Abstract: Cross-border merger and acquisition (M&A) serves as a crucial pathway for driving corporate digital innovation. This study is based on the data from A-share listed companies between 2000 and 2021,and it empirically examines the impact of cross-border M&A on corporate digital innovation. It adopts a multidimensional heterogeneous analysis from the perspectives of countries and firms to explore the influencing mechanisms. The study reveals the following key findings:Firstly,cross-border M&A significantly promotes the level of digital innovation in Chinese enterprises. Secondly,for enterprises in non-EU and countries along the Belt and Road,cross-border M&A has a more pronounced role in enhancing digital innovation. Moreover,high-intelligence technology-based enterprises and state-owned enterprises engaging in cross-border M&A demonstrate a more positive impact on digital innovation. In addition,digital strategic awareness and strategic flexibility play a significant mediating role in the relationship between cross-border M&A and corporate digital innovation. Therefore,it is crucial to continue promoting high-level openness,encouraging companies to strengthen international cooperation in the digital economy through cross-border M&A,and facilitating high-quality development.

Key words: cross-border merger and acquisition, digital innovation, digital strategic awareness, strategic flexibility