The Research On The Influencing Mechanism Of Chinese Enterprises' Overseas M&A On Independent Innovation

Overseas M&A has become the main mode of international capital operation for Chinese enterprises under the background of economic globalization.At the same time,overseas M&A has also been the primary access to external technology.However,there has been not the definitive conclusion on how overseas M&A effect on independent innovation.Therefore,it is very important to research the influencing mechanism of Chinese enterprises' overseas M&A on independent innovation.Based on the overseas M&A data of listed enterprises in Chinese A-share stock market in 2002-2015,this paper explores the mediating effect of R&D input and R&D ability on the relationship between Chinese enterprises' overseas M&A and independent innovation by using the method of Weighted Least Squares(WLS).The results show that:first,there is positive relationship between overseas M&A and independent innovation;second,there is positive relationship between overseas M&A and R&D ability;third,there are parts of mediating effect of R&D input and R&D ability on the relationship between Chinese enterprises' overseas M&A and independent innovation.To be specific:R&D input negatively moderates the impact of Chinese enterprises' overseas M&A on independent innovation.On the contrary,R&D ability positively moderates the impact of Chinese enterprises' overseas M&A on independent innovation;fourth,the mediating effects of R&D input and R&D ability only exist in private enterprises and small-sized enterprises from the group study.The findings from this study also have important implication for practitioners.We advise the Chinese enterprises should make decision of overseas M&A according to their R&D strategy.Moreover,it is constructive that the government can promote Chinese enterprises' independent innovation by launching subsidy policy and expanding financing channel.