Research On The Impact Of M&A On Innovation Investment

In today's economic globalization and integration,in the face of increasingly fierce competition,companies must constantly reinforce their comprehensive strength to ensure survival and development.Innovation is the s'ource of power for the continuous development of enterprises.How to improve innovation ability is the key to building sustainable competitive advantage.However,as China's economy enters a new normal,the traditional economic growth model can no longer meet the existing economic development requirements.Mergers and acquisitions have a significant impact on improving the company's ability to innovate and improve its overall strength.Therefore,through the merger and reorganization to solve the overcapacity,the realization of the technological capabilities of enterprises and the integration of technical resources,and thus promote technological innovation of enterprises,this innovation-driven model has aroused widespread concern from all walks of life.In view of this,this paper takes the data of China's A-share listed companies in 2013-2017 as a sample.Firstly,this paper defines the concepts of mergers and acquisitions,innovation investment,etc.Based on the related literature review,the relationship between mergers and acquisitions and innovation investment is carried out.Combing and analysis;Secondly,carry out in-depth analysis of the mechanism of innovation investment in mergers and acquisitions,and put forward the research hypothesis of this paper;again,based on relevant theory,use multiple regression model to empirically test the research hypothesis,through comparative research and regression analysis Discuss the impact of mergers and acquisitions on innovation investment and the sustainability of this impact.The research results in:(1)M&A behaviors contribute to the improvement of the level of innovation investment,and this positive effect is sustainable.(2)Horizontal mergers and acquisitions are significantly and positively related to innovation investment,while vertical mergers and acquisitions and diversified mergers and acquisitions are not significant.(3)The nature of the main business and the nature of the industry have a significant regulatory effect on the innovation effect of mergers and acquisitions.The specific performance is that the horizontal mergers and acquisitions of non-state-owned enterprises can significantly promote the innovation investment of enterprises,while the innovation effect of state-owned enterprises'mergers and acquisitions is not significant;Horizontal mergers and acquisitions of enterprises can significantly increase the level of innovation investment,while the innovation effect of non-high-tech enterprise mergers and acquisitions is not significant.(4)The concentration of ownership plays a significant role in regulating the relationship between mergers and acquisitions and corporate innovation investment.(5)The independence of the board of directors plays a significant role in regulating the relationship between mergers and acquisitions and corporate innovation investment.Finally,the paper proposes that the Chinese government should continue to encourage mergers and acquisitions in terms of preferential taxation policies,and both parties should improve their knowledge reserves,improve the good shareholding structure,and continue to strengthen the independent director mechanism.