A Study On The Influencing Factors Of Cross-border Merger And Acquisition Of High-tech Enterprises In China

With the implementation of national innovation and development strategy,Chinese high-tech enterprise further enhances its status in the national economy.In order to achieve the strategic goal of catching up with the similar enterprises in developed countries,the high tech enterprises in our country have taken the cross-border merger and acquisition as a springboard to acquire advanced technology,famous brands and marketing channels from abroad.According to Thomson Reuter's statistics,the number of transactions of cross-border merger and acquisition of Chinese high tech enterprises were 103 in 2016,the transaction amount was $31.8 billion,with an increase of 102%and 293%respectively.The trading volume was after the industrial enterprises,ranking second.In this context,it is full of practical significance to study how to improve the performance of cross-border M&A of Chinese high-tech enterprises.The relationship between cross-border M&A and firm performance is a controversial issue in the fields of international business management and enterprise strategic management.However,there is no unified conclusion of the previous empirical research studies.At the same time,It can also open up a window of opportunity for fundamental research as well as innovation research.It is of great theoretical significance to further study factors affecting the performance of cross-border M&A.At present,in the specific context of China,the research on the influencing factors of the performance of cross-border M&A mainly has two prominent characteristics.First,most studies focus on a specific force,however,there is a lack of systematic analysis.Second,the vast majority of research findings were derived from the analysis of all types of enterprises.However,different types of enterprises are obviously in different development stages,therefore,the factors that affect the performance of cross-border M&A of a certain type of enterprises are not clear.And there are few studies on cross-border M&A of high-tech enterprises.In recent years,the continuous expansion of the overall scale of cross-border M&A in China has accumulated a large number of samples for empirical research.It also makes it possible to study the factors that affect the performance of cross-border M&A of Chinese high-tech enterprises.Based on the results of previous studies,this thesis establishes a systematic analysis framework to select the factors that may affect the performance of M&A from three aspects:external environment,enterprise and transaction.this thesis samples 53 cases of cross-border M&A from Chinese high-tech enterprises listed in A-shares.The performance of cross-border M&A is measured by accounting index method,and the weighted least squares method is used to conduct empirical tests.The empirical results show that the factors from various dimensions affect the performance significantly.The relative national competitive advantage,institutional distance and industry correlation from external environment level;experience in cross-border M&A,manager' ability,firm size and financial risk from enterprise level;relative size of M&A from transaction level have a significant impact on the performance of Chinese high-tech enterprises.Specifically,the relative national competitive advantage,institutional distance and financial risk have a significant negative correlation with the performance of cross-border M&A.Industry correlation,experience in cross-border M&A,managers' ability,firm size,relative size of M&A have a significant positive impact on the performance of Chinese high-tech enterprises.The influence of cultural distance and government correlation are not remarkable.Based on these findings,this thesis also gives practical advice on how to get better performance in cross border M&A.High-tech enterprises who are about to expand overseas market can be guided by the conclusions of this paper in practice.According to the factors from external environment,enterprise and transaction three aspects that may affect the performance of cross-border M&A,high-tech enterprises can take targeted measures to improve and enhance its performance.