Research On The Relationship Between Overseas Technology M&A And Innovation Of Gem Listed Companies

With the implementation of the “Belt and Road” policy and the promotion of China's corporate transformation strategy,promoting technological innovation has become a new opportunity in the historical development of enterprises.Overseas technology mergers and acquisitions have become a major trend in acquiring overseas advanced technology resources and enhancing the level of independent innovation of enterprises.Studying the interaction between overseas technology M&A and innovation will help to improve the theoretical framework of overseas technology mergers and acquisitions and innovations of Chinese enterprises at this stage.It has important and far-reaching significance for guiding the implementation of national policies,corporate mergers and acquisitions and innovation management practices.This paper selects the overseas technology M&A events completed by China's GEM listed companies from 2011 to 2017 as the experimental group,and the GEM companies that have not had overseas technology mergers and acquisitions as the control group,with “overseas technology M&A motives – overseas technology M&A activities”-Overseas technology M&A performance(innovation)is a research theoretical framework that uses foreign scholars to analyze the overseas technology mergers and acquisitions and innovations,the rigorous Propensity Score Matching-PSM method,according to the same year principle.Matching for each GEM company that has undergone overseas technology acquisitions,the matching variables include the industry(industry),asset size(Size)and enterprise age(Age),followed by the Logit model and the Difference In Difference method.-DID)verified the hypothesis and came to the following conclusion:The innovative ability of the acquirer has a positive and significant impact on the company's overseas technology M&A decisions,and the acquirer's innovation capability is stronger than that of the company that has not had overseas technology mergers and acquisitions.The degree of similarity in technical knowledge between the acquirer and the target company has a positive and significant impact on the company's overseas technology acquisition decisions.Overseas technology mergers and acquisitions have a positive and significant impact on the acquisition side's innovation.The higher the similarity of technical knowledge between the two parties,the greater the promotion of overseas technology mergers and acquisitions to the purchaser's innovation.Finally,based on the conclusions drawn from the empirical test,this paper makes an in-depth discussion of the conclusions,and proposes policy recommendations for enterprises and countries.At the same time,this paper also points out the shortcomings of this research and the subsequent research directions.This paper provides a theoretical basis and empirical evidence for a deep understanding of the relationship between overseas technology acquisitions and innovations of GEM listed companies,and has important practical significance for the country to make major decisions and the long-term development of enterprises.