The Impact Of Techenology Merger And Acquisitions On Innovation Performance

Driven by science and technology,the overall scale of manufacturing industry in China has developed rapidly,but most of them are at a low level due to their weak ability of independent innovation and lack of key technological innovation.If an enterprise wants to be in an advantageous position in the competition,it must improve its technological innovation ability by a large margin.At present,there are two ways to effectively improve the technological innovation capability of enterprises: one is to improve the innovation performance through independent R&D,that is,internal mode;the other is to promote the innovation performance of enterprises by acquiring knowledge and technology from the outside,mainly including mergers and acquisitions,that is,external mode.Compared with the disadvantages of long independent R&D cycle,high risk and large investment,more and more high-tech manufacturing enterprises have increased the glaucoma of Technology Mergers and acquisitions.As an important way for enterprises to acquire external technology,more and more enterprises choose Technology Mergers and acquisitions to enhance their innovation and development capabilities and achieve long-term competition.Therefore,this paper mainly studies the impact of Technology Mergers and acquisitions on the innovation performance of the main mergers and acquisitions.With the help of Technology Mergers and acquisitions,enterprises can not only acquire external knowledge and technology,but also enhance their own technological strength on this basis,and stimulate enterprises to achieve the rational allocation of resources.After reviewing the existing literature,it is found that the research related to Technology Mergers and acquisitions focuses on the definition of the connotation of Technology Mergers and acquisitions,mergers and acquisitions effect,integration after Technology Mergers and acquisitions and Transnational Technology Mergers and acquisitions.However,less attention is paid to the innovation performance after Technology Mergers and acquisitions,and most of them lack comprehensive and systematic.Based on this,this paper selected 107 high-tech enterprises in the manufacturing industry of Shanghai and Shenzhen Stock Exchanges in 2011-2015 as samples,through the construction of models and empirical research,synthesized the technological knowledge base of the main merger,merger and acquisition experience,R&D intensity and key technology talent factors,and systematically studied the impact mechanism of technological merger and acquisition on Innovation performance.The results show that the scale of basic knowledge of the main merger has a significant positive impact on enterprise innovation performance;technology M&A experience has a significant positive impact on enterprise innovation performance;non-technology M&A experience has a negative impact on enterprise innovation performance;key technology talents and R&D intensity have a significant role in promoting innovation performance after M&A.The research in this paper is relatively centralized,introducing the capacity stock factor to discuss the innovation performance of enterprises,which not only enriches the relevant research,but also better bridges the deficiencies of domestic M&A experience.In the following research,we need to continue to supplement and improve.In terms of research perspective,we should base on both sides of M&A and expand the research sample as much as possible.In the research methods,case study method should be added to organically combine case study with empirical study.In terms of measurement methods and index selection of innovation performance,we should combine innovation input with innovation output to form a comprehensive and systematic measurement system.