The Impact Of Technology Acquisition On The Innovation Performance Of High-tech Enterprises Based On Absorptive Capacity

For high-tech enterprises,innovation is the cornerstone of competitiveness.There are two main ways to improve the innovation output,one is to improve the innovation performance by independent research and development,the other is to obtain the knowledge technology from the outside to promote the innovation performance of the enterprise.At present,the main methods of external acquisition are the purchase of patents,strategic alliances,mergers and acquisitions,enterprise cooperation,etc.,in which mergers and acquisitions are most widely used in reality and can help enterprises to achieve innovation output,but also the most research areas of the researchers.The researchers believe that M&A can excavate the innovation potential of the enterprise,and can create a lasting competitive advantage for the enterprise.However,the mechanism of the impact of M&A on innovation performance has not yet been formed,and further research and analysis are needed.Technology acquisition is an important way to acquire external technology,so this paper studies the impact of technology acquisition on innovation performance.Technology acquisition can not only acquire knowledge and technology outside the enterprise,but also help enterprises to achieve reasonable resource allocation.At present,the research on technology acquisition mainly focuses on knowledge base and technology similarity.There are few studies on absorptive capacity.The absorptive capacity of enterprises is an important ability of enterprises to obtain external resources.It has a very important influence on the integration of enterprises after merger and acquisition.Therefore,it is of great theoretical and practical significance to analyze the impact of technology merger and acquisition on innovation performance with the perspective of absorptive capacity.This paper,taking 2012-2014 years of 130 high-tech listed companies as a sample,explores the impact of technological M&A based on absorptive capacity on innovation performance,and explores the influence of internal factors on the innovation performance after M&A from four aspects of knowledge base,potential absorptive capacity,actual absorptive capacity and resource scale,and introduces external environmental factors:the degree of protection of property rights To explore the moderating effect of external environment on absorptive capacity in post merger innovation performance.Finally,according to the empirical analysis results,it can be concluded that technology M&A can promote the acquirer's innovation performance and absorption ability to positively promote the innovation performance after M&A,and accordingly give high-tech companies relevant M&A advice.