Research On The Oversea Mergers And Acquisitions Of China's Advanced Manufacturing—Based On The Perspective Of The Global Value Chain

Along with the surge of the new science and technology marked by big data,Internet of things and artificial intelligence,we have seen a new round of industrial revolution rise and the pattern of the advanced manufacturing forming in the world.Under this background,most developed industrial countries announced their stratetic plan for the advanced manufacturing in order to maintain their leading position in global economic competition.After the United States first proposed its national strategic plan for advanced manufacturing technology,Germany released its “Industry 4.0” plan which triggered a new round of industrial revolution.And then,Britain and Japan reported their strategic plan for the advanced manufacturing.As the world's largest manufacturing nation,China has also put forward its strategic plan for the advanced manufacturing-“Made in China 2025” based on its own conditions.However,the essences of these strategic plans are designed for the top of the global value chain-the competition on the core technologies in the advanced manufacturing.As the global economy further integrates at the moment,the core technologies of the manufacturing can not be monopolized by any country.To acquire them through overseas M&A is one of the most effective ways.Although China has the largest manufacturing capacity in the world,there is still a big gap between the overall level of China's manufacturing technology and that of the developed countries.To become a “world manufacturing power” is the ultimate goal of China's advanced manufacturing strategy.It is one of the important contents of the research in the field of industrial economics that how to improve core technologies of the advanced manufacturing through overseas M&A and thus to realize the strategic goal of “Made in China 2025”.The theory and research on the global value chain(GVC)are formed and developed with the international industrial migration and the development of the overseas M&A of MNC(multinational company)of the developed countries.The theoretical framework of the global production division system in the GVC accurately describes the position and trend of the different economic entities in the global economic competition,which lie on the different development stages.While the upgrading of the GVC further illustrates thedynamic changes of the position and trends.It's a fact that China's advanced manufacturing is in the middle and low position in the GVC.It is also the upgrading process in the GVC for China's advanced manufacturing to acquire the core technologies through overseas M&A.Based on the perspective of the GVC,to analyze the positional changes of China's advanced manufacturing in the GVC through overseas M&A and to judge the implemental effect of the strategic goal of overseas M&A can provide the theoretical and practical reference for China's advanced manufacturing to rapidly enhance the competitiveness of the core technologies through overseas M&A.From the view of the GVC upgrading and on the basis of combing the theories of the GVC,the advanced manufacturing and overseas M&A,this research,whose breakthrough points are the motives of overseas M&A,is launched on the issue of whether China's advanced manufacturing can acquire the core technical abilities through overseas M&A.The research adopts the methods such as normative analysis,case analysis and empirical analysis to analyze the effect of the GVC upgrading brought by China's advanced manufacturing overseas M&A driven by different motivations,especially the technological spillover effects and innovation effects of the overseas technology M&A powered by technology acquisition drivers,and then draws conclusions about acquiring the core technologies and achieving the upgrading of the GVC through the overseas M&A for China's advanced manufacturing.There is no doubt that China's advanced manufacturing,whether from the view of acquiring technology,or pursuing brand,or expanding market,can basically achieve the strategic goal of upgrading of the GVC and therefore improving the overall competitiveness of China's advanced manufacturing through the overseas M&A.However,from the aspect of obtaining core industrial technologies,i.e.the cutting-edge technologies at the top of the GVC,the effect of acquiring the core industrial technologies and promoting the technical innovation is not obvious.Although China's advanced manufacturing has achieved its strategic goal of rapidly enhancing the level of industrial technology and consequently shortening the gap with the developed countries by the technology spillover effect of overseas technology M&A,the role of obtaining and promoting technological innovation of industrial core technology is not clear.That means it is practical significant for China's advanced manufacturing,which is positioned at the middle and low end of the GVC,toimprove the overall level of the industrial technology and competitiveness and thus to actualize the upgrading of the GVC through overseas M&A.While it is not remarkable for China's advanced manufacturing to obtain the core industrial technologies and hence to move to the top end of the GVC and bring out the strategic goal of becoming the manufacturing power in the world.To acquire the core industrial technologies so as to break through the GVC lock and restructure the GVC,the only way for China's advanced manufacturing is to carry out endogenous innovation through great investment in R&D.