Research On The Influence Of Inter-enterprise Differences On Enterprise Innovation Performance After Mergers And Acquisitions

As one of the main means for enterprises to carry out external innovation and break through the bottleneck of development,mergers and acquisitions are increasingly concerned by all walks of life.Based on the fact that there are more and more mergers and reorganizations of listed companies in China and the rapid development of the GEM,based on the theoretical basis of mergers and acquisitions,we begin to study the factors affecting the innovation performance after mergers and acquisitions — Inter-enterprise differences.The gaps between enterprises in this paper are mainly measured from three aspects,namely,regional market differences,scale differences,and differences in knowledge levels.Regional market differences,with different regional economies,different levels of openness,and fierce market competition,will affect the willingness of enterprises to enhance their ability to innovate.When the market is fierce in the region where the enterprise is located,the enterprise must obtain core The long-term competitiveness,choose mergers and acquisitions to absorb more knowledge,technology and resources to enhance their ability to innovate,so regional market differences will have an impact on the innovation performance of enterprises after mergers and acquisitions.Different scales,enterprises can achieve economies of scale through mergers and acquisitions,the size of the scale will affect the efficiency of resource integration after mergers and acquisitions and the accumulation of their own technical knowledge,thus affecting the innovation performance of enterprises.The difference in knowledge level can lead to new ideas and ideas.After the merger and reorganization,the integration and absorption of knowledge promotes the diversity and originality of each other and affects the innovation ability of enterprises.In this regard,this paper uses the data of 912 mergers and acquisitions of listed companies in China from 2012 to 2016,and uses the method of quantitative regression analysis to explore the impact of inter-enterprise differences on the innovation performance of enterprises after mergers and acquisitions.Through the regression analysis and robustness test of the data,the following conclusions are drawn: First,the regional market differences are positively related to the innovation performance of enterprises after mergers and acquisitions,that is,the more intense the competition in the regional industry market,the greater the pressure of elimination by enterprises.Enterprises choose M&A and reorganization to acquire more technology,resources and talents,enhance their core competitiveness,and be more cautious in selecting M&A and reorganization targets,thus making enterprises' innovation performance higher after mergers and acquisitions.Second,knowledge level The difference is positively related to the innovation performance of enterprises after mergers and acquisitions.The higher the degree of knowledge of mergers and acquisitions,the higher the innovation performance of enterprises after mergers and acquisitions.Third,the difference in scale and the innovation performance of enterprises after mergers and acquisitions have an inverted U-shaped relationship.For small and medium-sized enterprises,as the scale of the company increases,the overall scale of the merger and acquisition is also larger,and the innovation performance is better.However,for large enterprises,the overall scale increases to a certain amount after the merger and reorganization.When the expansion continues,innovation performance will decline.According to the research results of this paper,the following countermeasures are proposed: First,the scale of enterprise expansion needs to be appropriate,and in the expansion and absorption of mergers and acquisitions,it is necessary to select the appropriate merger and acquisition partners based on the capacity and scale of the company.Second,enterprises should focus on selecting high-tech and innovative talents,or target companies with high levels of knowledge,in mergers and acquisitions in order to enhance their innovation capabilities.And enterprises should pay attention to the improvement of their own knowledge,because with the enhancement of their own innovation ability,it also increases the probability of mergers and acquisitions,and promotes the innovation ability of enterprises.Third,in order to enhance the innovation performance of regions and enterprises,the government has increased support for local enterprises in policies,encouraged and supported mass entrepreneurship,and enhanced the competitiveness of the industry in the market.According to the research results,while promoting enterprise innovation,it can also guide innovative,high-tech and small and medium-sized enterprises mergers and acquisitions to achieve "1+1>2" innovation performance improvement;fourth,according to the research results,extend to finance For the development and innovation of institutions,financial institutions should pay attention to mergers and acquisitions,and should consider the differences between enterprises when formulating mergers and acquisitions strategies,and carefully and flexibly select the targets that are suitable for them.