Research On Influencing Factors Of Technology M&A Innovation Performance Of China's High-tech Manufacturing Listed Companies

With the deepening of the degree of economic integration in the world,the competitive environment in which companies are located is getting worse.The development of science and technology forces the upgrading of industries.Enterprises must maintain their own core competitiveness by focusing on technological progress.Due to the lack of innovation,traditional Chinese manufacturing industries have no obvious advantage in competition with the international market.China's manufacturing industry is increasingly calling for new outlets.To escape from the difficulties it faces,the only way out for China's manufacturing industry is to carry out industrial upgrading and structural transformation,improve its own innovation capabilities,and ensure that it has core competitiveness.Technology renewal is the key to the transformation of China's manufacturing industry.The means by which companies obtain technology can be broadly divided into two types: internal R&D and external access.In the long run,internal R&D will undoubtedly maintain long-lasting technological innovation capabilities and master core technologies,but it will have a long period of investment.There are two types of external acquisitions,one of which is the commissioned research institute R&D.Although it is simple,it cannot grasp the core technology.It is not conducive to the upgrading of technology and is not conducive to the long-term development of enterprises.The other is to acquire technological resources through technology acquisitions.As long as it is properly integrated,it is undoubtedly a shortcut to technological progress.Due to historical reasons,China currently has a certain gap in the level of technology in manufacturing compared with Europe and the United States.At the same time,with the rapid development of science and technology,internal R&D cannot fully meet the urgent need for new technologies.Technical M&A is undoubtedly a priority for acquiring external technologies.Compared with internal R&D,technology acquisition can obtain the technology required by the company in a timely manner,which is a method that can ease the plight of China's manufacturing industry in the short term.However,there are many factors influencing innovation performance in technology M&A.How to correctly understand and use these factors becomes the key to determining the success or failure of M&A.After research and analysis,we find that the knowledge base,relative knowledge scale,human capital,and knowledge relatedness are the key factors.This paper hopes to provide evidence and help for enterprises to conduct technology mergers and acquisitions by examining the impact of various factors on the innovation performance of enterprises in the process of technology mergers and acquisitions.This paper first introduces the relevant theories of mergers and acquisitions,technology mergers and acquisitions,as well as the concept of innovation performance and its influencing factors.Next,it defines the scope of China's high-tech manufacturing industry and describes the development status of China's high-tech industry,mergers and acquisitions,and innovation.Then,based on the analysis of five influencing factors(technical merger frequency,knowledge base,relative knowledge scale,human capital,knowledge relevance),hypotheses are proposed.Finally,an empirical test is carried out on the hypothesis.This paper takes 171 technical mergers and acquisitions of 103 high-tech manufacturing listed companies with M&A activity in 2011-2015 as a sample,uses multiple linear regression,proposes hypotheses and establishes a model to empirically analyze the influencing factors of innovation performance in technology mergers and acquisitions.It concluded that the high frequency of technology mergers and acquisitions has a significant role in promoting technological innovation;the knowledge base has a significant role in promoting the innovation performance of enterprises;the relative knowledge scale has a significant negative impact on the innovation performance of enterprises;High levels of knowledge relevance has a positive impact on corporate innovation performance.