The Influence Factors On Reverse Technological Spillover Effect Of Cross-border M&A

In the context of the weak world economy,the developing countries have maintained a high economic growth.More and more Cross-border acquisitions happened.Especially China,the largest developing country in the world,is gradually becoming the main force of overseas mergers and acquisitions.At the same time,compared with developed countries,cross-border mergers and acquisitions launched by developing countries usually have a certain technology seeking purpose.Therefore,this paper studies the reverse technology spillover in cross-border M&A of Chinese enterprises based on the present situation and characteristics,which is of great practical significance to guide Chinese enterprises to realize technology upgrading through cross-border M&A.The focus of this paper is on the factors that affect the spillover effect of reverse technology in China's cross-border M&A.In order to make the research more specific,this paper further selects the case of 2007-2015 cross-border mergers and acquisitions with the purpose of technology seeking as the research object,and analyzes the cases of technology seeking cross-border mergers and acquisitions in each year and each industry.The results show that China's technology-seeking cross-border mergers and acquisitions have been increasing year by year,and mainly concentrated in the technology-intensive industries,such as information technology,medicine,electrical machinery and equipment manufacturing.At the same time,based on the heterogeneity of the enterprise,this paper analyzes the factors that affect the spillover effect of reverse transnational mergers and acquisitions in China from the perspective of M&A.The results of the regression show that the influencing factors of the reverse technology spillover effect are the institutional background(government shareholding)of the mergers and acquisitions and the cultural distance,where the enterprise's own system Factors(government holdings)play an important role in the reverse technology spillover effect.In order to strengthen the persuasiveness of the research results,the article concludes with the robustness test,and further supports the conclusion of this paper.For the problem of technology spillover of cross-border M&A,most of the existing research has been analyzed and demonstrated from the macroscopic level(national level or industry level).The micro-level research is less and the lack of consideration based on the heterogeneity of the enterprise.Related research failed to form a complete research system.In the study of the sample selection,most of the previous use of the whole sample to regress or analysis based on industry classification.For the study of the spillover effects of cross-border M&A,only the general data are used while do not distinguish the purpose of M&A,the results may be rough and biased.This paper mainly focuses on the different factors that influence the spillover effect of reverse transnational M&A of Chinese enterprises systematically.At the same time,this paper chooses the case of transnational M&A with technical purpose,so that the research is more targeted and the result is more convincing.