Research On The Impact Of Cross-border Mergers And Acquisitions Of My Country's High-tech Enterprises On Innovation Performanc

With the continuous improvement of China’s international status and the continuous enhancement of enterprises’ own strength,more and more Chinese enterprises are expanding internationally through cross-border mergers and acquisitions.Chinese high-tech enterprises mergers and acquisitions are very active and become an important force in the international M&A market in recent years.Through cross-border mergers and acquisitions,Chinese high-tech enterprises can quickly acquire advanced resources such as technology and management,which significantly improves their technological innovation ability and further promotes the promotion of international competitiveness.The promotion effect of cross-border M&A on the innovation performance of high-tech enterprises is affected by various factors,such as the M&A scale,the number of M&A shares and the absorptive capacity of enterprises from different perspectives.Taking one hundred and eighty-seven cross-border mergers and acquisitions of high-tech enterprises from 2011 to 2020 as research samples,this paper adopts the negative binomial regression model to make regression findings: The magnitude of the M&A has a negative impact on firms’ innovation performance.The larger the scale of cross-border M&A,the stronger the inhibition effect on its innovation performance.The number of M&A shares has a positive impact on the innovation performance of enterprises,that is,the larger the number of M&A shares,the stronger the promoting effect on the innovation performance of enterprises.In addition,the absorptive capacity of the firm also plays a moderating role in the merger scale and innovation performance,and the number of merger shares and innovation performance.There is a significant moderating effect of firms’ absorptive capacity.With the increase of absorptive capacity,the negative effect of M&A scale on innovation performance is weakened,while reinforcing the positive effect of the number of M&A stocks on innovation performance.In order to further improve the innovation performance of cross-border M&A,Chinese high-tech enterprises should fully evaluate the M&A decision and formulate scientific M&A plan before M&A,so as to improve their own innovation performance while obtaining the maximum economic benefits.Enterprises should also strengthen research and development investment,improve absorption capacity,fully absorb and use all kinds of resources obtained in the process of merger and acquisition,and promote the improvement of innovation performance.For the government,it should stick to the strategy of "going out" and accelerate the process of enterprise internationalization.Encourage enterprise innovation,strengthen policy support,reduce all kinds of restrictions in the process of merger and acquisition through the guidance of relevant policies,improve the enthusiasm of enterprise research and development,and promote the improvement of enterprise innovation performance.