| Since the past 40 years from the beginning of the reform and opening up,China’s level of opening up has become higher and higher.In response to the country’s "being global" strategy and to meet the urgent needs of enterprises’ own development,more and more Chinese enterprises carry out foreign exchanges and foreign investment activities.As an important way of outward foreign direct investment(OFDI),cross-border mergers and acquisitions(M&A)enable Chinese enterprises to quickly acquire talents,knowledge,technology and other high-quality resources of developed countries,so it is favored by more and more Chinese enterprises.For innovation,on the one hand,China attaches increasing importance to innovation;On the other hand,the existing innovation capacity of Chinese enterprises is lagging behind,which is a great threat and challenge to the sustainable growth of Chinese economy.Generally speaking,enterprises have two ways to innovate: one is independent research,and the other is external acquisition.Crossborder M&A may realize the innovation of the second way.The research content of this paper is to explore the influence of cross-border M&A on enterprise innovations.In the part of theoretical research,first of all,this paper sorts out the relevant literatures on the impact of cross-border M&A on enterprise innovations.Secondly,this paper summarizes the theoretical basis of the impact of Chinese enterprises’ cross-border M&A on enterprise innovations.Then,this paper discusses the specific mechanism of the influence of Chinese enterprises’ cross-border M&A on enterprise innovations.In the part of empirical research,the methods of Propensity Score Matching and Difference-In-Differences are used to examine whether there is a causal relationship between cross-border M&A and enterprise innovations.The research results show that: first,cross-border M&A will have a significant positive impact on enterprise innovations.Secondly,for enterprises of different regions and different attributes,cross-border M&A have different influence on the degree of enterprise innovations.Moreover,time will also influence the final effect of enterprise innovations.Finally,based on the research conclusions,this paper puts forward four suggestions: first,China should continue to expand the level of opening up,and improve relevant policies to ensure the smooth development of cross-border M&A of enterprises.Second,enterprises should optimize their internal structure and carry out cross-border M&A more rationally.Third,enterprises in different regions should make good use of local policies and resources.Fourth,enterprises need to increase their investment in research and development and improve their absorptive capacity. |
