Research On The Impact Of Overseas Technology Mergers And Acquisitions On The Dual Capabilities Of Enterprises: Growth Models And Influencing Factors

In 2016,the number of deals and transaction scales of Chinese companies' overseas technology mergers and acquisitions reached new heights.Under the background of open innovation,overseas technology M&A has become an important way for Chinese companies lacking core technological innovation capabilities to cope with the rising costs of global production factors and the increasingly difficult predicament of competition.However,this initiative to actively absorb external advanced innovation resources has not been fundamentally resolved.The bottleneck of Chinese companies' technological capabilities is weak,and even the technical capabilities of some technology-based M&A companies have fallen.Moreover,the academic community currently uses cross-sectional data to verify the M&A value of companies from two perspectives of financial performance and innovation performance,and lack of internal mechanism research on the dynamic growth trajectory of technological capability of enterprises at different levels(development ability,exploration ability).Based on the core issues of whether Chinese companies' overseas technology acquisitions can enhance their dual-capacity capabilities,this paper attempts to answer the following questions:(1)What kind of dynamic growth trajectory and whether there is a sub-category model for the dual capabilities of Chinese companies after overseas technology acquisitions?(2)What are the influencing factors of different growth trajectories,that is to say,under what conditions can enterprises that perform overseas technology mergers and acquisitions better achieve continuous growth of dual-capacity?This article is based on the sample of 102 Chinese listed companies in Shanghai and Shenzhen,and builds a latent variable mixed growth model and a logistic regression model.The empirical results show that:(1)The dynamic growth path of dual-capability of enterprises: After the internal resources of enterprises are embedded in external advanced innovation resources,there are three different types of dual-capacity: “growth mode,” “decline mode,” and “inverted U-mode.” Dynamic growth trajectory.Among them,there are two potential subcategories of “growth model” and “decline model” in development capabilities,and there are two potential subcategories of “growth model” and “invert U model” for exploration capabilities,and “growth in corporate development capabilities and exploration capabilities”.The initial technology innovation capability of the model is higher than the “declining mode” and the “inverted U-mode”,indicating that the overseas technology M&A activity of the enterprise can effectively promote the improvement of the duality capability of the enterprise,but the enterprise's own technological innovation capability is also a combination of the enterprise technology acquisition.The growth trajectory of post-binary capabilities has a significant impact.(2)Influencing factors of different growth trajectories of dual-capability for enterprises: The similarities of the technological resources of the two parties have a significant negative impact on the growth of the company's development capabilities.After the cross-terms of the absorption capacity are added,the two have an impact on the growth of the company's development capabilities.It has a significant positive effect,indicating that absorptive capacity can correct the negative impact of the similarity of technical resources,but the similarity of technology resources between M&A parties has a significant positive effect on the growth of firms' exploration capabilities;the complementarity and potential of technological resources Absorptive capacity and actual absorptive capacity have a significant positive impact on the growth of the company's development capabilities and exploration capabilities;two dimensions of absorptive capacity: the potential absorptive capacity and actual absorptive capacity and its cross-terms with similarity and complementarity of technical resources Both have a significant positive impact on the development capabilities of the company and the growth of exploration.Through empirical research,this paper reveals the dynamic growth path and its sub-category growth model of the dual-capability of Chinese listed companies after overseas technology mergers and acquisitions.Through regression analysis,it verifies the relevance of technology resources,potential absorption capacity,and actual absorption capacity of M&A parties.The influence of different growth trajectories of dual-capability of the enterprise has enriched the research of technology M&A performance from the research content and research methods.