The Impact Of The Actual Controller's Core Knowledge Background On Overseas M&A Of Strategic Emerging Companies

With the promotion of the"the Belt and Road Initiatives"policy,China has set off a new wave of overseas mergers and acquisitions since 2013,and strategic emerging industries also actively responding to the"going out"strategy and enhancing their international competitiveness.At the same time,China's strategic emerging enterprises are in a critical period of development.However,technological breakthroughs,imperfect business models,inadequate institutional innovation,narrow financing channels and many other issues plague the development of strategic emerging industries,innovative financing channels,and promote mergers and acquisitions.It is the only way for China's strategic emerging industries to leap-forward development.Therefore,based on strategic layout,industrial integration,and the introduction of new technologies and new models,strategic emerging companies have great demand for overseas mergers and acquisitions.The actual controllers of these companies are mostly founders.As the company's extremely important human resources and strategic decision-makers,the company's management rights are largely determined by the company's operation mode and development direction.The important resource allocation means is an important strategy for the company to achieve diversification and innovation.Therefore,in strategic emerging companies,the actual controllers usually formulate and implement the company's M&A strategy.The core knowledge background characteristics of the actual controllers are likely to have an impact on the company's overseas mergers and acquisitions.In a strategic emerging company,what is the relationship between the core knowledge background of the actual controller and the company's overseas mergers and acquisitions,M&A performance and technological innovation?This paper takes the above problems as the starting point of the research.On the basis of summarizing the existing research results,based on the theoretical analysis,the hypothesis and the variables are selected to construct the model of the actual controller's core knowledge background and whether the company has overseas mergers and acquisitions,short-term performance of mergers and acquisitions,and technological innovation after mergers and acquisitions.This paper examines typical strategic emerging company data and comprehensive strategic emerging company data by taking samples of small and medium-sized emerging,entrepreneurial emerging index companies and all A-share listed strategic emerging companies from 2013 to 2018.Using LOGIT regression to verify the educational background,work experience,awards and honors,overseas experience and comprehensive core knowledge background of the core knowledge of strategic emerging companies' actual controllers can promote the company's overseas mergers and acquisitions.In terms of short-term performance and technological innovation in M&A,this paper believes that the core knowledge of the actual controllers can bring higher short-term market perf'ormance and technological innovation to the company.The problems studied in this paper can provide a reference for investors to evaluate the value of the company's overseas mergers and acquisitions.Investors evaluate the impact of overseas mergers and acquisitions on the company's value should be combined with the core core knowledge background of the actual controller of the listed company;in addition,the issues studied in this paper are still It can provide reference for regulators to regulate the company's overseas mergers and acquisitions,and promote strategic emerging industry companies to conduct reasonable overseas mergers and acquisitions.