The Influence Of Technological M A On Innovation Performance

In the ?Outline of the development of national innovation driven strategy?,it is pointed out that our country is in key period of implementing the strategy of innovation driven development at present.As China's economic development has entered the new normal,the stamina of traditional extensive growth is insufficient.Innovation capability must be the core support to continue to drive the country's steady and healthy development.At the present stage of China's economic downward pressure,the effective improvement of scientific and technological innovation ability can powerfully solve the problems encountered in the development.According to past studies,effective ways to enhance innovation capability can be divided into two types: one is internal channel,such as independent research;and the other way is external help,such as technology purchase,technology alliance and technology acquisition.Because the independent research has such disadvantages as “long cycle,high risk and high investment”,it is neither economic nor realistic choice to promote innovation capability.In the external ways,the most of technology acquired by technology purchase is so mature that it can't help the enterprise keep its technological lead and improve the ability of innovation.Because of the particularity of the form,the technology alliance requires high coordination among the members,and the phenomenon of interest game is obvious.The structure should not be stable enough,which leads to put off the timeliness of innovation.In contrast,technological merges and acquisitions can obtain the technical resources of the Target Corp,and even occupy the ownership quickly and effectively.Therefore,technological merge and acquisition is an ideal way to promote the ability of innovation.The globalization of economy,the popularization of transnational business and the rapid iteration of science and technology have played an important role in the great tide of Technology Mergers and Acquisitions worldwide.This study is based on the technology of mergers and acquisitions,technology acquisition mode,knowledge and talents resources theory,taking Technology Mergers and acquisitions occurred during 2012-2015 as research sample.We got the manual summary of 64 initiated mergers and acquisitions cases and related technical data form 53 China high-tech listed companies in the manufacturing industry.Using STATA 12.0 statistical analysis software study on the relationship between technology,technology acquisition modes,basic resources of knowledge and talents and innovation performance of the initiated the acquirer company.The outcome of the study indicates:(1)Technological mergers and acquisitions have a positive impact on the innovation performance of the sponsors.(2)Both the related and unrelated technological mergers and acquisitions have significant positive effect on the innovation performance of the listed companies.The promotion effect of the former one is immediate,but the impact of unrelated one is gradually emerging with the increase of integration depth.(3)The knowledge base can help the sponsor grasp the external technical resources fleetly and improve the innovation performance.(4)The talent resource base,as an important carrier of knowledge,has a significant positive influence on the innovation performance of the initiating M&A party.