The Relativity Research On Chinese Technology Sourcing Overseas M&A And Enterprise Innovation Capability

With the enhancement of the strength of Chinese enterprises and the acceleration of the pace of "going out",more and more enterprises take overseas mergers and acquisitions as an important way to acquire advanced technology and improve their innovation ability.However,a large number of cases have proved that overseas mergers and acquisitions are not as successful as many companies expect.At present,scholars and entrepreneurs have been awared that the technology acquisition of overseas mergers and acquisitions may be a complex project,far from the transfer and superposition of technology.Most of the foreign related theories are based on the mature a practice M&A and industrial system in developed countries,which may not be suitable for China.Based on the analysis of the status quo of the overseas acquisition of technology acquisition by Chinese enterprises,we find that Chinese enterprises have not only their own particularity,but also a lot of problems.Therefore,it is necessary for us to find out which factors will affect the improvement of the final innovation ability in the overseas acquisition of Chinese enterprises.Through the analysis,this paper finds that the key step to enhance the innovation ability of enterprises lies in the integration stage.From the research perspective of "White Box"theory,this paper makes an analysis of enterprise technology to obtain the transmission path type of overseas mergers and acquisitions,and the integration of resources and integration,mergers and acquisitions conflict on the two important variables of Party integration degree and Party autonomy.The collocation of the two pairs of variables in different situations can be used as a reference for the merger and acquisition of Chinese enterprises.On this basis,this paper establishes a mathematical model from the perspective of income and cost,and makes a theoretical derivation of the relationship between the variables.Finally,this paper makes an empirical test with the help of relevant indicators,and gives some suggestions based on the government and enterprise level.In this paper,through the study found:first,merger integration is the key to enhance the innovation ability of the enterprises after the merger,but the integration will take some time to complete,so the innovation capability also needs two to three years to reflect;second,enterprises in the face of the difficulty of resource integration and conflict integration,integration strategy choice is not the same,only the right strategy collocation,can we truly achieve the innovation capability;third,has an important influence to promote independent integration degree and the target acquirer of enterprise innovation ability,but in reality it is difficult to find a perfect indicator to measure,which is the enterprise through merger and acquisition the correct integration strategy of the difficulty;fourth,through the empirical test of China enterprise samples,we found that the acquirer’s own innovation ability of Influence of the innovation ability of the enterprises after the merger is significantly positive,but the target has the innovation ability does not necessarily have a positive effect,it also shows that the technology transfer and innovation capability is not a simple superposition;fifth,in Chinese merger practice in the enterprise,integration degree of autonomy and the target of the merger highly negative correlation,but it is interesting that enhancing party autonomy on innovation ability is significantly negative,but the degree of merger integration is not significant.It also shows that Chinese enterprise pays more attention to the allocation of control rights in mergers and acquisitions,which have ignored or the integration of the degree of integration of the effect is not ideal.With the Chinese economy play an increasingly important role on the world stage,we also hope the China technology acquisition of overseas mergers and acquisitions to continue healthily developing,and make an important contribution to enhance the capability of independent innovation of enterprises and the whole country.