Study On The Relationship Between Independent R&D Investment And Innovation Performance Based On M&A

With the development trend of innovation driving productivity,Chinese enterprises attach more importance to technological innovation and industrial transformation and upgrading.In the aspect of cultivation of R&D ability,internal self-development of enterprises is an important way to carry out innovation activities,and increasing investment in R&D is the guarantee of innovation ability of technology-intensive enterprises.However,the general lack of innovation in Chinese enterprises is still an inevitable situation,and the lack of R&D investment as well as the difficulty in obtaining external advanced technical knowledge is the key factors that influence the innovation development.As the technology resource M&A has become an important mean of obtaining external technology,and the influence of it on enterprise performance as well as how can foreign technology maximize benefits with independent R&D integration have become the focus of scholars in enterprises and related fields.Based on the current China's technology-intensive enterprise M&A events,and by selecting technology-intensive industry enterprises of Shanghai and Shenzhen as samples,this paper's purpose is to study the relationship of R&D capital stock formed by independent R&D investment and innovation performance in the effects of M&A.Under this research theme,we first examined the impact of independent R&D investment on innovation performance.Second,we consider the nature of M&A and to test whether technology M&A can amplify the positive effect of independent R&D investment on innovation performance.Then,combined the impact of resource integration factors and the basis of technology acquisitions,we further examined the moderating effect of technology overlap on the relationship between the pre-merger independent R&D investment and the post-merger innovation performance of acquiring enterprises.Finally,we also consider the innovative performance under different independent R&D investment conditions with the combined influence of internal and external innovation resources.The research results show that: independent R&D investment is the basis of innovation activities,and increasing investment in internal R&D activities is benefit to absorb and internalized external innovation resources.That is,internal R&D investment in enterprises has a significant positive effect on the improvement of innovation performance.After joining the two moderators of technology acquisition and technology overlap,it was found that technology M&A and technology overlap can further amplify the positive effect of independent R&D on innovation performance.Meanwhile,corporations that continue to increase their pre merger internal R&D investment will have even more pronounced improvements in their post-merger innovation performance.Finally,combined with the research results,the paper puts forward specific policy recommendations for companies and managers,who should take care about of different aspects of innovation resource acquisition and use M&A to improve innovation performance rationally.The above research has enriched the literature on the influencing factors of innovation performance,expanded the research direction of technology resource-based M&A,and provided a beneficial perspective of develop innovation scientifically and rationally and maintain the core competitiveness of technology-intensive corporations.