Technology M&A,Governmental Support And Military Enterprise Innovation Efficiency

At present,with the deeper progress of the national military-civilian integration strategy,the domestic military industry is in the large wave of mergers and acquisitions,and the number of mergers and acquisitions has increased year by year.Relative to the long-term cycle,high risk and high investment of independent research and development,many limitations of cooperative research and development,and difficulties in the introduction of core technologies,technology acquisitions can not only quickly acquire the right to use the technology of the target company,but also master the knowledge possessed by the target company,especially the tacit knowledge with the right to control the target company,thus it can become a more efficient and effective way to enhance the technological innovation capability of the company.However,after the M&A,the expansion of company's market share and the reduced competitive pressure may lead to the lack of company's attention to R&D and innovation,resulting in the reduction of innovation efficiency.Different M&A methods have different effects on M&A companies' technological innovation efficiency.In order to ensure that the expected technical efficiency after the merger and acquisition is achieved,military enterprises must choose the appropriate method of M&A to improve the scientific nature of M&A and R&D decisions-making.For a long time,all levels of government from the central government to local governments have actively encouraged and cultivated the technological innovation capabilities of military industrial enterprises,and military enterprises have been given many financial subsidies and tax incentives.As the owner of state-owned assets,the government is the manager of M&A activities and the promoter of corporate innovation activities,which has led to the complexity of impact to M&A and technology innovation efficiency from governmental support.At present,the need for purely theoretical research on governmental support has been widely demonstrated byscholars.The governmental support for technological innovation of military-industrial enterprises is beneficial in itself,but its effect on innovation efficiency may not be significant,which is mainly influenced by the different preferences of the government and enterprises on technology.Based on this,doing research on the relationship between technology acquisition,governmental support and enterprise technology innovation efficiency has important theoretical and practical significance.This article selects listed A-share military enterprises in Shanghai and Shenzhen from 2009 to 2015 as the research object,and discusses the relationship between technology acquisition,governmental support,and technological innovation efficiency.Starting from the background of military industry,this paper selects technology acquisitions and governmental support as the key factors affecting the technological innovation efficiency of military industrial enterprises,and constructs a research paradigm for the logical relationship between the three.Based on the retrospective analysis of relevant theoretical literatures,the research hypothesis of this paper is put forward,and the front panel stochastic frontier model is used to determine the technological innovation efficiency of military industrial enterprises with Frontier(Version 4.1)software.Afterwards,statistical and statistical analysis of sample data was conducted using Stata version 13.0 software,and empirical conclusions were drawn on the relationship between technology acquisitions,governmental support,and technological innovation efficiency.The research results show that the overall technological innovation efficiency of China's military-industrial enterprises is relatively low,and the average technical innovation efficiency value is 0.7225,which has a large room for growth,so the formulation of the national military-civilian integration strategy has important practical significance.By classifying technology acquisition methods,we found that enhanced technology mergers and acquisitions and complementary technology mergers and acquisitions are not conducive to improving the technological innovation efficiency of enterprises,such adverse effects are commonly found in state-owned enterprises and non-state-owned enterprises,and the impact on state-owned enterprises is greater than that of non-state-owned enterprises.A further test selecting governmental support as regulatory variables found that there is a positive regulatory effect of government funding subsidies on the relationship between enhanced technology mergers and acquisitions and innovation efficiency,while the regulatory effect of government tax relief is not significant.Finally,based on the research conclusions,this paper puts forward the corresponding countermeasures and suggestions.