| Manufacturing industry is the pillar industry of the national economy.Although China has become the largest manufacturing country,the problem of "big but not strong" manufacturing industry still exists."Made in China 2025" puts innovation at the core of the overall development of the manufacturing industry,which indicates that in the face of the increasingly complex world economic environment,China needs to promote technological innovation as soon as possible and promote the upgrading of the manufacturing industry from the traditional low-level industrial chain to the relevant high-tech industrial chain.In recent years,more and more companies hope that through mergers and acquisitions in developed countries have advanced technology enterprises to breakthrough bottlenecks,while most of the literature only in patent application number for a single output variable,or in the form of a one-time "input-output" calculated value to measure the innovation performance of enterprise innovation efficiency,actually the innovation process is multi-stage and multi-input-output,the impact of technological cross-border mergers and acquisitions on the efficiency of manufacturing enterprise specific innovation stage is the existing research gap.Therefore based on the perspective of innovation value chain,this paper constructs a twostage "input-output" innovation efficiency evaluation system according to the phased characteristics of China's manufacturing innovation,and makes a comparative analysis of the innovation efficiency of China's manufacturing industry before and after cross-border merger and acquisition(M&A)based on DEA model.The main contents of this thesis include :(1)build a two-stage innovation value chain based on the theory of innovation value chain,considering the periodical characteristics of manufacturing innovation activities.(2)summarize the impact paths of technological cross-border mergers and acquisitions on the two-stage innovation efficiency of co-ownership enterprises,and further identify the influencing factors of the twostage innovation efficiency.(3)establish a two-stage innovation efficiency index system,and then evaluate the two-stage technology innovation efficiency of 72 sample enterprises before and after mergers and acquisitions by DEA model,and analyze each industry's trend of twostage efficiency change in the five years before and after M&A.(4)construct a two-stage linear regression model,analyze the direction and significance of influencing factors on the rate of change of innovation efficiency in two stages,and put forward policy suggestions based on the empirical results.The empirical results show that:(1)the average efficiency of technological development of sample enterprises experienced a decline and then a rise in the two years after the M&A,and the results of transformation efficiency increased rapidly after the merger,with little change in the second year.(2)for four industries including the electronics and communications equipment manufacturing,automobile manufacturing,medical equipment and instruments manufacturing and general equipment manufacturing,the efficiency in technological development stage was improved to some extent,while which of three industries including the medicine manufacturing,computer manufacturing and special equipment manufacturing industry was not improved,for all sub-industries,the efficiency of technological transformation increased after the M&A.(3)knowledge distance helps improve the efficiency of technological development,while cultural distance has a significant negative impact on it after the M&A,and a significant positive impact on the efficiency of technological transformation after the M&A.(4)government subsidies and the absorptive capacity of enterprises have a significant positive impact on the efficiency of the two stages after M&A.(5)compared with intra-industry mergers and acquisitions,crossindustry mergers and acquisitions can better promote the efficiency of technological transformation. |
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