Research On The Influence Of Overseas M&A On Technological Innovation Of Manufacturing Enterprises

With the changes in the domestic and international competition pattern under the “new normal” and “Belt and Road” initiatives of economic development,the past factor-dependent development of manufacturing enterprises has become a dead end,and innovation-driven,especially technological innovation,has become the primary principle.In recent years,under the leadership of the innovative top-level design program “Made in China 2025”,China's manufacturing technology innovation has made remarkable achievements,but there are still shortcomings in the innovation path and innovation performance.Previous studies have suggested that there are two basic ways to promote technological innovation: one is closed innovation and the other is open innovation,the latter being an important direction for theoretical research and practical application in recent years.The reasons are: on the one hand,external competition is increasingly fierce,the technical structure is becoming more and more complex,and innovation iterations are accelerating.Enterprises need to accelerate the pace of innovation and develop breakthrough technologies to deal with them;on the other hand,they face internal resources and capacity constraints,and closed independent research and development has Higher risks and time costs,but it is often difficult to break the path of customary innovation and develop breakthrough innovations.Therefore,it is possible to expand and update the intrinsic knowledge stock of enterprises in a short period of time,and open innovations with external complementary ideas become the main innovation model,and overseas mergers and acquisitions are the most important way to realize the transformation of external creativity into independent innovation capability.Based on the longitudinal case study of Goldwind Technology's acquisition of VENSYS,this paper analyzes the impact of overseas mergers and acquisitions on the technological innovation of manufacturing enterprises: the key innovation resources of overseas mergers and acquisitions are conducive to make up for the key technology gaps of the main and the company,and organically combine with their own technological development capabilities to break through independent innovation.The bottleneck will realize the leap-forward development of technological innovation capability,and the leap of technological innovation capability will bring about market development and marketing capability improvement,provide sufficient self-owned funds for innovation investment,and innovation investment will increase the technological innovation ability.And through the grounded theory research method,spirally summarizing the key nodes and important capabilities that influence the technological innovation of overseas mergers and acquisitions,namely the mechanism of overseas mergers and acquisitions,combined with the dynamic capability theory and the open innovation theory of technology,put forward the "full stage and dynamic capability of overseas mergers and acquisitions" As the core mechanism system,it provides a useful reference for Chinese manufacturing enterprises to use the overseas merger and acquisition channels to promote technological innovation and enhance transformation and upgrading under the “Belt and Road” initiative.