The Impact Of China's Listed Enterprises' Innovation Capability On Overseas M&A Performance

With the continuous advancement of the times,the close ties between international companies have become more important,and mergers and acquisitions among enterprises have become an important way to obtain resources and improve their own competitiveness.Although China is a developing country,internationalization started relatively late,but the number and scale of overseas mergers and acquisitions are gradually expanding.Under the general environment of “implementing innovation-driven development strategy”,the improvement of innovation capability has a national economic development and national progress.The significance of the Internet industry represented by the rapid changes in technological innovation has a major pulling and supporting role for the national economy,and the development of its innovation capability is particularly critical.Based on this,it has important research significance for the relationship between the innovation ability of China's Internet listed companies and the performance of overseas M&A.Through literature review,combined with the research results of domestic and foreign scholars on enterprise innovation ability and M&A performance,this paper defines the connotation of mergers and acquisitions and the connotation of enterprise innovation ability,and expounds the theory of overseas M&A,the evaluation method of M&A performance and the influencing factors,and builds an Internet enterprise.The theoretical model of the impact of innovation capability on overseas M&A performance,four hypotheses are proposed for verification and analysis.Based on the event research method and financial indicator method,the overseas M&A events of China's Internet listed companies from 2010 to 2016 are selected for empirical research.The short-term and short-term overseas M&A performance shows that:(1)the innovation ability of the acquirer enterprise,that is,the input and output level is positively promoting the M&A performance;(2)The adjustment variable M&A experience and the M&A model as a whole positively adjust the enterprise innovation ability and mergers and acquisitions Performance;Based on the research conclusions,the following four suggestions are given:(1)Pay attention to the investment of innovative Internet research and development by Internet listed companies in China(2)Pay attention to the improvement of their own patent level and improve the synergy effect of innovation(3)Make full use of M&A experience and formulate Reasonable M&A Strategy(4)Depending on the relevant industry mergers and acquisitions,implement the relevant art effectively determine the value of assets and technology absorption.