Research On The Spillover Effect Of China's Overseas Cross-border M&A Reverse Technology

Since the reform and opening-up policy,the state has vigorously developed foreign direct investment,actively implemented the "go out" strategy,and direct investment takes on active phenomenon.As one of the most important investments,cross-border mergers and acquisitions are growing,not just in size but also in mergers and acquisitions.From 2010 to 2015,growth in the number of overseas mergers and acquisitions from 57 to 222,average annual growth rate of 25.4%,the scale of overseas mergers and acquisitions increased from 59.49 billion yuan to 59.49 billion yuan,an average annual growth rate of 21.7%.At the same time,technological innovation of our country have also made proud "achievement",from 2010 to 2015,China's patent application number increased from 79767 to 79767,average annual growth rate of 22%,and the R&D investment in R&D has expanded from 706.258 billion yuan in 2010 to $2015 by 1.422 trillion yuan.As you can see from the above data,overseas cross-border mergers and acquisitions seem to be advancing China's technological innovation through reverse technology spillovers.Select the reverse technology overflow of overseas multinational m&a in our country as the research topic of rich transnational investment theory and guide the overseas multinational m&a practice has important theoretical and realistic significance.And use these operation mechanism and influence factors as the model of empirical analysis;The fourth chapter is the empirical analysis with the payment examines China's overseas reverse technology overflow of transnational merger and acquisition related factors,and to reveal the correlation between cross-border M&A and reverse technology;The final chapter of the last paper is conclusion and policy implications.According to the related analysis research concluded that from the angles of government and enterprises,we should put up with the development of policies and measures which are actual.This paper focuses on the current situation of transnational mergers,acquisitions and technological innovation in our country,and makes an overall picture of the current situation of the reverse technology of cross-border m&a in our country.Secondly,we should analyze mechanism of reverse technology overflow of transnational m&a in our country and take the specific operation mechanism into consideration under the influence factors of various levels,and each other through these factors to build an empirical model.In the empirical model,collecting the relevant data from 1996 to 2015,through the unit root and granger testobtaining the overseas multinational m&a can really promote the technology level of ascension.Conclusion points out that China's overseas mergers and acquisitions in promoting technological innovation is also restricted by various factors at home and abroad.Domestic problem is mainly the direction of China's overseas investment related issues,and focuses on foreign technical barriers exist in foreign countries.According to these conclusions in this paper,relevant suggestions are put forward in the last,on the one hand,based on the microcosmic policies of the enterprise,as a whole,increase enterprise overseas m&a risk research and development and strengthen its absorptive capacity;On the other hand,it is based on the macro-level of the government,providing financial guarantee,strengthening the training of talent echelon and perfecting the relevant legal aspects.