Research On The Impact Of Technology Acquisition On Innovation Performance

In recent years,the scale of manufacturing industry in China has been developing rapidly.However,the key technological innovations are often lacking and an embarrassing situation of "big but not strong" appears.Especially in the knowledge-intensive high-tech industries,technological innovation is increasingly becoming the core element during the competition.In the Fifth Plenary Session of the Eighteenth Central Committee,and the Report on the Work of the Two National Assemblies,they stressed that it is needed to put innovation at the core of the overall national development and shape more development models relying on innovation.However,relying solely on internal R&D activities has many shortcomings,such as high risk and long cycle.As a result,many high-tech manufacturing enterprises acquire technical resources and enhance their own innovation efficiency through the acquisition of unlisted companies with advanced technologies.The primary problems facing these enterprises are whether the technology-seeking M&A can achieve the purpose of improving technological innovation performance and whether factors such as technical characteristics,related party transactions,financial support after M&A affect the efficiency of innovation.Thus,it is of great significance to conduct an in-depth research on the innovation performance of technological M&A.After reviewing the existing literature,I found following shortcomings: First,the research on the measurement of innovation performance mainly focuses on the macro level,or only from the perspective of input or output.But there are few literature from the input-output two aspects,or the perspective of dynamic changes in the level of technology to reflect the innovative performance;Secondly,most of the literature lacks comprehensive consideration of the main factors such as the accumulation of technical knowledge,the relative knowledge scale,the relationship between M&A parties and the post-M&A financial support.Based on the above macroeconomic background and the shortcomings of the existing research,I took 46 major technological M&A companies from high-tech industry listed companies as samples,using the super the efficiency of DEA,and Malmuqist index method to measure their innovation performance,and inspecting the factors that influence the innovation performance after M&A.Specific steps are as follows: First of all,according to the purpose of M&A,I screened the samples of technical acquisitions.Then,I used the super efficiency DEA model and Malmuqist index model to calculat the efficiency of innovation value and tfpch,and discuss the differences of technology innovation performance before and after technological M&A.Secondly,recognizing the factors that influence innovation performance after M&A.The difference between pre-M&A and post-M&A of tfpch and techch is taken as the dependent variable to construct a multiple linear regression model,so as to explore the impact of the factors on the innovation performance after mergers and acquisitions,such as original knowledge base,financial support.Finally,choose the average value of changes in innovation efficiency before and after M&A as the dependent variable,and conduct regression analysis again to ensure the robustness of the conclusion.After theoretical analysis and empirical test,the conclusions of this paper can be summarized as follows:First,the innovation efficiency of the sample shows an upward trend from two years before M&A to two years after M&A,but only the year of M&A were dowen.From the perspective of total factor productivity changes,TFP growth after technological M&A is significantly higher than pre merger level.I decompose it into technical progress and technical efficiency.According to the paired sample mean T-test,it can be found that technological acquisitions has brought significant positive effects on technological progress after implement M&A.Although the technical efficiency has improved,but the effect is not particularly obvious.Secondly,it tells us that more rich the original knowledge base,and the larger the relative knowledge base is,the technological progress and total factor productivity of the main party will increase more.That is,the more abundant the original knowledge is accumulated,the easier it is to identify,assimilate and integrate the other's advanced technologies.The larger the relative amount of knowledge of the acquired party,easier it will be for economies of scale,economies of scope,and synergies in technology after M&A is completed.Financial risk hinders technological progress and total factor productivity growth.Compared with non associated M&A,related M&A is more advantageous to the progress of technology and the improvement of tfp.The effect of internal financing resources on innovation performance is not significant.Thirdly,ownership concentration is positively related to total factor productivity.The enterprises with higher concentration of ownership have obvious improvement of total factor productivity,which shows that these enterprises can better complete the goal of technology acquisitions.The impact of development capability on technological progress and total factor productivity is positive,and it is very significant.M&A scale is positively related to technological progress at the level of 10%.