Research On Manufacturing Overseas M&A Integration And Industrial Innovation Capability Based On Innovation Network: Comparison Between China And America

At present,Sino-US trade is fiercely competitive.The competition between the two countries is essentially a contest of manufacturing,and the key to manufacturing competition lies in technological innovation.Compared with the world's advanced level,China's manufacturing industry is still "big but not strong".Facing a new round of scientific and technological revolution and industrial changes,how to seize the opportunity to achieve cornering overtaking is a real problem facing China's manufacturing industry.Cross-border merger and acquisition integration is a weapon for China's manufacturing industry to acquire advanced technologies from developed countries and realize industrial technological innovation.This paper starts from the institutional perspective of China and the United States,and studies the relationship between overseas M&A integration and industrial technology innovation based on innovation networks.First of all,this paper makes a theoretical analysis based on the transmission mechanism of “enterprise overseas M&A integration – innovation network transmission – industrial innovation capability” and proposes research hypotheses.Then,this paper makes use of samples of cross-border technological merger and acquisition integration in manufacturing industry from China and America between 2002 and 2014,and conducts empirical research through structural equation model testing.Finally,after many empirical tests,the paper draws the following three conclusions: First,in the process of overseas mergers and acquisitions of manufacturing enterprises,in order to improve the innovative network structure hole and central position of the merger and purchase,and promote industrial innovation capability,it should be based on the resources of both parties.Relevance matches a reasonable degree of integration;Second,The perfection of the institutional environment has a positive adjustment effect on the merger and the central position of the innovative network structure by the merger and acquisition party through appropriate integration of the target resources;Third,China's economic system environment and regulatory system environment are not perfect compared to the United States,which is not conducive to the transmission mechanism of the promotion of innovation network capacity in overseas mergers and acquisitions to promote the ability of industrial innovation.