Research on the Influence of M&A Network Embedding on Regional Innovation
Merger and acquisition(M&A)is an important path for the strategic development of enterprises and the optimal allocation of regional innovation resources.Based on Wind database and incoPat database,we manage to obtain data about M&A and innovation,and explore the regional innovation effect of Chinese urban M&A network from the perspective of cyberspace.The results show that the scale of Chinese urban M&A network continues to expand,showing a trend of overall flat and modular development of core areas,and the long-distance inter-provincial M&A across administrative boundaries becomes the dominant.The effects of network embeddedness on the transmission mechanism of regional innovation are different.The strength of network links and the innovation level of partners both play a significant role in promoting regional innovation,but the impact of network structural holes is not obvious,which indicates that network embeddedness mainly promotes urban innovation through scale effect and spillover effect,and the advantages of network power have not been demonstrated.The regional innovation effect of M&A is strongly correlated with the selection of spatial scale.The innovation effect brought by M&A outside the province is the strongest,and the innovation level of cooperative cities in the province has the greatest impact on local innovation,indicating that the network overflow effect is affected by the comprehensive effect of network structure,knowledge characteristics,geographical distance and other factors.Cities should attach importance to the innovation opportunities brought by the urban agglomeration development strategy as well as M&A cooperation with other cities,and pay attention to their innovation level when establishing cooperative relations with neighboring cities.
Mergers and Acquisition(M&A)Network EmbeddingSpatial ScaleKnowledge SpilloverRegional Innovation