Research On The Matching Model Of High Innovation Performance Of Overseas Technology Mergers And Acquisitions Of Chinese Enterprises

In recent years,Chinese companies have participated in overseas mergers and acquisitions,showing an upward trend in both quantity and amount.At the same time,the quality and structure of mergers and acquisitions have also been increasingly valued by companies.M & A strategic assets and move towards high-end value chains have become the unremitting pursuit of more companies.This transformation stems from the accumulation of funds obtained by Chinese companies and the pressure of transformation and upgrading.The companies hope to acquire strategic assets through the acquisition of high-tech enterprises in developed countries,thereby enhancing international competitiveness.Through technology mergers and acquisitions,enterprises can absorb advanced technical knowledge according to their own development and make up for their own shortcomings,so as to better improve their own knowledge,technology and capabilities,and improve the level of innovation of enterprises.However,overseas technology mergers and acquisitions do not necessarily mean high innovation performance.Because Chinese companies' overseas technology mergers and acquisitions have distinctive features of significant technological gaps,significant differences in systems and cultural environments,and more complex and diverse contexts and factors,multi-factor combinations are required.This article expands from the institutional theory,cultural integration theory,knowledge transfer theory and absorptive capacity theory,and analyzes the multiple influencing factors of the relationship between overseas technology m&a and innovation performance.including institutional distance,cultural distance,knowledge distance,potential absorptive capacity,actual absorptive capacity and enterprise culture intensity.And further analysis of the six influencing factors,found that the research conclusions of the impact of various factors on innovation performance are not completely consistent,and even conflict.Therefore,it is necessary to consider the complex situation of overseas technology mergers and acquisitions of Chinese companies as a whole,systematically explain the configuration between factors,and find a matching model with high innovation performance.By collecting data on overseas technology mergers and acquisitions of A-share listed companies from 2010 to 2016,this paper uses a fuzzy set qualitative comparative analysis method to explore the linkage effect of multiple related factors on overseas technology mergers and acquisitions of Chinese companies on innovation from the external distance and internal context.The actual impact of performance finally found five main matching modes of high innovation performance,and three propositions were put forward in combination with case analysis,namely the importance of the host country's system quality,the dual contextual impact of knowledge distance and the dual contextual impact of corporate culture intensity.In addition,the research also shows that in the practice of overseas technology mergers and acquisitions,companies should focus on the factors of multiple distances,absorptive capacity and corporate culture strength.According to the level of their own absorptive capacity,carefully select target companies with suitable distances,so as to ensure the realization of the goal of improving enterprise innovation performance.