Analysis Of The Motivation Of Overseas Mergers And Acquisitions Of Chinese Science And Technology Enterprises

From 2012 to 2016,the growth rate of overseas M&A activity of China's science and technology enterprises was significantly higher than that of Europe and North America.Of the global economic recovery,Europe and the enterprise need to fund development,Chinese strategy of "going out" and "one belt and one road" initiative to motivate our country science and technology enterprises in overseas mergers and acquisitions,RMB internationalization as our country science and technology enterprises overseas acquisitions.Besides,China has abundant foreign exchange reserves,which has created a solid economic foundation for the overseas M&A of Chinese technology enterprises.The overseas M&A of Chinese technology enterprises can gain the overseas market,technology and brand,and enhance the international core competitiveness.The purpose of this paper is to analyze the motivation of the overseas M&A of technology enterprises in China,and provide references for the reasonable overseas M&A of Chinese science and technology enterprises.This paper first analyzes the theory of overseas M&A of technology enterprises,and provides theoretical support for later research.This paper divides the motivation of overseas M&A of Chinese science and technology enterprises into two aspects:macro and micro.On macro dynamics analysis,using the macro data from 2003 to 2016,with science and technology enterprises in our country overseas M&A,as the dependent variable,with exports,foreign exchange reserves and the per capital gross domestic product(GDP)as the independent variable,the above macro dynamics variables granger causality test and multivariate linear regression analysis.The results show that the export volume,foreign exchange reserve and per capital GDP are the reasons for the overseas M&A of Chinese science and technology enterprises.Based on the analysis of micro-enterprise behavior,the author analyzes the case of Tencent acquisition of Riot Games based on the smile curve theory.In view of the overseas M&A motivation of technology-based enterprises,relevant Suggestions are put forward from the state,enterprises and talents.