Research On The Impact Of Overseas Mergers And Acquisitions On Technological Innovation In China's Manufacturing Industry

Technological innovation is crucial to the development of enterprises and determines their international competitiveness.Chinese companies have "big but not strong" status quo,low product added value.In the past,the way to obtain processing fees by processing and manufacturing foreign low-tech products has made great contributions to China's economic growth.But foreign enterprises with core technology earn most of the profits,so mastering the core technology,quality win is the key to sustained economic growth.At present,China's economy is in a critical stage of technological transformation and upgrading,because enterprises lack of top technology,enterprise transformation and upgrading is difficult to achieve.In order to seek new technological breakthroughs,promote the transformation and upgrading of manufacturing structure,and bring industrial technology distance with developed countries closer,the state actively advocates and supports Chinese enterprises to "go out".China has proposed a "Made in China 2025" plan in an effort to achieve a shift from Chinese manufacturing to China,further enhancing the global competitiveness of China's manufacturing industry.Through overseas mergers and acquisitions,enterprises can enter the target country faster,learn innovative experience,obtain the core technology of the target enterprise,expand the scale of overseas market,and gradually become an important way for enterprises to invest abroad.According to China's foreign direct Investment Bulletin,China's overseas mergers and acquisitions showed explosive growth in 2016,and China returned to rational growth in 2017.With the "Made in China 2025",the popularity of Industry 4.0,manufacturing overseas mergers and acquisitions of the number of transactions and transaction amounts to achieve a substantial increase.More and more enterprises participate in overseas mergers and acquisitions caused by academic attention,academic circles will be divided into two categories of overseas M&A: One is the acquisition of natural resources based on resource mergers and acquisitions,one is to obtain technical resources,mature market resources based on technology mergers and acquisitions.This article mainly takes the technology M&A as the research object,takes the theory analysis,the empirical test as well as the case analysis combination way to discuss the overseas mergers and acquisitions to the Chinese manufacturing industry technology innovation influence.Firstly,this paper introduces the background significance of overseas mergers and acquisitions and technological innovation,and reviews and combs the literature review at home and abroad.Put forward the innovation point and the deficiency of the thesis;Secondly,it introduces the present situation of overseas M&A and technological innovation in Chinese manufacturing industry,and analyzes the relationship between overseas M&A and technological innovation in Chinese manufacturing industry.Thirdly,under the analysis of the influence mechanism and action path of overseas M&A and technological innovation in Chinese manufacturing industry,this paper analyzes the influence of overseas M&A on technological innovation of Chinese manufacturing industry by constructing model empirical test and selecting the case of listed company merger and acquisition.In the empirical test,the macroscopic data of time series and the microscopic data of enterprises are verified,and the innovation input-output of two listed companies before and after technology M&A is compared and analyzed in case analysis.Comprehensive verification of the impact of overseas mergers and acquisitions on technological innovation in China's manufacturing industry.Finally,the main conclusions are drawn from the background significance,the current situation connection,the mechanism path analysis and the empirical and case analysis results,and the relevant countermeasures and suggestions are put forward.This paper mainly analyzes the influence mechanism from the aspects of knowledge acquisition mechanism,research and development substitution mechanism and resource optimization allocation mechanism,and analyzes the action path from four aspects of the absolute knowledge Base scale and relative knowledge scale of the target party,as well as the technology digestion and absorptive capacity and resource integration ability of the M&A party.From the time series macroscopic data and enterprise microscopic data to carry on the empirical test,selects the1995-2016 Chinese manufacturing overseas M&A;a time series data as well as the 2009-2014A-Share listed company section data,empirically tests the overseas M&A to the Chinese manufacturing industry technology innovation influence;Choosing the failure case of Shangqi Group's acquisition of Ssangyong Automobile and the success story of Wanxiang Group's acquisition of A123 Lithium Battery Company in the United States,compared with the two companies in the merger before and after the innovation input-output.The following conclusions are drawn:(1)Overseas mergers and acquisitions play a role in promoting technological innovation in China's manufacturing industry;(2)The large scale of the knowledge base of the target party has a positive impact on the technological innovation of the manufacturing industry after mergers and acquisitions;(3)The large-scale knowledge base of mergers and auquisitions has a positive effect on technological innovation in manufacturing industry after mergers and acquisitions;(4)The technology digestion,absorption and integration ability has an important influence on the technological innovation of enterprises;(5)Increasing the investment of Enterprise's own R&D is the key to improve the technological innovation of enterprises.In response to the above conclusions,the following recommendations are made:(1)Increase R&D expenditure,increase the proportion of R&D expenditure in cost,increase their own knowledge accumulation,improve the technology absorptive capacity of enterprises,master the core technology;(2)Pay attention to personnel training.Regularly train technical personnel,accumulate innovative experience,for enterprise technical personnel to go abroad to exchange learning opportunities,improve talent incentive mechanism;(3)Do a good job in pre-merger preparation.Pre-merger enterprises to the target enterprises to fully investigate,reduce information asymmetry;(4)Focus on post-merger integration.Focus on post-merger personnel integration,technology integration,cultural integration.