仅要注重提高研发效率和全要素生产率，为数字创新提供基础，还应积极响应“走出去”战略，加强国际合作，通过跨国并购实现数字领域新发展。更多还原

【Abstract】 In the wave of global economic integration, corporate mergers and acquisitions have become an effective means to optimize resource allocation and enhance innovation capabilities. Based on data from Chinese listed hightech enterprises from 2008 to 2022, a multi time difference method is used to deeply examine the impact of cross-border mergers and acquisitions on enterprise digital innovation. The findings include :(1) Enterprises can effectively promote digital innovation through cross-border mergers and acquisitions. After a series of robustness tests such as endogeneity testing, parallel trend testing, controlling for industry dynamic effects, and replacing the dependent variable, the conclusion remains valid.(2) Cross-border mergers and acquisitions enhance digital innovation capabilities from two perspectives: improving research and development efficiency and total factor productivity of high-tech enterprises.(3) Compared to non-state-owned enterprises, state-owned enterprises have more policy support and preferential treatment. When conducting cross-border mergers and acquisitions, state-owned enterprises are more likely to obtain government approval and support, and can complete the merger process faster to support digital innovation. The technological level and economic development level of the eastern region are higher. Compared with the central and western regions and the northeast region, high-tech enterprises in the eastern region can better demonstrate their digital innovation capabilities through cross-border mergers and acquisitions. Based on these findings, enterprises should focus on improving R&D efficiency and total factor productivity to lay a foundation for digital innovation while actively responding to the "go global" strategy, strengthening international cooperation, and achieving new developments in the digital domain through cross-border mergers and acquisitions.更多还原