基于创新价值链理论的基本思想，以2015-2020年间出于技术资源寻求型动机实施跨国并购的中国上市公司为研究样本，运用数据包络分析法分别计算出企业技术研发与成果转化两个阶段的综合创新效率；进一步构造计量模型并引入企业吸收能力和政府补贴两个指标作为调节变量检验技术资源寻求型跨国并购对中国企业的创新效率的影响。研究结果显示：（1）技术资源寻求型跨国并购在中国企业创新活动两阶段中均有利于企业创新效率提高；（2）在技术资源寻求型跨国并购数量最多的两大行业中，跨国并购显著促进了计算机、通信和电子设备制造业企业创新效率提高，但却对专用设备制造业企业创新效率无明显作用；（3）企业吸收能力在跨国并购影响企业技术研发效率中未呈现出显著的调节作用，但有利于增强跨国并购对企业成果转化效率的促进作用，形成“能力强—转化快” 的良性循环；（4）政府补贴能增强跨国并购对企业技术研发效率的促进作用，在成果转化阶段中却未呈现明显的调节作用。上述研究结论对中国企业如何通过实施技术资源寻求型跨国并购来提高创新效率具有重要启示意义。

Taking the Chinese listed companies which implement cross-border M&A during 2015-2020 with the incentives of technology resource seeking as the research sample, this paper calculate the sample enterprises’ comprehensive innovation efficiency in the two stages of technology R&D and R&D achievement transformation respectively through data enveloping analysis. The paper further constructs an econometric model and tests the impact of technology-seeking cross-border M&A on the innovation efficiency of Chinese enterprises by introducing the absorptive capacity and government subsidy as the moderating variables. It is concluded that technology-seeking cross-border M&A is beneficial to the improvement of innovation efficiency in both stages of Chinese enterprises’ innovation efficiency. Considering the two major industries where the largest number of technology-seeking cross-border M&A happen, cross-border M&A can significantly promote the innovation efficiency of computer, communication and electronic equipment manufacturing enterprises, but have no significant effect on the innovation efficiency of special equipment manufacturing enterprises. Further considering two moderating variables of enterprises’ absorptive capacity and government subsidies, it is found that enterprises’ absorptive capacity does not play a significant moderating role in the correlation between cross-border M&A and Chinese enterprises’ technology R&D innovation efficiency, but it is conducive to increasing the promotion effect of cross-border M&A on Chinese enterprises’ achievement transformation innovation efficiency, so as to form a virtuous circle of “Strong ability-fast transformation” ; Government subsidies can increase the role of cross-border M&A in promoting Chinese enterprises’ technology R&D innovation efficiency, but there is no obvious moderating effect in the stage of achievement transformation. The conclusions have important implications for Chinese enterprises to improve innovation efficiency through the implementation of technology resource-seeking cross-border M&A.

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