技术导向型海外并购对环保企业创新水平的影响研究

摘要/Abstract

摘要： 本文基于近年来环保企业海外并购爆发式增长的特征事实，利用双重差分模型实证检验了技术导向型海外并购对环保企业创新水平的影响效应及其作用机制。研究发现，技术导向型海外并购显著提升了环保企业的创新水平。相较母公司直接并购，通过海外子公司完成并购更有利于环保企业创新水平的提升。异质性分析显示，技术导向型海外并购对环保企业创新水平的积极作用在非国有企业、吸收能力较强企业和跨文化整合能力较强企业更加显著。机制检验表明，技术导向型海外并购主要通过提供异质性知识资源、增强学习能力和提高研发效率三个渠道提升环保企业的创新水平。本文的研究结论既可以丰富海外并购与企业创新的相关文献，也能够为引导环保企业高质量发展提供政策启示。

关键词: 技术导向型海外并购, 环保企业, 创新水平, 企业异质性, 作用机制

Abstract: Based on the fact that overseas mergers and acquisitions (M&As) of environmental protection enterprises have surged in recent years, this paper uses the difference-in-differences model to empirically test the impact of technology-oriented overseas M&As on the innovation level of environmental protection enterprises and its underlying mechanism. The study finds that technology-oriented overseas M&As have significantly improved the innovation level of environmental protection enterprises. Compared with direct M&As by parent company, M&As through overseas subsidiaries is more conducive to improving the innovation level of environmental protection enterprises. Heterogeneity analysis shows that the positive effect of technology-oriented overseas M&As on the innovation level of ecological protection enterprises is more significant in non-state-owned enterprises, enterprises with strong absorptive capacity, and enterprises with strong cross-cultural integration ability. The mechanism test shows that technology-oriented overseas M&As mainly improve the innovation level of environmental protection enterprises by providing heterogeneous knowledge resources, enhancing learning ability, and improving R&D efficiency. The research conclusions of this paper can not only enrich the relevant literature on overseas M&As and enterprise innovation but also provide policy enlightenment for guiding the high-quality development of environmental protection enterprises.

Key words: technology-oriented overseas M&As, environmental protection enterprises, enterprise innovation, enterprise heterogeneity, underlying mechanism

孙洪锋, 唐国平. 技术导向型海外并购对环保企业创新水平的影响研究[J]. 管理评论, 2025, 37(9): 97-110.

Sun Hongfeng, Tang Guoping. Research on the Impact of Technology-oriented Overseas M&As on the Innovation Level of Environmental Protection Enterprises[J]. Management Review, 2025, 37(9): 97-110.

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