| Over the past 40 years,we have witnessed the steady and rapid growth of the Chinese economy.Exploring the secret behind high economic growth is both fascinating and difficult.On the one hand,we see that the developed countries represented by the United States have shown great curiosity about the sustained and rapid growth of the Chinese economy.On the other hand,we have seen the pace of Chinese companies “going out” accelerating.According to statistics,in 2016,Chinese companies have launched 765 overseas mergers and acquisitions,involving as many as 74 countries,including the developed market and the emerging market.Finally,we also found that with the rise of overseas mergers and acquisitions in emerging markets,the Chinese companies have accelerated the process of independent R&D and technological innovation to enhance their competitive advantage in the international market.Faced with this situation,we can't help but ask: Does the Chinese company “going out” bring about changes in corporate R&D and innovation performance? To this end,this article focuses on three aspects: First,what is the impact mechanism of the Chinese companies' overseas mergers and acquisitions on the acquirers' R&D investment? Second,what is the impact mechanism of the Chinese companies' overseas mergers and acquisitions on the acquirers' R&D approach? Will it be affected by the heterogeneity of merger,corporate ownership,and the host country? Third,does the R&D investment and R&D approach of the acquirers' promote the innovation performance? Is it affected by the attributes of technical,ownership,and the region?Based on this,this paper first reviews the theoretical basis of the article,including the resource-based view,the knowledge-based view,and the institutional theory and the institutional-based view.Secondly,a literature review of the relationship between overseas mergers and acquisitions,corporate R&D,and innovation performance was conducted.Based on this,this paper combines the development process of Chinese enterprises to “go global”,analyzes the institutional background of it,and uses the data which the China A-share listed companies in the Bv D(Zephyr)database from 2001 to 2016,doing a further depth description.Finally,this paper makes a further empirical test on the relationship between Chinese companies' overseas mergers and acquisitions,corporate R&D and innovation performance.Specifically,it includes three aspects.Firstly,what is the theoretical mechanism for Chinese companies' overseas mergers and acquisitions to influence the acquirers' R&D investment? In view of the above problems,this paper firstly analyzes the mechanism of overseas mergers and acquisitions affecting the acquirers' R&D investment,and integrates the theory of institutional to analyze the influence of state ownership on its relationship.Secondly,this paper uses the PSM-DID method to empirically analyze the relationship between overseas mergers and acquisitions and the acquirers' R&D investment.The conclusion is as follows: the first is about the relationship between overseas mergers and acquisitions and the acquirers' R&D investment.The overall test shows that overseas mergers and acquisitions by Chinese companies have significantly contributed to the increase in R&D investment,but the establishment of this causal relationship has a time lag effect.Two years after the merger,the economies of scale caused by overseas mergers and acquisitions have significantly contributed to the increase in the acquirers' R&D investment.The group test of state-owned enterprises and private enterprises shows that the special relationship between state-owned enterprises and the government has indeed brought about the "special ownership" advantage relative to private enterprises,but it is also deeply affected by the government.Therefore,when faced with the change of government leaders,the impact on R&D investment of the acquires' is not as significant as the private enterprise.The second is that,the state-ownship have a direct impact on the R&D investment of the acquirers' through government R&D subsidies and credit incentives.The third is that,the marginal impact of state-owned equity on the relationship between overseas mergers and acquisitions and R&D investment was not found.Secondly,what is the impact of Chinese companies' overseas mergers and acquisitions on the acquires' R&D mode? Will it be affected by the heterogeneity of merger,corporate ownership,and the host country? In response to that,this paper first analyzes the theoretical mechanism of overseas mergers and acquisitions affecting the acquirers' R&D approach.At the same time,based on the heterogeneity of M&A,the impact of overseas mergers and acquisitions on the R&D mode of the acquirers' is discussed from the aspects of the transaction size,the equity selection and the integration of M&A.Secondly,this paper uses the panel binary selection model to empirically analyze the relationship between overseas mergers and acquisitions and the acquirers' R&D methods.The conclusion is as follows: the first is about the relationship between the heterogeneity of M&A and the acquires' R&D approach.The results show that the R&D approach adopted by the acquirers' is closely