| Summary: | With the development of digital economy and technological innovation, many companies transform their model to improve market competitiveness. Some companies choose to achieve digital transformation through their own exploration, but more companies adapt to the change through large-scale mergers and acquisitions of technologically innovative companies, even cross-border mergers and acquisitions. Some companies want to integrate high-quality resources at the expense of excessive mergers and acquisitions, and eventually form the excess goodwill. However, whether such excess mergers and acquisitions can really promote corporate innovation still needs to be further explored. Through empirical research, this paper finds that excessive mergers and acquisitions do inhibit the innovation and development of enterprises, and then reveals the mechanism of action. This article reveals a misunderstanding of enterprise innovation and development, that is, the harm of excessive mergers and acquisitions to adapt to changes. It provides a new perspective for enterprises pursuing innovation, which is conducive to the management and development of innovative activities.
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