Research On The Impact Of Institutional Environment And Innovation Ability On Foreign Mergers And Acquisitions Of Sino Foreign Joint Ventures

In recent years,with broad market continuously open in our country,the proportion of wholly foreign owned enterprise of foreign direct investment in China is higher and higher.Particularly noteworthy is that large numbers of sino-foreign joint ventures,also through the way of accepting the Chinese equity or increase endowment spread,will venture into foreign holdings or wholly foreign owned enterprise,which further accelerated the foreign "owned" storm in our country.From the time point of view,foreign capital utilization of mergers and acquisitions from the "joint venture" to "owned" in the process of accelerated;From the point of space,property change of sino-foreign joint venture enterprise exists obvious regional differences."Joint venture of sino-foreign joint ventures,mergers and acquisitions-the foreign owned" not only increased the learning cost of Chinese enterprises,encroached on Chinese enterprises' living space;At the same time,it endangers the host country's industry security,damage the healthy and orderly development of the host country of the national economy.Aimed at this phenomenon,this paper first through to the domestic and foreign related research situation of access and study,finding out the foreign "owned" in our country the path of the storm and motivation.Second through to our country industrial enterprise database in 2000-2007 sino-foreign joint ventures of foreign mergers and acquisitions cases summary,using ArcGIS software,and its regional distribution in our country were visualized analysis,which can intuitively judge joint venture ZhongWaiFang m&a in our country various areas exist obvious tendentiousness.Then,through the theory with reality,and puts forward the foreign capital enterprise of Chinese enterprises "joint venture-mergers and acquisitions-foreign owned" institutional environment impact model and innovation ability.The model from two dimensions of institutional environment and the innovation ability it analyzes the Chinese and foreign joint venture "joint venture-mergers and acquisitions-foreign owned" the path of change and evolution rule.The study found that with the improvement of the system of regional environment,the foreign m&a behavior will be more frequent,embodied in regional marketization level and the promotion of the rule of law and reduce government intervention to the enterprise will increase the foreign m&a behavior;On the other hand,regional innovation ability of the jointventure of foreign m&a is accordingly high.Finally,the paper on how to prevent a sino-foreign joint venture of wholly foreign-owned put forward some reference Suggestions,including: enhance market transparency,improve enterprise information disclosure system;The government appropriate intervention to ensure the safety of the industry;To perfect the relevant legal system of merger and acquisition,reduce the foreign hostile;Strengthen joint qualification inspection,alert to the foreign technology acquisition.Based on ArcGIS software,this paper will be foreign to our country enterprise of"joint venture-mergers and acquisitions-foreign owned" paths were analyzed systematically the regional visualization,which can visually distinguish sino-foreign joint ventures of foreign m&a behavior whether there is different in different regions of our country's preference,fully embodies the management combined with geography interdisciplinary advantage.Secondly,the paper based on the combination of macro economy and micro enterprise behavior study,the dynamic analysis of a sino-foreign joint venture joint venture-mergers and acquisitions-the foreign owned"area of influence factors,has strong persuasive.Finally,the paper adopted the combination of dynamic and static view,the institutional environment,innovation ability and the relationship between the sino-foreign joint venture foreign mergers and acquisitions in the dynamic environment analysis,build the sino-foreign joint ventures of wholly foreign-owned influence mechanism model.For the current related theories have played an important role a degree of enrichment,also for Chinese enterprise to prevent wholly foreign-owned play a warning role.