The Imapct Of M&A On R&D And Performance Of The Information Technology Enterprise

Since China’s reform and opening up, the information technology industry got rapid development in our country. The rapid development of communication technology and the rise of electricity in recent years are changing our way of life. The impact of technology on enterprise in the era of science and technology information is far more than that of hundreds of years ago in the industrial age. Research & development and innovation are the main driving force of the information technology industry. Research & development ability is crucial to the information technology enterprise and it is also the main competitiveness for information technology enterprise. Due to the increasingly fierce market competition, traditional ways to get technology and research & development ability has can’t meet the requirements of rapid development and the characteristics that the information technology industry product is upgrading faster,.So in the fierce competition environment, more and more information technology enterprise obtains the survival and development through technology M&A.At present, after the global financial crisis in 2008, the reform of the international economic system and order has been gradually deepend. As the world’s largest emerging economies, China’s role in the global economy system will gradually expand. A new generation of information technology is developing at a faster pace and it will drive the industry pattern to make more profound change. Therefore, to explore and validate the relationship of M&A, R&D investment and enterprise performance has both theoretical and practical significance.This dissertation is to study the relationship among enterprise M&A, R&D investment and enterprise performance. First, the paper reviewed the existing empirical research at home and abroad in three aspects and find that:(1) the overseas research at this area are more abundant, but the domestic literature is relatively lack; (2) both for domestic and abroad research, the relationship between two of these three construct is well studied but no researcher studied these three variables in one model; (3) research on the above three aspects, the conclusions from different scholars are inconsistent, because each scholar focus on the different background, country, industry. So in order to make up for the above defects, based on the information technology industry in our country as the background, not only study the relationship between M&A and R&D, the relationship between M&A and enterprise performance, and the relationship between R&D and enterprise performance, but also study these three variables in one model.Next, this article introduces the scope and characteristics of information technology enterprise, and the R&D investment and defines the concept of enterprise M&A. At the same time, this paper discusses three theory (resource based theory; synergistic effect theory; economic growth theory). Combined with the three theory and previous research outcomes, this paper analyses and puts forward the following four assumptions:(1) the enterprise M&A behavior would be positive influence on enterprise’s R&D investment; (2) the enterprise M&A behavior affects the corporate performance; (3) R&D investment has positive influence on enterprise performance (4) the positive influence of M&A on enterprise performance is implemented through R&D, namely R&D is a mediating variable.In terms of sample selection, this dissertation selected from 2010 to 2012 of the information technology industry, browsing through annual reports manually collected R&D related data, and use the CSMAR database collected other required data. Verified by empirical study, it is concluded that the positive influence of M&A on enterprise performance ismediated by R&D, namely R&D as mediating variables. In this article, through the change of variable and a model with the method of cobb-douglas production function completed the robustness test.Finally, this paper puts forward opinions on the information technology industry in our country from the policy, regulation and efficiency of mergers and acquisitions and innovation consciousness:(1) the enterprises should grasp the opportunity of M&A timely; (2) the government should provide a loose policy environment, promote enterprise’s vitality; (3) improve enterprise innovation ability, obtain core competitiveness; (4) promote mergers and acquisitions and the R&D efficiency.