The Influence Of Mixed-Ownership M&A On Enterprise Innovation Performance

Innovation and reform called the "new engine" of China's economic development are the key to economic transformation.Innovation has an important impact on the growth and development of enterprises,and it is the driving force of national economic growth and the decisive factor for long-term competitive advantage.The mixed ownership economy is one of the important economic forms of our country.The 19th National Congress of the Communist Party of China emphasized the need to actively transform the state-owned economy and other ownership economies into mixed-ownership economies to accelerate the development of mixed-ownership as an important measure,continue to deepen reforms.Let the advantages of different ownership economies complement each other and give full play to the vitality of the two economic entities.Mixed-ownership mergers and acquisitions are one of the important ways of mixed-ownership reform.It is of great theoretical and practical significance to study whether mixed ownership mergers and acquisitions can improve the level of enterprise innovation and achieve the policy objective of mixed ownership reform to improve the quality of economic development.Therefore,this article explores the effect caused by mixed-ownership mergers and acquisitions to corporate innovation performance,which is the impact of mixed ownership reform on corporate innovation performance level.And on this basis,this article analyzes the differences in the impact of mixed-ownership mergers and acquisitions on enterprise innovation under different property rights.In order to achieve the purpose of the study,we combine the theoretical analysis and empirical methods to test the impact of mixed-ownership on corporate innovation performance,using the M&A data of listed companies from 2009 to 2017 as samples.On this basis,from the perspective of corporate governance efficiency and financing constraints,this article analyze the internal mechanism of mixed ownership M&A affecting corporate innovation to open the "black box" of mixed-ownership M&A and corporate innovation.Finally,this article explore the differences in the impact of mixed-ownership mergers and acquisitions on corporate innovation performance in different internal and external environments with different shareholding structures,marketization levels,and financial development levels,as well as in different industry types.Though theoretical analysis and empirical test,it verifies that mixed-ownership mergers and acquisitions can improve corporate innovation performance and promote private enterprises more than state-owned enterprises.Therefore,it shows that the participation in mixed-ownership reform through mixed-ownership mergers and acquisitions has positive significance for both state-owned enterprises and private enterprises and it has a stronger effect on private enterprises.In addition,in the sample group with high equity checks and balances,low equity concentration,high degree of marketization,and high financial development level,mixed-ownership mergers and acquisitions have a stronger effect on corporate innovation performance and mixed-Ownership mergers and acquisitions can better promote the innovation performance of non-manufacturing companies.This article expands the research on the economic consequences of mixed-ownership mergers and acquisitions from the perspective of innovation,and also enriches the research literature on the factors influencing innovation;Through the internal mechanism of action and the differential impact of different internal and external environments on the relationship between mixed ownership mergers and acquisitions and innovation,it also provides a decision reference for how different entities can better participate in mixed-ownership mergers and acquisitions;It also provides new evidence and ideas for the state-owned enterprises and private enterprises to actively participate in the mixed-ownership reform to achieve the synergy effect of the complementary advantages of different ownership subjects to promote the high-quality development of state-owned enterprises and private enterprises.