A Research About The Impact Of Technological M&A On Technological Innovation Of The Listed Companies On The Gem

In recent years, with the development of new economy era characterized as network and high-tech, In the integration process of the new economy and traditional industries, technology innovation has become the important means of continuously improving enterprises’ market competitiveness. The approaches of technology innovation include internal and external research. External research include technology purchases, technology alliance and technological M&A whose importance is gradually enhancing. In recent years, as large-scale industrialization of the Internet and mobile Internet, technological M&A springs up again, and Google, apple, Facebook and domestic BAT implement frequently technological M&As. In addition, Chinese companies in other industries(such as mechanical processing, environmental protection, etc.) also joined in technological M&As, hoping to compensate for the lack of key technology and core technology through technological M&As. With the rise of the "third industrial revolution", technological M&As will be increasingly common and play an important role.technological M&As are already in full swing in the GEM market, in which the listed companies is particularly keen on conducting M&As for epitaxial growth. This paper focuses on the impact of technological M&A on technological innovation of the listed companies on the GEM, and has carried on the theoretical analysis and put forward the research hypothesis aiming to explore whether there is a complementary relationship between technological M&A and innovation investment, and its impact on innovation output. At the same time, we investigate the moderating effect of technological absorptive capacity, technical relevance, knowledge scale and technology integration, in order to provide guidance for the development of the listed companies on the GEM.This paper explores the impact of technological M&A on technological innovation of the listed companies on the GEM through reviewing and summarizing the relevant research results at home and abroad. In chapter 1, we mainly introduce the background of this paper’s topic,put forward the problems, explain the realistic and theoretical research significance and introduce research thought. In chapter 2, we introduce the related domestic and foreign research conclusions about technological M&A and make a literature review to lay the theoretical basis for the paper. In chapter 3,we analyze the relationship between technological M&A and technology innovation, put forward research hypothesis and build the conceptual model of this study. In chapter 4, we explain the choice and measurement of variables, research methods, sample selection and data sources. In chapter 5, we conduct empirical testing on the data collected by SPSS 19.0. In chapter 6, we summarize the paper’s research and give some enlightenments and recommendations for intheoretical research and practical work. We also put forward the shortages of this paper and the possible improvements for further research.In this paper, the following main conclusions can be obtained:First, as a way of external technology acquisition, technological M&A of the listed companies on the GEM contribute to the increase of its internal innovation investment, that is to say, there is a complementary relationship between technological M&A and innovation investment.Second, technology absorptive capacity can positively moderate the relationship between technological M&A and innovation investment, namely the stronger technology absorptive capacity is, the more positively technological M&A affects innovation investment.Third, technological M&A of the listed companies on the GEM has significantly positive influence on innovation output.Fourth, absolute knowledge scale can positively moderate the relationship between technological M&A and innovation output, namely the larger absolute knowledge scale is, the more positively technological M&A affects innovation output. Relative knowledge scale can negetively moderate the relationship between technological M&A and innovation output, namely the larger relative knowledge scale is, the less significant the influence of technological M&A on innovation output is.Fifth, the degree of technology integration can positively moderate the relationship between technological M&A and innovation output, namely the higher the degree of technology integration is, the more positively technological M&A affects innovation output.In addition, the technical relevance didn’t show a significant moderating effect in our study.