related to the heterogeneity of M&A.When the size of the M&A transaction is larger and the proportion of the target acquired by the acquirer is higher,it is more likely to adopt the international R&D.When the degree of integration between the two parties is higher,the acquire is less likely to adopt the international R&D.On the contrary,it is more likely to adopt the localized R&D.Second,based on the group test of the heterogeneity of ownership,it is concluded that the scale of overseas M&A transactions of private enterprises has a significant positive impact on the adoption of international R&D,and has a significant negative impact on the acquires' adopting localized R&D.The impact of the size of M&A transactions of state-owned enterprises on the R&D approach is not significant.In addition,whether it is a state-owned or a private enterprise,the impact of equity selection on the R&D approach of the acquires' is not significant.The overseas mergers and acquisitions of private enterprises have a significant positive impact on the adoption of localized R&D.The impact of M&A integration of the state-owned company on the R&D approach is not significant.Third,based on the group test of the heterogeneity of host country,when the host country is a non-OECD member country,the scale of M&A transactions has a significant positive effect on the adoption of international R&D.The choice of equity has no significant effect on the acquires' R&D approach.However,when the host country is an OECD country,the impact of the size of overseas M&A transactions on the R&D method of the acquires' is not significant.The equity choice has a significant positive impact on the adoption of international R&D,and has a significant negative impact on the acquires' adopting localized R&D.In addition,regardless of whether the host country is an OECD country,overseas mergers and acquisitions have a significant positive impact on the adoption of localized R&D,but the impact on the international R&D is not significant.Thirdly,does the R&D investment and R&D approach improve the acquires' innovation performance? In view of the above problems,this paper firstly analyzes the impact of corporate R&D investment and R&D methods on the acquirers' innovation performance.Second,the negative binomial regression model is used to empirically analyze the relationship between R&D input,R&D method and the acquirers' innovation performance.The conclusion is as follows: first,the R&D investment in the overall inspection has a significant positive impact on the innovation performance.The impact of R&D on the innovation performance of the acquirers' is different.Among them,international R&D has a significant positive impact on the innovation performance,while the impact of localized R&D is not stable.Secondly,based on the heterogeneity of property test,R&D investment has a significant positive impact on the innovation performance,regardless of whether it is a state-owned enterprise or a private enterprise.However,the impact of R&D mode on the innovation performance is different.The international R&D of private enterprises has a significant positive impact on the innovation performance,while the influence of localized R&D on the acquirers' innovation performance is not stable.The localized R&D of state-owned enterprises and private enterprises have a negative impact on the innovation performances,but the results are not stable.The third is based on the group test of the heterogeneity of industry: whether high-tech enterprises or general enterprises,R&D investment has a significant positive impact on the innovation performance,and the impact of R&D methods on the innovation performance is different.The international R&D of high-tech enterprise has a significant positive impact on the innovation performance,while the general enterprises are not significant.The localization R&D of high-tech enterprise has a significant negative impact on the innovation performance,while the average enterprise is not stable.Fourth,based on the group test of the eastern region and the central and western regions,R&D investment and international R&D have significant positive effects on the innovation performance,whether in the eastern region or in the central and western regions.The impact of localized R&D on the innovation performance is not significant.In addition,neither the overall test nor the group test found that the interaction between R&D input and R&D method has a significant impact on the innovation performance.The conclusions of this paper respond well to the questions raised earlier.First,overseas mergers and acquisitions by Chinese companies have promoted the acquirers' R&D investment The continued R&D investment provided sufficient support for Chinese companies' late-stage technology catch-up,which ultimately improved the acquirers' innovative performance.Second,overseas mergers and acquisitions by Chinese companies have promoted the international R&D.Through the international R&D,late-stage companies are close to the forefront of world technology,and can absorb and learn international leading technology knowledge,which ultimately promotes the acquirers' innovation performance. |
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