Research On Influencing Factors Of Chinese Enterprises' Technology Sourcing Cross-Border M&A

With the deepening of economic globalization, cross-border M&A has become the main way of Chinese enterprises'foreign direct investment. Obtaining overseas enterprises'advanced technology and R&D ability gradually becomes to be an important motivation of China enterprises during the cross-border M&A. The so-called technology sourcing cross-border M&A refers to a acquisition way that enterprises get foreign companies, R&D organizations in the form of investment M&A, and then get access to their advanced technology, which will improve the motherland enterprises'level of technology and market competitiveness. How to smoothly get advanced technology by depending on cross-border M&A and achieve great-leap-forward development of enterprises'technical level and industry chain are what the government and enterprises are concerned. Therefore, this paper systemically analyzes the main influencing factors that affect China enterprises'cross-border M&A for technology acquisition, and through the effective ways to promote Chinese enterprises'technology cross-border M&A development process, that makes positive significance to realize Chinese enterprises'core technical breakthroughs and industry upgrade.Firstly, this paper collects and organizes the relevant literatures and theories, based on internalization theory, the usual paradigm of cross-border M&A's influencing factors, analyzes and identifies three factors (macro environment, industry environment and the enterprise environment) and 12 specific factors of the enterprises'technology sourcing cross-border M&A. Secondly, analyzes the development status, characteristics and existing problems of Chinese enterprises'technology sourcing cross-border M&A at present, and confirms 7 important factors based on the influence of Chinese enterprises'technology sourcing cross-border M&A. Finally, based on expert investigation weight questionnaires and AHP analysis method to empirically compare the importance of the influencing factors of Chinese enterprises'technology sourcing cross-border M&A, eventually finds that the political resistance in the host country, enterprises'judgment correction level of technology acquisition targets, the ability of the enterprise absorbing goals'technology are influencing factors of first consideration in the technology sourcing cross-border M&A.Finally, according to the conclusion that based on above empirical analysis, this paper puts forward some suggestions to promote technology level for Chinese enterprises'cross-border M&A, and these suggestions would make good value in developing cross-border M&A activities, and upgrading enterprises'technical level.