Resource Complementarity,Dynamic Capability And Firm Innovation Performance In Cross-border Mergers And Acquisitions

Innovation is a strong driving force for national development,and it is also related to the survival and development of enterprises.Since the beginning of the 21 st century,enterprises in emerging markets have risen rapidly,and their technological levels are constantly approaching the frontier of innovation.Facing the "ceiling" effect of technological catch-up,the primary practical problem facing Chinese enterprises is how to break resource constraints and improve their independent innovation capabilities.Therefore,under the current conditions of relative scarcity of domestic innovation resources,it is of great practical significance to think about how to obtain innovation resources on a global scale and achieve innovation catch-up.As an important strategic choice for enterprises to cross organizational boundaries,acquire complementary resources and break resource constraints,cross-border M&A is an important way to improve innovation performance.However,in practice,cross-border mergers and acquisitions often fail due to asymmetric resources and capabilities of both parties,lack of integration experience and other reasons.Then,in cross-border M&A,what is the relationship between resource complementarity of both parties and innovation performance of the acquirer? What is the mechanism of action? Further research is needed.In the face of complex and changing external environment,the dynamic capability of enterprises is undoubtedly the most critical capability.Dynamic capability can help enterprises integrate internal and external resources effectively,improve the efficiency of resource allocation and adaptability to external environment,and then continuously enhance the innovation performance of enterprises.What role do dynamic capabilities play in the relationship between resource complementarity and firm innovation performance in cross-border M&A? There is little discussion in the literature.Focusing on the above problems,this paper discusses the relationship between resource complementarity,dynamic capability and enterprise innovation performance in cross-border mergers and acquisitions from the perspective of resources,based on dynamic capability theory and resource-based theory.And with dynamic capability as the intermediate mechanism,a theoretical model based on "resources-capabilityperformance" in cross-border mergers and acquisitions that resource complementarity affects enterprise innovation performance is constructed.This paper selects 271 crossborder mergers and acquisitions cases of Shanghai and Shenzhen a-share listed companies from 2011 to 2020 as samples for analysis,and uses empirical analysis method to draw the following conclusions:(1)Resource complementarity in crossborder mergers and acquisitions has a positive impact on firm innovation performance,and this positive impact is more significant in manufacturing,non-high-tech industries in manufacturing,eastern regions,and when the host country is a developed country;(2)Resource complementarity in cross-border mergers and acquisitions has a significant role in promoting innovation,absorption and adaptation in dynamic capabilities;(3)Dynamic capabilities are significantly positively correlated with corporate innovation performance;(4)Dynamic capability plays a partial mediating role between resource complementarity and firm innovation performance in crossborder M&A.Based on the above empirical research and analysis,this paper conducts an indepth discussion on the impact of resource complementarity in cross-border mergers and acquisitions on corporate innovation performance,and actively explores the mediating role of dynamic capabilities.Therefore,it supplements and improves the existing research on cross-border M&A and dynamic capability,broadens the existing research perspective,and further enriches the research content of cross-border M&A.Finally,according to the research results of this paper,some suggestions are put forward on how to obtain complementary resources in cross-border M&A for Chinese enterprises to improve their innovation performance.This will provide a certain theoretical basis for the logic of how Chinese enterprises acquire resources when conducting cross-border mergers and acquisitions.At the same time,it has certain reference significance for Chinese enterprises to conduct cross-border mergers and acquisitions.