Research On Cross-Ownership M&A And Innovative Development Of China's State-Owned Enterprises In The Context Of Reverse Mixed Ownership Reform

In the course of the development of China's unique economic system,stateowned enterprises have formed institutional advantages in terms of economic resources,economies of scale,and the leadership of the Party,but they are also aware of their disadvantages in enthusiasm and creativity.On the other hand,private enterprises have established a flexible,agile,and strong executive operating system in the market competition,but they are facing the severe survival pressure of financing difficulties.Therefore,the integration of different ownership capital can realize the strategic role of the state-owned economy and the vitality of the private economy,and could become an important strategy for Chinese enterprises to achieve a breakthrough in their international competitive position.At a time when China is raising its manufacturing power,the reform of mixed ownership has become an important measure to release the innovative economic vitality of Chinese enterprises.How to fully tap the innovative economic effects of the integration of different ownership capital and elements has become a problem worth studying.However,the academic and practical circles focus on the introduction of non-stateowned capital by state-owned enterprises and pay less attention to the "reverse mixed reform" in the form of state-owned enterprises participating in private enterprises.The introduction of strategic investors into state-owned enterprises not only realizes the diversification of ownership structure,but also essentially reflects the decentralization transformation of state-owned enterprise management,and puts forward higher requirements for non-state-owned shareholders in terms of management ability and capital resources.In contrast,the participation of stateowned capital in private enterprises not only develops mixed-ownership enterprises in reverse,but also reflects the expansion of resource allocation power of highquality state-owned enterprises,and the motivation and economic consequences of their behavior decisions might be different.Since M&A is the main mode of "two-way mixed reform" of state-owned enterprises,based on the vigorous development of China's M&A market and the existing literature,this paper focuses on the cross-ownership mergers and acquisitions initiated by state-owned enterprises to private enterprises.Based on the statistical models such as OLS,Logit and PSM-DID,and taking the mergers and acquisitions initiated by A-share state-owned enterprises in Shanghai and Shenzhen stock markets from 2008 to 2019 as samples,this paper constructs theoretical models of the influence factors of cross-ownership tendency of M&A in China's state-owned enterprises,the influence of M&A on the development of enterprise innovation and the influence of M&A trend on industrial technological innovation.This paper systematically studies the driving factors of cross-ownership mergers and acquisitions of state-owned enterprises,the synergy effect at the micro-level,and the economic consequences at the meso-level.First of all,this paper makes a theoretical and empirical study on the influencing factors of the cross-ownership tendency of state-owned enterprises,that is,in the M&A transactions initiated by state-owned enterprises,which factors will make the state-owned enterprises more likely to choose private target enterprises.Secondly,this paper studies the impact of the M&A mode on state-owned enterprise innovation from both theoretical and empirical aspects.Using the propensity score to match the appropriate M&A control group of state-owned enterprises,this paper studies the promoting effect of M&A transactions of state-owned listed enterprises on enterprise innovation,and further analyzes the advantages of cross-ownership M&A mode.Finally,combined with the above motivation and the research conclusion of innovation synergy at the micro-enterprise level,this paper further discusses the significance of cross-ownership mergers and acquisitions of stateowned enterprises to the development of technological innovation at the mesoindustrial level,that is,to empirically test the impact of the trend of cross-ownership mergers and acquisitions of state-owned enterprises on industrial technological innovation in the future from the perspective of aggregation information.Through the research,the main conclusions of this paper are as follows: first,in the case of low efficiency and abundant finance,the M&A behavior of stateowned enterprises shows a high tendency of cross-ownership.This shows that crossownership M&A is an effective means for state-owned enterprises to improve efficiency and extend their advantages to the high-quality private economy that needs help.Second,mergers and acquisitions among state-owned enterprises and cross-ownership mergers and acquisitions have significantly improved the innovation level of state-owned enterprise owners,but the innovation effect of cross-ownership mergers and acquisitions is stronger.The learning incentive generated to adapt to the differences in technology and management between the main merging enterprise and the target enterprise is an important source of innovation advantage in cross-ownership M&A.Third,at the aggregation level,cross-ownership mergers and acquisitions of state-owned enterprises not only stimulate the overall risk-taking willingness of state-owned enterprises to invest in innovation but also optimize the industrial competition structure,to promote industrial technological innovation.The research of this paper not only enriches the interactive literature in the field of M&A and innovation but also makes up for the omission of the perspective of reverse mixed reform in the current research on mixed-ownership reform.The conclusions of the study provide an empirical basis and theoretical reference for a more comprehensive understanding of the significance of developing mixedownership economy and speeding up the reform of mixed ownership in state-owned enterprises.