The Impacts Of M&A Reverse Technology Spillover On China’s High Technology Industry

With the rise of Chinese economy,China set the world on the sixth wave of mergers and acquisitions.Chinese enterprises are the main and the most active participants in the last 10 years of cross-border mergers and acquisitions stage.According to PWC investment statistics,in 2016,the number of overseas mergers and acquisitions of China mainland enterprises have achieved a large growth,trading volume increased by 142%,the transaction amount increased by 246% to $221 billion,Which over the first four years of the total amount of overseas mergers and acquisitions.Chinese chemical merged the Syngenta with $46 billion 600 million become the largest case of overseas mergers and acquisitions.In the high technology industry technology oriented,mergers and acquisitions is one of the main means of local enterprises to obtain overseas enterprises developed and advanced technology.So analyzing overseas mergers and acquisitions of high technology industry technology promotion is particularly necessary.This paper uses the combined method of qualitative analysis and quantitative analysis,the overseas mergers and acquisitions of reverse technology spillover in China high technology industry is studied.Firstly,this paper analyzes the status quo of China’s overseas mergers and acquisitions briefly.Secondly,this paper reveals the mechanism of reverse technology overseas mergers and acquisitions in China’s high tech industry spillover.Then,this paper constructs to TFP as explanatory variables,to overseas mergers and acquisitions as the main explanatory variables econometric model,and select the appropriate indicators,using panel data of high-tech industry 2007-2015,the empirical analysis of the impact of China’s overseas purchase and high technology industry reverse technology spillover condition.Finally,this paper a summary of the above analysis,and put forward the corresponding policy recommendations.