The Impact Of Transnational Mergers And Acquisitions On The Innovation Performance Of Chinese Enterprises

Cross-border M&A can quickly acquire high-quality resources such as foreign technology,brands and channels in a short period of time.With the acceleration of economic globalization,cross-border M&A has become the main way for enterprises to expand their international markets and improve their innovation capabilities.In recent years,emerging market companies represented by Chinese companies have sprung up in cross-border mergers and acquisitions,showing strong driving force.For emerging market enterprises,cross-border M&A can not only help enterprises integrate the industrial chain,achieve scale expansion,but more importantly,they can quickly obtain high-quality resources and cutting-edge technologies from foreign countries,thereby comprehensively improving the innovation performance and market of emerging market enterprises.Competitiveness.Therefore,it is of great theoretical and practical significance to explore the impact of cross-border mergers and acquisitions on the innovation performance of Chinese enterprises in the context of globalization.Through the use of theoretical and empirical analysis methods,this paper comprehensively studies the impact of cross-border mergers and acquisitions on theinnovation performance of Chinese enterprises.Through the combing of relevant theories and literatures,the paper finds the breakthrough of this paper,and further explores and improves the impact of cross-border M&A on the innovation performance of enterprises from a new perspective.Based on the theoretical analysis,the four hypotheses of this paper are proposed.Then,from 2011 to 2016,31cross-border M&A transactions of listed companies in China's healthcare industry were taken as research samples,and regression analysis was carried out.The empirical results show that the scale of M&A transactions has a negative impact on the innovation performance of enterprises,that is,the larger the transaction size of cross-border mergers and acquisitions,the more obvious the inhibition effect on innovation performance;the shareholdings have a positive impact on the innovation performance of enterprises,that is,the acquisition in cross-border mergers and acquisitions.The more equity,the stronger the promotion of corporate innovation performance.At the same time,corporate absorption can regulate the relationship between M&A transaction size,M&A equity and innovation performance.The negative impact of M&A transaction size on innovation performance decreases with the increase of absorption capacity;M&A is positive for innovation performance.The impact increases as the company's absorptive capacity increases.This paper explores the impact of cross-border M&A on corporate innovation performance from the perspective of transnational M&A transaction characteristics,and innovatively discovers the role of corporate absorptive capacity in regulating the relationship between cross-border M&A and innovation performance.Finally,based on this,this paper puts forward suggestions for improving the innovation performance of Chinese enterprises.The research results show that the transaction characteristics of cross-border M&A transactions and equity have an important impact on the innovation performance of enterprises.Before implementing the cross-border M&A strategy,enterprises should take into account the possible impact of these factors on innovation performance and formulate countermeasures in advance.For companies with a primary focus on rapidly improving their innovation capabilities,they should focus ontarget companies with quality innovation and R&D resources.At the same time,enterprises should pay attention to improving their own absorptive capacity,in order to quickly identify,acquire and apply external innovation resources,make full use of the innovation effects brought by cross-border mergers and acquisitions,and ultimately achieve the improvement of corporate innovation performance.In the context of China,this paper studies and analyzes the impact of cross-border M&A on innovation performance,and draws conclusions with certain theoretical and practical significance.The research results supplement and enrich related research.At the same time,this paper provides a new perspective for the research on the relationship between cross-border M&A and innovation performance,and has certain enlightenment and reference value for the cross-border M&A practice of emerging market enterprises.