Technology Mergers And Acquisitions,Corporate Governance And Technological Innovation Performance

In order to gain opportunities and gain an advantage in fierce competition,more and more enterprises quickly acquire technical resources through technology mergers and acquisitions(M&A),and M&A are more frequent,a wave of M&A have happened especially in Chinese military-civilian integration listed company.Therefore,to study the relationship between technology M&A and the innovation performance of Chinese military-civilian integration listed company,to explore the impact of technology M&A on Chinese military-civilian integration enterprises is of great significance for testing the effectiveness of government policies.Technology M&A strategy is one of the company's strategies,the innovative effect of technology M&A will undoubtedly be affected by corporate governance mechanisms.Judging from the existing research results,the literature on technological innovation of Chinese enterprises is quite scarce from the perspective of corporate governance.Few scholars consider the corporate governance's influence to the relationship between technology M&A and technological innovation,especially the researches on Chinese military-civilian integration listed company ignore the impact of corporate governance mechanisms.With the acceleration of the reform of Chinese military industry system,the progressing of marketing in Chinese military-civilian integration listed company has been deepening,the role of the corporate governance mechanism in aspects of corporate decision-making and innovation should not be overlooked.Therefore,this paper integrates enterprise technology M&A,corporate governance and enterprise technology innovation performance into the research framework,and combines theoretical and empirical research methods to conduct in-depth research on the relationship between the three,thus enriching the existing research to a certain extent.This paper takes the Chinese military-civilian integration listed company currently undergoing M&A as the research object,collects the data of military-civilian integration listed companies engaged in technology M&As during 2009-2016,and conducts regression tests to explore the impact of technology M&A and their characteristics to the company's technological innovation performance,and consider the regulatory effect of corporate governance.Firstly,based on the background of the integration boom of civil-military integration enterprises in China,after sorting out the relevant literature at home and abroad,this paper analyses the logical relationship among technology M&A,corporate governance and technological innovation performance,constructs a moderating effect model with corporate governance as the moderating variable,and puts forward the corresponding research hypothesis.Then,the paper uses measurement software to analyze the sample of Chinese civil-military integrated listed enterprises,and draws some conclusions that can explain the relationship between technology M&A,corporate governance and technological innovation performance of enterprises.The research finds that the number and scale of technology M&A will have a significant positive impact on the technological innovation performance of Chinese civil-military integrated listed companies.Among them,the number of technology M&A only has a significant impact on the technological innovation efficiency,and the scale of technology M&A only has a significant positive impact on the main business income.Military and civilian enterprises acquire external technology through technology M&A,which has different impact on innovation performance.Civil enterprises acquire more innovative benefits through technology M&A.After adding ownership concentration,board size and executive equity incentive as moderator variables into the model,further tests show that while the corporate governance characteristics with higher ownership concentration,board size and executive equity incentive are conducive to the higher technological innovation performance of the main merger and acquisition enterprises.Finally,based on the above conclusions,some recommendations are put forward.