Technology Sourcing Overseas M&A Integration And Industrial Technology Innovation:From The Perspective Of Innovation Network

In recent years,Chinese manufacturing enterprises are facing overcapacity,backward technology and many other issues.In response to the new economic situation,the Chinese manufacturing enterprises actively carry out overseas mergers and acquisitions,and obtain advanced technology to promote the enterprise'sposition in the global innovation network through M&A.In this process,the integration degree of the merger is an important factor,the integration degree will have different impact on the innovation network.Through the network transmission and technology spillovers,the local industry's technological innovation capability will be improved.This paper starts from the point of view of innovation network,analyzes how does different integration degree affect the network position of acquirer under different resourcecorrelation,and put forward assumptions.Afterwards,this paper uses the structural equation model to carry out empirical research to verify whetherthe hypothesis is established,using the data of overseas mergers and acquisitions of Chinese listed companies from 2001 to 2012.Finally,we draw a conclusion.When the acquiring and acquired firms have higher resource similarity,the acquirer should choose a high integration degree to promote its network position,including central position and structural hole position,and then enhance the technological innovation capability of acquirer's industry.When the acquiring and acquired firms have higher resource complementarity,the acquirer should choose a low integration degree to promote its network structural hole position,and then enhance the technological innovation capability of acquirer's industry.