The Effect Of Knowledge Base And R&D Investment On Technological M&A Innovative Performance

With the arrival of industry 4.0,new technologies and innovations emerge in an endless stream,such as artificial intelligence,driverless,quantum information technology,that have flourished the rate of economic growth.Many technologies have intermingled and promoted each other.In such a social environment,through internal research that is a high-risk and long-term way to achieve technological innovation is not a small burden to enterprises and it is difficult to deal with the fierce competition in the market in time.But not all technology mergers and acquisitions can bring good innovative performance.According to a survey,only 1/3 of the technological mergers and acquisitions can achieve star success.There are many factors that affect the performance of technological acquisition,the most important one is the knowledge base of an enterprise,which is the cornerstone of the development of an enterprise and the starting point of innovation.The knowledge base of an enterprise marks an enterprise's ability to absorb external technology.Second,R & D investment is the driving force of enterprise innovation.After technology acquisition,the enterprise will continue to improve its innovation ability through R & D.The investment of R & D also affects innovation performance.First of all,through referring to a large number of relevant documents,this paper sellects the technology M & A enterprises of Shanghai and Shenzhen A-shares from 2010 to 2014 as a sample,and discusses the impact of one enterprise's knowledge base and R & D investment on the innovation performance of technology M & A.First,I divided the knowledge base in two dimensions,knowledge width ande knowledge depth.On this base,I discuss the influence of knowledge base on the performance of technological merger.Second,on this basis,I discuss the effect of R & D investment to the enterprise's innovation performance.Based on the analysis of M & A events and data and the hypothesis verification,this paper draws a conclusion that the knowledge width of enterprises can promote the innovation performance of technological M & A.The influence of knowledge depth on the innovation performance of technology M & A is first promoting and then restraining;After technology merger and acquisition,the increase of R & D investment can positively affect the relationship between knowledge width and innovation performance of technology merger and acquisition.However,the relationship between the depth of knowledge and the innovation performance of M & A plays a negative role.