Mixed Ownership Mergers,Innovative Modes And Strategic Performance

The goal of deepening the reform of state-owned enterprises is to improve the capital structure of state-owned enterprises,to improve the efficiency of enterprise innovation and strengthen the market capacity of enterprises.However,whether the economic results of mixed ownership mergers and acquisitions achieve this goal,the theoretical conclusions are not consistent.We believe that the important reason for such divergence is that it ignores the important factor of the company's innovative mode,that is,the different innovation modes of mixed ownership mergers will lead to differences in strategic performance.In this work,examples of SDRZ company and TFAT company,double case comparison research method and the dual innovation theory,explore the path and mechanism of the influence of different innovative modes on the strategic performance as the evaluation method in different stages of M&A.The results show that the exploitative innovation in the early stage of M&A integration plays an important role in improving the strategic performance of enterprises.In the later stage of M&A integration,it is more conducive to the development of exploratory innovation that can realize the advantages of differentiation,create long-term advantages for enterprises and improve strategic performance.The research not only discovers the path and mechanism of different innovative modes to corporate strategic performance in mixed ownership mergers and acquisitions,but also explains the current economic controversy of mixed ownership mergers and acquisitions in theoretical circles.What's more,a theoretical framework for strategic performance of different innovative modes in mixed ownership mergers and acquisitions is established.The research conclusion expands the boundary of the application of dual innovation theory in management,and provides theoretical guidance for mixed ownership mergers and acquisitions enterprises.