Innovative Performance Of Technical M&a And Independent R & D In High-tech Companies

Focus on the questions of innovative performance affected by technological mergers and acquisitions or independent research and development,the thesis is mainly based on the knowledge-based theory,resources-based theory and human-resources theory,about 185 technological merger samples from Chinese five types of high-tech listed companies through 2010-2012 are used to study the innovative performance.The results showed that: Technicians are the basis of the evolution and innovation of high tech enterprises,The accumulation of knowledge influence the M&A innovative performance significantly,and there are some dilution effect in the process of the evolution and innovation.Effective resources integration influenced the M&A innovative performance negatively,Independent R&D is the basis to promote high tech enterprises mergers and acquisitions,Related transactions can affect the performance of corporate M&A,In general,the trend of the enterprise‘s innovation performance is gradually improved but there is a certain lag,the innovation effect of the manufacturing industry is different,The accumulation of knowledge drives the technology innovation of all high tech enterprises M&A samples,Technicians differences between different industries,Resources integration influenced the M&A innovative performance varies largely among different industries,especially on the computer and instrument manufacturing;The investment on R&D influences the innovative performance of pharmaceutical manufacturing significantly,The trend of innovation between different industries shares differences.Knowledge base plays an intermediary role between enterprise R&D investment and technicians,It is the key factor in the high-tech enterprises M & A.Finally,according to regression test and intermediary effect test results,Proposed high-tech enterprises of manufactures should increase R&D investment,Pay attention to resource integration,Strengthen the accumulation of knowledge and talents,meanwhile,Appropriately use the way of technology M&A to integrate innovation resources.