Research On The Innovation Performance About China Cross-border M&A Based On Technology Acquisition

With the transformation of China's economic structure and the slowdown of economic growth,domestic enterprises are forced to turn their eyes to foreign markets.In addition,with the in-depth promotion of "One Belt And One Road" strategy,the enthusiasm of Chinese enterprises in cross-border M&A continues unabated.Among them,technology-acquiring cross-border M&A are outstanding,more and more enterprises intend to acquire foreign advanced technologies and R&D capabilities through technology-acquiring cross-border M&A,so as to achieve enterprise innovation.In the report of the 19 th CPC national congress,China put forward the policy of creating an "innovation-oriented country".Scientific and technological innovation of enterprises has increasingly become an important support for improving social productivity and national strength.Therefore,both enterprises and governments are concerned about whether technology-acquiring cross-border M&A can be regarded as an external way to effectively improve the technological innovation ability of enterprises,and what factors affect the effect of such behavior.Based on the technology-acquiring cross-border M&A of listed companies in China from 2002 to 2014,this paper uses the PSM-DID model to verify the relationship between technology-acquiring cross-border M&A and innovation performance,and further verify the factors affecting the innovation performance of technology-acquiring cross-border M&A from the perspectives of the characteristics of technology-acquiring cross-border M&A and the characteristics of the main body of technology-acquiring cross-border M&A.Through empirical test,it is found that technology-acquiring cross-border M&A significantly promote the innovation performance of enterprises,which can only be shown through two to three years,that is,the long-term innovation performance is better than the short-term innovation performance;In terms of transaction characteristics,the region of M&A,the scale of M&A and the proportion of equity acquisition affect the innovation pe rformance of enterprises after M&A.The smaller the cultural difference is,the larger the relative scale of M&A is,the higher the proportion of equity acquisition is,and the better the innovation performance is.In terms of the characteristics of transaction subjects,state-owned shareholding,corporate governance mechanism of separation of the two positions and appropriate equity incentive mechanism can promote the innova tion performance of technology-acquiring cross-border M&A to be higher.Finally,combined with the research results,it provides corresponding policy suggestions for Chinese enterprises to carry out technology-acquiring cross-border M&A from the two levels of government and enterprises.This study provides a micro level of empirical evidence for the evaluation of the innovative technology-acquiring cross-border M&A,and at the same time provides a beneficial method enlightenment for the implementation of innovation strategy in China.