The Impact Of Cross-border Technology M&A On Enterprise Dual Innovation Performance

With the advent of the era of knowledge economy and the deepening of economic globalization,having advanced technology and obtaining competitive advantages in the market have become important factors for the sustainable development of enterprises.More and more enterprises begin to focus on the international market and strive to improve their innovation performance through cross-border M&A.Cross-border M&A.has also become a hot topic for many scholars.At present,the academic circle has made some achievements in the research on the impact of cross-border M&A on the innovation performance of enterprises,but no unified conclusion has been formed,which may be due to the differences in the selection of research variables and research perspectives.Enterprise innovation includes both exploratory innovation and exploitative innovation.The impact of cross-border technology M&A on enterprise innovation performance is also influenced by important situational variables.Further research on the mechanism of influence of cross-border technology M&A on enterprise innovation performance can provide reference for enterprises to carry out cross-border technology M&A.Based on the above analysis,this paper sorts out and summarizes the existing literature on cross-border technology M&A and enterprise innovation performance,and proposes research hypotheses based on resource-based theory and Institution theory.Then,this paper takes the cross-border technology M&A of China’s A-share listed companies from 2009 to 2018 as the sample,takes the cross-border technology M&A as the independent variable,exploratory innovation performance and exploitative innovation performance as the dependent variables,institutional distance and cultural difference as the moderating variables,and enterprise size,enterprise age,R&D investment,asset-liability ratio and industry type as the control variables.By means of multiple regression analysis,the paper uses Stata15.0 to conduct an empirical study on the relationship between cross-border technology M&A and exploratory innovation performance and exploitative innovation performance,and explores the mediating effects of institutional distance and cultural difference.The research shows that cross-border technology M&A has a positive impact on enterprise innovation performance.Compared with exploitative innovation performance,cross-border technology M&A has a more significant effect on exploratory innovation performance.Institutional distance positively moderates the relationship between cross-border technology M&A and enterprise innovation performance.Compared with exploitative innovation performance,institutional distance has a more significant moderation effect on cross-border technology M&A and exploratory innovation performance.Cultural difference negatively moderates the relationship between cross-border technology M&A and enterprise innovation performance.Compared with exploitative innovation performance,cultural difference has a more significant moderation effect on cross-border technology M&A and exploratory innovation performance.Therefore,this study can further enrich and improve the relevant conclusions about the influence mechanism between cross-border technology M&A and enterprise innovation performance,provide theoretical reference for enterprises to carry out cross-border technology M&A,increase the probability of successful M&A.At the same time,it can also provide ideas for enterprises to solve the institutional and cultural differences between the two countries and improve the innovation performance of enterprises.