Abstract: Existing studies focus on whether cross-border M&A can improve innovation quality, but lack of attention to how cross-border M&A has differentiated impact on innovation quality. This paper divides cross-border M&A into exploratory M&A and exploitative M&A based on the perspective of exploratory and exploitative learning, divides innovation quality into technology quality and market quality based on technology and market dimension, empirically tests the differentiated effects of two cross-border M&A behaviors on different dimensions of innovation quality, and explores the moderating effects of integration depth and knowledge depth based on knowledge management theory. It is found that exploratory M&A helps to improve technology quality, exploitative M&A helps to improve market quality, and the impact of cross-border M&A on innovation quality depends on the post M&A knowledge management process. Firms with deep integration (high knowledge acquisition degree) and deep field knowledge (strong knowledge exploitation ability) can benefit more from cross-border M&A.

摘要： 已有研究重点关注跨国并购能否提升创新质量，而对于跨国并购如何产生差异化创新质量影响缺乏关注。基于探索与利用学习视角将跨国并购划分为探索性并购、利用性并购，基于技术和市场维度将创新质量划分为技术质量、市场质量，实证检验了两种跨国并购行为对创新质量不同维度的差异化影响，同时基于知识管理理论探究了整合深度、知识深度的调节效应。研究发现，探索性并购有助于提升技术质量，利用性并购有助于提升市场质量；跨国并购的创新质量影响还取决于并购后的知识获取与知识利用，深度整合（知识获取程度高）、深度知识储备（知识利用能力强）的企业更能从跨国并购中获益。