新兴市场海外并购的持续创新效果及影响因素研究

doi:10.6049/kjjbydc.L201808339

SCIENCE & TECHNOLOGY PROGRESS AND POLICY

2019, Vol. 36

Issue (10): 76-83 DOI: 10.6049/kjjbydc.L201808339

Enterprise Innovation Management

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The Persistent Innovation Effect and Influencing Factors of CrossBorder M&As in Emerging Markets

Liang Hong^1,2，Wu Yingyu^1,3，Chen Song³

（1.Business School, Sun YatSen University, Guangzhou 510275, China; 2.School of Economics and Trade, Hubei University of Economics, Wuhan 430000, China; 3.School of Management, Tongji University, Shanghai 200092, China）

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Abstract To buy the technology or to gain the innovative capacity? Studies on crossborder mergers and acquisitions (CBMAs) conducted by emerging market firms have been a puzzle. In this study, it attempts to investigate the ongoing influence of crossborder M&A (CBMA) on the innovation performance of enterprises and the persistent effect of CBMA in emerging markets. This paper not only considers the influence of CBMA, but also innovatively studies the relationship between absorbs procedure and postacquisition innovation performance. The result shows that Chinese firms can significantly promote their innovation performances through CBMA, but such influence is gradually weakening in the long term. As is shown in further research, the Stateowned enterprises (SOEs), compared with the NonStateowned enterprises, have more advantage in postacquisition innovation performance, and this effect can last longer. Moreover, Returnee Top Management Team (TMT) can also help companies get better innovation performance through CBMA, but Returnee Top management team are not good for the longterm retention of this effect. Therefore, this paper is of great significance to explore the longterm influence of CBMA on the innovation performance of enterprises.

Key words： CrossBorder Merger and Acquisitions Innovation Performance Persistent Effect Returnee Top Management Team

Received: 19 December 2018

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Liang Hong,Wu Yingyu,Chen Song. The Persistent Innovation Effect and Influencing Factors of CrossBorder M&As in Emerging Markets[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2019, 36(10): 76-83.

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http://www.kjjb.org/EN/10.6049/kjjbydc.L201808339 OR http://www.kjjb.org/EN/Y2019/V36/I10/76

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