A Study On Technology Sourcing Overseas M&A Integration And Industrial Technology Innovation In Manufacturing Industry Based On Innovation Network

Compared with the leading level worldwide,Chinese manufacturing is still large but not strong.How to promote industrial technological innovation is a realistic problem for the development of Chinese manufacturing industry.While becoming embedded into global innovation network through technology-sourcing overseas post-merger integration is an important way to break the capacity bottleneck of Chinese leading firms.Technology spillover and knowledge transfer from the leaders are the key to improving the technology innovation of the Chinese manufacturing industry,For example,Geely's acquisition of Volvo has enhanced the independent R&D capability of China's auto industry.Wangxiang's acquisition of the largest lithium-ion battery company in the United States,A123,has led to the development of new energy batteries and vehicles in China's local industries.However,the key to achieving the“1 + 1>2”synergistic effect and improve the acquirer's technology innovation is post-merger integration.Studying how technology-sourcing overseas post-merger integration can improve industrial technology innovation in the Chinese manufacturing industry is very important for theoretical analysis and application.This paper studies how optimal post-merger integration influence industrial-levelinnovation performance.We use the innovative network as a cross-level transmission medium between micro-enterprise overseas post-merger integration and the macro-industry technology innovation.We combine resource orchestration perspective through resource recognizing bundling integration and resource leveraging into our theory framework.Our paper suggests that the integration decision should be based on recognizing the resource similarity and resource complementarity of the acquirer and the target firm.An appropriate integration strategy can ultimately promote industrial technology innovation through technology knowledge transfer and configuration in the global innovation network.A variety of analytical methods,such as theoretical analysis,mathematical modeling,dynamic simulation,empirical analysis and case study,have been used in this paper.In the part of the theoretical mechanism,we study how technology-sourcing overseas post-merger integration improves industrial-level innovation performance based on the centrality and structural hole of the global innovation network,which are the most relevant network position indicators for technology innovation and have widely been confirmed by network research.Secondly,from the perspective of resource orchestration,we explore how the match between similarity,complementarity and integration influence the above cross-level mechanism.We put forward the core theoretical hypothesis of this paper.In the part of mathematical model building,we establish a mathematical model according to the theoretical mechanism of this paper to depict the mechanism of technology sourcing overseas post-merger integration and industrial technology innovation,based on monopolistic competition model and incomplete information network game model.We solve the equilibrium through the optimization of the model and explore comparative static analysis.Then we reveal mathematical relationships of resource recognition,resource integration,global innovation network and industrial technology innovation,the multi-agent simulation method and network analysis method are used to explore the evolution mechanism of innovation network and the dynamic transmission mechanism of industrial technological innovation based on Netlogo simulation software.The simulation experiment works as a supplement for the static model in the previous part,and provides us with experimental supports for the theoretical hypotheses.In the part of empirical analyses,we build a sample base of technology-sourcing overseas M&A from Chinese listed company through the excavation of Bvd-zephyr and other global authoritative M&A database.We combine resource orchestration theory and innovation network theory to demonstrate hypotheses empirically by adopting confirmatory factor analysis,multiple-group structural equation modeling and Analysis of Variance(ANOVA).In case study section,I select three typical cases in Chinese automobile manufacturing industry--Geely's acquisition of Volvo,Wangxiang's acquisition of A123,and Joyson Electronic's acquisition of Preh GmbH.It draws policy recommendations of enterprise and government.This paper attempts to construct the theoretical framework of overseas post-merger integration and industrial technology innovation in Chinese manufacturing.It intends to explore the mechanism of technology-sourcing overseas post-merger integration and industrial technology innovation based on innovation network.The innovation network is served as a cross-level medium from micro to macro transmission.It will provide a useful reference for the government departments in formulating overseas M&A policies and industrial upgrading strategy selection.This paper draws a conclusion.In technology-sourcing cross-border M&A of Chinese manufacturing industry,(1)when resources are identified as having strong similarity and weak complementarity between the acquiring and acquired firms,a high level of integration will be more able to improve the acquirer's network centrality and network structural hole,thus ultimately improve the industrial technology innovation;(2)when resources are identified as having weak similarity and strong complementarity between the acquiring and acquired firms,a low level ofintegration will be more able to improve the acquirer's network centrality and network structural hole,thus ultimately improve the industrial technology innovation;(3)when resources are identified as having strong similarity and strong complementarity between the acquiring and acquired firms,a moderate level of integration will be more able to improve the acquirer's network centrality and network structural hole,thus ultimately improve the industrial technology innovation.