Research On The Influence Of Intercultural Absorptive Capacity On Enterprises' Performance Of Cross-border M&As

The increasingly fierce global competition urges more and more enterprises to acquire advanced technology through Mergers and Acquisitions(M&A),so as to improve their innovation ability and technological level,and thus enhance their core competence.M&A performance,represented by the acquisition of advanced technologies,is the key to M&A.This paper mainly studies M&A performance from the perspective of cross-cultural absorption capacity.First,based on the research foundation of absorptive capacity,combined with the theory of intercultural integration,and through specific case analysis,the theoretical model of intercultural absorptive capacity is proposed,which enriches the application of the absorptive capacity theory in cross-border M&A and makes up for the deficiency of the theory of intercultural integration in technology-oriented M&A.Based on the intercultural absorptive capacity model and the grounded theory,it is concluded that the recognition ability,digestion ability,integration ability and continuous innovation ability are positively correlated with enterprise M&A performance.Secondly,based on the intercultural ability model and related literature in chapter 2,the indicators system of corporate intercultural absorption ability and corporate M&A performance index system were constructed and analyzed empirically.Thirdly,the ability of intercultural absorption positively influences the financial performance of M&A.The use of econometric model studies found that cross-cultural absorptive capacity had a positive impact on the overall financial performance,profitability,return on investment,and income growth rate after fitting.Among the influences on financial performance,the knowledge innovation ability of intercultural absorption ability has significant influence on it.In the further study on the mechanism of influence path,in enterprises with different human capital of employees,the degree of influence of cross-cultural absorption ability is different,and the influence is positively correlated.Fourth,this chapter uses the DEA-TOBIT model to empirically study the impact of cross-cultural absorptive capacity on financial performance after M&As.Firstly,based on the liquidity principle of internal management control,the index system is constructed,and the concept of cross-cultural absorptive capacity is used to empirically analyze its impact.The study found that knowledge integration and knowledge absorption in cross-cultural absorptive capacity have a significant impact on internal management performance;Enterprise ownership,financial performance indicators and the size of enterprise M&A have a positive impact on the input-output efficiency of enterprise internal management performance.Public-owned enterprises,especially state-owned enterprises and central enterprises,have higher internal management performance after M&As.But there are also restrictions on the size of the business.Fifth,based on the structural equation model,the impact of cross-cultural absorptive capacity on innovation performance is studied.The first-level and second-level indicators of cross-cultural absorptive capacity are potential variables and cannot be directly observed.It is also hoped to study the path and mechanism of cross-cultural absorptive capacity impact on innovation performance.Therefore,applying structural equation model to study the impact of cross-cultural absorptive capacity on innovation performance.It is concluded that cross-cultural absorptive capacity affects the innovation performance of enterprises through the variables of innovation investment.This is also because the ability of intercultural absorption as a kind of enterprise's ability,its function must also need a carrier,which is innovative investment.