Empirical Study On The Relationship Between China’s M&A And Technology Progress

Enterprise’s M&A is an effective form of industrial adjustment. In recent years, the government has issued a series of beneficial to industry M&A policies. Technical progress is a national economic growth of endogenous power, is the national sustainable development and the source of power. M&A accompany with technology transfer and upgrade, some M&A aim to acquire and absorb technology. Technology coordination is an important content of M&A coordination. Whether or nor can technology improve M&A,in turn, can M&A play a positive role to technical progress is becoming a hot issues. Base on the theory analysis, this paper use empirical research on the relationship between M&A and technology progress.Based on the theories of economic growth, technology innovation wave theory and industrial organization theory, this paper discusses the mechanism of technology progress and M&A. On four aspects:economies of scale, institutional change, the allocation of resources and knowledge to analysis the correlation of technology and M&A. From the point of view of collaborative acquisition, M&A request can get take the strength to the development of the enterprise integrating industry chain to realize the effect. Compare M&A and new-build to technology, post-merger integration is a stock type of reform, which improve the effectiveness of resource utilization.This paper use DEA index to measure technology progress (TEP). TEP is further resolve to technology efficiency (TE) and technology change (TC). Through TE and TC, M&A affect TEP. This paper chooses19representative industries such as pharmacy, electronics industry, mechanical industry which measure the development of economics, and divides them into four categories according to technical inputs. First analysis a large sample of regression, and distinguishes the industry by regression, compare the differences between different industries. Then integration test and granger causality test, merger and reorganization and technical progress verify whether both maintain long-term stationary series. In the regression analysis, subdivision industry analysis compared to the progress of technology acquisition effect similarities and differences.This paper proves the10years’ relationship between M&A and technology progress. To some extents, it reflects the M&A’s contribution to industry reorganization. The technological progress is the important factors to promote M&A, at the same time, along with the time of merger and reorganization of technological progress has played an important role. The result has some guiding Function to national industrial policy and M&A policy.