关键词: 海外并购, 资源互补性, 技术创新, 子公司自主权, 中国综合竞争优势

Abstract: Using a sample of technological cross-border M&As of Chinese listed firms，and the method of event-study and multiple regression model, this paper empirically tests the relationship between complementary resource and innovation performance of acquiring firm and the moderate effect of target autonomy. It is found that complementary resource has a positive relationship with technology innovation; target autonomy plays a positive moderating role. We further examine the mechanism of Chinese comprehensive competitive advantage and found that the use of market scale advantage strengthens the moderating role while the effect is more significant in state-owned enterprises; Seeking overseas technological advantage weakens the moderating role; Seeking overseas brand advantages by manufacturing and private enterprises strengthens the moderating role. The conclusion breaks through the ownership advantages of established theories. It provides a theoretical basis for Chinese firms to improve innovation by choosing appropriate cross-border M&A, optimizing the integration of complementary resources and using Chinese competitive advantage.

Key words: cross-border M&A, complementary resource, technology innovation, subsidiary autonomy, Chinese comprehensive competitive advantage