This paper uses the micro data of cross-border mergers and acquisitions of Chinese A-share listed family enter-prises from 2014 to 2019 to examine the impact and mechanism of cross-border mergers and acquisitions of family enterpri-ses on technological innovation using the double differential propensity score matching method(PSM-DID).The research finds that,first,family businesses can promote technological innovation through cross-border mergers and acquisitions.Sec-ond,family firms can promote technological innovation through the dual path pf reducing R&D risk and improving R&D effi-ciency after cross-borer M&As.Third,from the perspective of innovation strategy,cross-border M&A will promote the uti-lization of innovation of family enterprises and inhibit exploratory innovation.Fourth,family businesses have different innova-tion strategies based on different value orientations.Family enterprises based on long-term orientation will promote explora-tory innovation after M&A and have no significant impact on exploraitve innovation;Family enterprises based on short-term financial performance will promote utilization innovation and inhibit exploratory innovation after mergers and acquisitions.
关键词
家族企业/跨国并购/技术创新/创新战略
Key words
family business/cross-border mergers and acquisitions/technological innovation/innovation strategy
维普
万方数据