The Influence Of Mergers And Acquisition On Technology Advances For Home Countries

Since our country implemented the strategy of "going out" over 10 years,Chinese enterprises' cross-border mergers and acquisitions has entered a rapid development stage.At present,the cross-border mergers and acquisitions has obtained some achievements,but the study of transnational merger and acquisition technology backward spillover was few.Relatively insufficient innovation ability becomes the bottleneck of restricting China's economic development,China's research and development spending on the percent of GDP is a certain gap and even lower than the global average,when compared with the developed countries.But the cross-border mergers and acquisitions can direct obtain from the advanced technology of the host country.Therefore,the study of the influence of the enterprise technological progress has the profound significance by reverse spillover technology of cross-border mergers and acquisitions.As the country's increasing stock of transnational mergers and acquisitions,whether there is a stable dynamic equilibrium relationship between the cross-border mergers and acquisitions and total factor productivity in China,whether the transnational merger and acquisition of the technology of reverse spillover obtain from the host country home core technology can improve the technical progress,these are the current our country enterprise needs to solve the problem.Methods on the study of technological progress usually are with the aid of growth rate equation and the production function.In general,the growth rate equation is put forward by an American economist,Mr.Solow,using Hick's neutral technical progress of production function.The method is based on the total factor productivity calculation to verify the effect of technological progress.The definition of total factor productivity refers to the remaining after deducting the capital and labor factor contribution.If technical contribution share in the Solow's residual item is stable,then the growth rate of its change can be used as a measurement index of the enterprise technological progress.Total factor productivity is a comprehensive indicator,which can represent a firm's technology level,including the total factor productivity.By using regression analysis model,the relationship between the total factor productivity,domestic research and development investment and cross-border merger and acquisition in China has carried on the empirical analysis,the results show that the domestic research and development spending has certain positive role on total factor productivity of China,but the stock of cross-border merger and acquisition and the correlation of total factor productivity growth is not particularly evident.Finally,according to the status quo and problems of cross-border merger and acquisition in our country,we put forward how to make the play of the cross-border merger and acquisition can effectively improve the technical level and research level of policy recommendations.