Empirical Study On R&D Investment,Technology M&A And Corporate Sustainable Competitiveness

With the new wave of scientific and technological revolution,the global economy is undergoing unprecedented changes,making the global manufacturing competition situation has also appeared the development trend of adjustment and reconstruction.The world economy is undergoing profound changes.Meanwhile,the depth and breadth of the impact of technological innovation on the sustainable development of enterprises are increasing.The market environment faced by enterprises is becoming more complex,especially the sustainable development of equipment manufacturing enterprises is facing more severe challenges.As an important pillar industry of national economy,equipment manufacturing industry is not only an important driving force for economic growth,but also an important means and security guarantee for manufacturing industry transformation and upgrading.Therefore,the development quality and potential of equipment manufacturing industry not only decides whether "Made in China" can be transformed into "Mind in China" or not,but also bears the historic responsibility of realizing the dream of "Made Powerful Country".Therefore,how to acquire and maintain the competitiveness of equipment manufacturing enterprises and obtain competitive advantages in the harsh market competition environment,so as to achieve sustainable development has become a hot topic both in industry and academia.Academic circles at home and abroad generally believe that technological innovation is the source of sustainable competitiveness of enterprises,and R&D investment as well as technological M& A are important means to achieve technological innovation of enterprises.The existing literature mainly studies the innovation performance of R&D investment and technology M&A,or regards technology innovation as the component of sustainable competitiveness,lacking the research on the relationship between R&D investment,technology M&A and sustainable competitiveness.According to the relevant research at home and abroad,this paper defines the sustainable competitiveness,constructs the index system of sustainable competitiveness based on resources,technology and market,using principal component analysis to measure the level of sustainable competitiveness of Listed Companies in equipment manufacturing industry.At the same time,this paper uses the resource-based theory and dynamic capability theory to analyze the mechanism of R&D investment and technology M&A on the sustainable competitiveness of enterprises,and then constructs the concept model of "two-wheel-driven" innovation and puts forward the research hypothesis.This paper chooses the listed companies of equipment manufacturing industry in China from 2007 to 2017 as the research sample,exploring the relationship between R&D investment,technology M&A and sustainable competitiveness of enterprises through theoretical analysis and empirical test.Further analysis finds the R&D investment and technology M&A of equipment manufacturing enterprises should choose the appropriate scale in the process of pursuing innovation growth and maintaining sustainable competitiveness by using the method of hierarchical regression.This paper finds that:Firstly,due to the influence of external economic environment,the sustained competitiveness of Listed Companies in equipment manufacturing industry in China is fluctuating.Especially after 2012,With the increasing downward pressure on China's economy,the overall level of sustained competitiveness of listed companies in the equipment manufacturing industry shows a downward trend of dynamic fluctuation.Secondly,the R&D investment intensity of listed companies in the equipment manufacturing industry is not high,which cannot have a positive effect on the sustainable competitiveness of enterprises.For the equipment manufacturing enterprises with intensive capital and technology,the R&D investment intensity is low at 5.4% on average.Therefore,the R&D investment intensity has a significant negative impact on the sustainable competitiveness of enterprises,that is,the R&D investment intensity significantly inhibits the sustainable competitiveness.Thirdly,The R&D investment intensity of Listed Companies in equipment manufacturing industry has a non-linear relationship with the impact on sustainable competitiveness,showing an inverted "N" shape and an appropriate scale.The results show that there is a moderate R&D investment intensity range,ranging from 5.43% to 7.46%,within which R&D investment intensity significantly promotes the improvement of sustainable competitiveness.Fourthly,the scale of technology M&A of Listed Companies in equipment manufacturing industry is still relatively low,and the impact on the sustained competitiveness of equipment manufacturing enterprises is not significant,which means technology M&A can not enhance the sustainable competitiveness of enterprises.Fifthly,the synergistic effect of R&D investment and technology M&A of Listed Companies in equipment manufacturing industry is significant,both the intensity of R&D investment,research and development personnel density,or the cost of R&D investment rate and technology acquisition of interaction coefficient is positive,and significant under 1% level,and show the existence of the coordination effect,achieve the economies of scale and scope economy effect,R&D investment and technology M&A synergy can significantly improve enterprise sustained competitiveness.By investigating the specific impact of R&D investment and technology M&A on the sustained competitiveness of Listed Companies in equipment manufacturing industry,this paper makes up for the lack of empirical test on the source of sustained competitiveness,to a certain extent.At the same time,this paper enriches the theoretical results of existing literature on R&D innovation and sustained competitiveness.At the same time,the obtained research conclusions provide valuable reference for enterprises to make innovation investment decisions,and theoretical reference for government departments to formulate technological innovation policies to encourage enterprises to make R&D investment and technology merger.