The Relationship Between R&D And Technology M&A Performance In High-tech Enterprises

With the aggravation of global competition,technology innovation ability has become the most important factor of development and survival for enterprises.An increasing number of enterprises have made integration of internal and external innovation which form open innovation as a means of constructing competitiveness.Given the background of technology quickly updating,external technology M&A can shorten the time required for the commercialization of technology,effectively avoiding the uncertainty risk of internal R&D output.It is not settled yet that how R&D affect technology innovation performance of the enterprises during the process of technology M&A.Therefore,this thesis explored R&D's influence on technology innovation performance after M&A from the perspective of acquirers' own characteristics and provide decision-making reference on technology M&A for the enterprises accordingly.This article selected pharmaceutical manufacturing,computers,communications and other electronic equipment manufacturing,information transmission,software and information technology services,scientific research and technical services for a total of four high-tech industries and screened out 6287 samples of technology M&A happened from 2010 to 2016 and made an empirical analysis by using Eviews8.0 and multivariate statistical regression method.The empirical result reveals that R&D expenditure,R&D fellows,R&D equipment all has a positive effect on technology innovation performance after M&A.A single digit growth of R&D expenditure brings out 19.3 single digit innovation performance on patent number.R&D fellows input has a convex and significant effect on innovation performance,the optimal ratio of technical personnel is 38.3%.Overall,R&D has an impact on technology innovation performance of enterprises after M&A.