Research On The Impact Of China’s Cross-Border M&A Policy On The Digital Innovation Of ICT Enterprises In My Country

Under the background of deepening economic globalization,the ways of foreign investment and foreign trade of enterprises have the characteristics of diversification.In order to rapidly improve their international competitive advantages and integrate into the global market,cross-border M&A has become an important means for enterprises to choose to open to the outside world.The government has also introduced policies on cross-border M&A successively to promote the sustainable and healthy development of the cross-border M&A market.China has long adhered to the strategy of innovation-driven development.ICT enterprises are the key innovation subjects under the rapid development of digital economy,and their digital innovation is also the key field of scientific and technological innovation in China.Therefore,whether China’s transnational M&A policy can promote the digital innovation of ICT enterprises is the focus of this thesis.This thesis first sorts out the relevant literature on the impact of cross-border M&A policies on digital innovation,then analyzes the current situation and motivations of cross-border M&A,and summarizes the four stages of China’s cross-border M&A policy process,which are the initial stage of exploration,the stage of standardization,and the stage of development.High-speed development stage and steady development stage.Secondly,it analyzes the influence mechanism of cross-border M&A policy on the digital innovation of ICT enterprises,and then puts forward research hypotheses.Thirdly,in order to conduct an empirical analysis on the effect of the cross-border M&A policy,after determining to study the cross-border M&A policy in 2014,data screening was carried out,and finally the relevant data of 78 listed ICT companies in my country from 2010 to 2019 were selected,and the empirical research was conducted by constructing a DID model.The conclusion shows that China’s cross-border M&A policy has a significant positive effect on the digital innovation of ICT companies.After satisfying the parallel trend test and placebo test,in order to alleviate the problem of selection bias and better select the control group,the propensity score matching method was further adopted,and the baseline regression results were still significant.Based on the enterprise heterogeneity test,it is found that state-owned enterprises receive more significant policy promotion effects than non-state-owned enterprises,and eastern cities receive more significant policy promotion effects than other regions.Finally,this thesis analyzes and draws conclusions,including: China’s cross-border M&A policy has shown a steady development trend,China’s cross-border M&A policy has promoted the digital innovation of ICT companies,and the promotion effect of cross-border M&A policy is affected by property rights differences and regional differences.In view of the conclusions and existing problems of this thesis,relevant suggestions are put forward,including : consolidating the digital innovation foundation of ICT enterprises,tilting the preferential policy of cross-border M&A to the central and western regions,improving the information disclosure policy of cross-border M&A,and encouraging ICT companies to carry out digital cross-border M&A.