Research On The Impact Of Corss-Border M&A On Chinese Enterprises' Technological Innovation Under The Background Of "One Belt And One Road"

The proposal of the "one Belt and one Road" is a major measure for China to lead the open development in the new era.Under this background,more and more enterprises in China have achieved optimal allocation of factors and improved their position in the global value chain through international investment.Among them,cross-border mergers and acquisitions(M&A)as the main way of foreign direct investment of enterprises,its proportion has gradually increased in recent years,especially the proportion of mergers and acquisitions in the "one Belt and one Road" countries began to rise.Therefore,exploring the impact of cross-bor-der M&A on enterprise technology innovation under the "one Belt and one Road",which is important theoretical and practical significance.Based on this,this paper adopts the micro-level data of Chinese listed companies from 201 1 to 2016 to conduct empirical research by establishing multiple linear regression models,analyzes the impact of cross-border mergers and acquisitions on technological innovation of enterprises from the overall sample and classification samples.From the characteristics of industry and the nature of enterprise ownership,the impact of cross-border M&A on technological innovation in different enterprises is analyzed.The study finds that the cross-border M&A behavior of Chinese enterprises has significantly promoted technological innovation in the overall and“one Belt and one Road" countries;and the cross-border M&A has a positive impact on high-tech industries and non-state-owned enterprises.Based on the perspective of "one Belt and one Road",this paper deeply studies the internal mechanism of cross-border mergers and acquisitions affecting technological innovation of enterprises,and further proposes according to the research results:cross-border mergers and acquisitions play an active role in technological innovation of enterprises,and enterprises should conform to the "one Belt and one Road" initiative of the country.To strengthen its own R&D investment,and at the same time reduce the financing costs of M&A and strive to achieve technological synergies.The conclusions of this paper enrich the new policy implications of further enhancing the technological innovation capability of enterprises and for China's mergers and acquisitions along the "one Belt and one Road" countries.