Administractive Affiliation,Motivation Of Cross-Border Mergers And Acquisitions And Enterprise Innovation

China’s outbound investment instiutional system is becoming increasingly mature,and the scale of cross-border mergers and acquisitions keeps growing.Government overall planning and market play a decisive role in resource allocation,which provides new opportunities and challenges for enterprises to carry out motivation of cross-border mergers and acquisitions.As a institutional-oriented enterprise behavior,cross-border mergers and acquisitions is greatly affected by the home country system,but the existing research has ignored its influence on cross-border mergers and acquisitions.Then,how different types of administrative affiliation affect the motivation of cross-border mergers and acquisitions,how different types of cross-border mergers and acquisitions affect enterprise innovation,how administrative affiliation affect enterprise innovation performance by influencing the motivation of cross-border mergers and acquisitions,and what factors affect the process,all these questions need to be further studied.In addition,innovation has become the main motivation for Chinese enterprises to carry out cross-border mergers and acquisitions,and its effects need to be futher studied.In China,foreign investment policy is one of the clues of domestic market-oriented system reform,and cross-border mergers and acquisitions is greatly influenced by the home country system.As a latecomer in the international market,emerging market countries lack specific advantages,and their investment development path is different from that of developed countries.They need to give full play to their institutional advantages to make up for their market competitive disadvantages.Therefore,how the administrative affiliation affects the choice of cross-border mergers and acquisitions behavior and then the innovation performance of cross-border mergers and acquisitions has become a problem that needs further discussion.In view of this,this article from the perspective of resource dependence on how to rely on the administrative affiliation allows ease market competitive disadvantage of private enterprises,how to study from the perspective of system at the same time in the host country to obtain legitimacy,to establish a research framework,and selected from 2009 to 2018 data and the crossborder mergers and acquisitions enterprise innovation data from 2010 to 2019,The empirical research is carried out in the following three aspects:Study 1:Based on the resource dependency theory,the data of cross-border mergers and acquisitions from 2009 to 2018 are taken as the basis,this paper explores the influences of different types of administrative affiliation on the motivation of crossborder mergers and acquisitions.It can be found that state-owned enterprises as a whole have weaker motivation for cross-border mergers and acquisitions,weaker motivation for technology resources-oriented cross-border mergers and acquisitions and stronger motivation for technology resources-oriented cross-border mergers and acquisitions;Compared with private enterprises that rely on social relations to obtain administrative affiliation,state-owned enterprises have lower motivations for cross-border mergers and acquisitions,weaker motivations for technology resources-oriented cross-border mergers and acquisitions,and no significant differences in motivations for natural resources-oriented cross-border mergers and acquisitions;Private enterprises that rely on social relations to obtain administrative affiliation have stronger motivations for cross-border mergers and acquisitions,while there is no significant difference in motivations for technology resources-oriented cross-border mergers and acquisitions,and have stronger motivations for natural resources-oriented cross-border mergers and acquisitions.Study 2:Based on the data of cross-border mergers and acquisitions from 2009 to 2018 and the corresponding enterprise innovation data from 2010 to 2019,this paper discusses the innovation performance of different types of cross-border mergers and acquisitions,and focuses on the factors affecting innovation performance of technology resources-oriented cross-border mergers and acquisitions.It is found that technology resources-oriented cross-border mergers and acquisitions significantly improves enterprise innovation,while natural resources-oriented cross-border mergers and acquisitions significantly reduces enterprise innovation.Intellectual property right institutional distance has a negative moderating effect on innovation performance and a positive moderating effect on absorptive capacity.Study 3:Based on the data of cross-border mergers and acquisitions from 2009 to 2018,this paper explores how administrative affiliation influences the motivation of cross-border mergers and acquisitions and acquisitions and then influences enterprise innovation.It is found that the administrative affiliation obtained through equity relationship has a significant negative effect on innovation performance of cross-border mergers and acquisitions,while the administrative affiliation obtained through social relationship has a significant positive effect on innovation performance of cross-border mergers and acquisitions.The motivation of cross-border mergers and acquisitions plays a partial intermediary role between the administrative affiliations obtained by equity relations and enterprise innovation.Absorptive capacity plays a partially mediating role in the relationship between administrative affiliation acquired by social relations and enterprise innovation.The possible innovations of this paper are as follows:First,based on the resource dependence theory,the paper discusses the mechanism of different types of administrative affiliation on the motivation of cross-border mergers and acquisitions,which makes up for the limitation of previous studies that only one type of administrative affiliation was discussed.Secondly,it discusses the influence of different types of the motivation of cross-border mergers and acquisitions on enterprise innovation,broadens the research perspective of the motivation of cross-border mergers and acquisitions,and enriches the research on the influence path of innovation performance of technology resources-oriented cross-border mergers and acquisitions.Thirdly,the paper reveals the mechanism between administrative affiliation and enterprise innovation,forms the research path of ’administrative affiliation--crossborder mergers and acquisitions--enterprise innovation’,and discusses the mediating effect of cross-border mergers and acquisitions motivation on the innovation performance of administrative affiliation acquired by equity relationship.Fourthly,based on the institutional theory and combined with the characteristics of different types of cross-border mergers and acquisitions,this paper discusses the institutional types that different types of the motivation of cross-border mergers and acquisitions should focus on from the perspective of how to give play to the institutional advantages,which enriches the research on the distance between different types of institutions.Fifthly,it verifies the importance of administrative affiliation and social capital in cross-border mergers and acquisitions,and provides reference for enterprises to better carry out cross-border mergers and acquisitions and promote enterprise innovation activities.