Research On The Reverse Technology Spillover Effect In The Industry Of Chinese Enterprises' Cross-border M&A

With the in-depth implementation of the “going out” strategy,China's cross-border M&A investment has entered a stage of steady development.Enterprises can learn advanced technological knowledge and research experience of the developed countries through cross-border M&A.At present,domestic and international research on the spillover effects of cross-border M&A reverse technology mainly focuses on the existence,transmission mechanism and influencing factors of effects.Based on combing and summarizing the existing research results,this paper focus on industry-level effects.Trying to provide theoretical basis for Chinese companies to carry out cross-border M&A investment,and enriching existing theoretical research results,and laying the foundation for exploring the investment development of enterprises in developing countries in an all-round way.This paper describes the overall development scale,distribution of the target areas and the status of industry distribution of Chinese enterprises' cross-border M&A.On this basis,it analyzes the transmission mechanism of the effects from direct and indirect channels.Further using TFP indicators to measure the reverse technology spillover effects in the industry and conducting empirical tests.Considering the comprehensiveness and availability of data,it consolidates Chinese enterprises' cross-border M&A data from BVD(Zephyr)statistics with the 10 major industries,adding the total amount of every industry from 2009 to 2016,and then introducing control variables,such as rd,hci.and using the fixed effect model to empirical test whether cross-border M&As of Chinese companies can promote productivity growth in the industry,and whether there is a difference between industries.The results show,Chinese enterprises can obtain reverse technology spillovers in the industry through cross-border M&A,but there are significant differences among the three major industries.The tertiary industry has the greatest effect,the reverse technology spillovers obtained by the secondary industry Second only to the tertiary industry,the primary industry has the least effect.Based on the theoretical and empirical analysis results,combined with the actual situation of Chinese currenteconomic development,it proposes to implement differentiated industry development policies for Chinese companies' cross-border M&A development,to increase support for technology-acquired cross-border M&A enterprises,and to increase investment in R&D,and to introduce talents.