Manufacturing Listed Company's Technology Sourcing Overseas M&a Integration And Industrial Technology Innovation:A Comparative Study Between China And Germany Based On Institutional Perspective

At present,China's manufacturing industry is confronted with the dual challenges of transformation,upgrading and structural adjustment,and has entered a critical stage of tackling the crux of the problem.At the same time,a new round of scientific and technological revolution and industrial reform are underway,forming a historical confluence with China's accelerating economic restructuring.The global pattern of industrial division of labor is in the process of reshaping.If China wants to seize the historic opportunity to move from the current manufacturing country to a manufacturing power,it must leap from the lower end of the value chain to the middle and high end.Overseas acquisitions are one of the major channels.This article starts from the perspective of institutional comparison and studies the relationship between manufacturing listed company's technology sourcing overseas M&A integration based on the innovation networks and industrial technological innovation.First of all,the paper makes a theoretical analysis of the impact of institution on 'the integration of overseas M&A-innovation network-industrial technological innovation' and puts forward the corresponding assumptions.Then,this paper makes use of the multi-group structural equation model for comparison and analysis of the M&A integration of manufacturing industries between China and Germany during 2002-2014.Finally,the following three main conclusions are drawn:The home institutional environment is more perfect and the more favorable it is for acquirer to promote the network centrality after the target is properly integrated based on M&A resources connectivity,so as to promote industrial technological innovation.The home institutional environment is more perfect,which is more conducive to the promotion of the structural holes after the target is properly integrated based on M&A resources connectivity,thus promoting industrial technological innovation.