Abstract: Based on the theory of enterprise absorptive capacity and cross-boundary technology M&A events from 2007 to 2015, this study examines how acquirers’ pre-M&A technological diversification impact on the M&A innovation performance, as well as the role of internal R&D, external R&D cooperation in the relationship between the two mentioned above. The study finds that for enterprises engaged in technology M&A, technological diversification has a significant effect on the M&A innovation performance; and internal R&D, external R&D cooperation will enhance the relationship between technological diversification and M&A innovation performance. Moreover, the speed of technological progress in acquirers’ industry strengthens the regulating effect of internal R&D and external R&D cooperation on the relationship between technology diversification and innovation performance.

Key words: M&, A innovation performance

摘要： 本研究基于企业吸收能力相关理论，以2007-2015年上市公司的跨界技术并购事件为样本，运用多元回归分析的方法探究了主并企业并购前技术多元化对并购后创新绩效的影响，以及内部研发投入、外部研发合作在二者关系之间的调节作用。研究发现，对于进行跨界技术并购的企业，并购前技术多元化水平对并购后的创新绩效有显著的促进作用；并购后企业内部研发投资、外部研发合作会强化技术多元化对创新绩效的积极影响。此外，主并企业所处行业的技术进步速度加强了研发投入、研发合作对技术多元化与创新绩效二者关系的调节效应。