选择中国沪深A股上市公司2012~2023年的数据为研究样本，运用文本分析技术识别并界定与人工智能相关的并购事件，重点分析此类并购对企业创新活动的实际影响。研究发现，进行人工智能并购有利于企业进行创新活动，其作用机制是人工智能并购提高了创新效率并降低了创新成本。基于企业特征的异质性检验发现，民营企业和成长性高的企业发起人工智能并购更能促进企业创新活动；基于行业与地区因素的异质性检验则表明，人工智能并购对企业创新的促进作用在竞争水平高的行业、非高科技行业、知识产权保护水平高以及数据禀赋水平高的地区更为显著。拓展性分析发现，人工智能并购主要促进了非AI方面的创新，意味着人工智能技术更多发挥了赋能企业主业创新发展的作用；相比于非人工智能并购，人工智能并购也更能为企业创造市场价值。

Using data from A-share listed companies in Shanghai and Shenzhen from 2012 to 2023, this study employs text analysis techniques to identify and define AI-related M&A events, focusing on their impacts on corporate innovation activities. The study finds that conducting artificial intelligence M&As is beneficial to corporate innovation activities, and the mechanism is that artificial intelligence M&As improve innovation efficiency and reduce innovation costs. Heterogeneity tests based on firm characteristics reveal that private enterprises and high-growth firms benefit more from AI M&As in promoting innovation. Industry- and region-level tests further indicate that the positive effect of AI M&As is more pronounced in industries with higher competition, in non-high-tech sectors, and in regions with stronger intellectual property protection and richer data resources. Extended analysis suggests that AI M&As primarily drives non-AI innovation, implying that AI technologies serve as an enabler of firms’ core business innovation. Compared with non-AI M&As, AI M&As also generates greater market value for firms.