Does Cross-border M&A Facilitate Enterprise Innovation?

Based on the domestic and foreign scholars' research and analysis,Take the cross-border M&A events of listed high-tech industry companies between 2008 and 2013 as the object,empirical analyze the high-tech companies' technology innovation index two years before and after the cross-border mergers and acquisitions event,look for a control sample company that did not have an acquisition during this period.by combining the empirical and theoretical analysis methods to study the impact of cross-border M&A on the development of innovation capability of enterprises,and then examine the culture difference on cross-border mergers and acquisitions technology innovation performance impact.First of all,this paper analyzes the definition of the cross-border M&A,and then puts forward the hypothesis and models of the hypothesis.STATA software is used for data analysis.In the empirical study,descriptive statistics,Pearson correlation test,sample-pair T-test and multiple regression analysis are used to test the research questions and hypotheses.The results of the empirical regression analysis show that the impact of M&A on the innovation performance of multinational enterprises has not been validated.But by Sample T-test,this paper finds that cross-border M&A has significant influence on the number of patent applications and the number of invention patents.At the same time,this paper analyzes the influence of cultural differences on innovation performance,and finds that cultural differences are positively related to innovation performance.The greater the cultural difference,the better the innovation performance.Through the analysis,the M&A of multinational enterprises is mainly for the purpose of technology acquisition,first of all advanced technology knowledge developed more concentrated in the distant countries such as Europe and the United States,followed by heterogeneous culture brought advanced technical knowledge and was M&A innovation atmosphere and decision-making management mechanism has been better absorbed and utilized.It can be seen from the conclusion of this study that,under the background of China's economic and institutional environment,the overall M&A of transnational technology has a positive effect on the innovation performance of enterprises.Multinational corporations can enhance their own technological capabilities through M&A activities of foreign enterprises.Cross-border M&A is an effective way to enhance the innovation level of Chinese enterprises and the country as a whole.However,the conclusion of cross-border M&A is not significant,which may be due to China's cross-border M&A market is still in the initial stage,the rules and regulations are more binding,the relevant cross-border mergers and acquisitions activities are not fully market-oriented.In addition,in this study cultural differences have a positive effect on the innovation capability of multinational corporations,so it is also a good choice for technology-oriented enterprises to choose companies that are far from the own cultural,especially the technology from the relatively large developed countries in the West.