Research On The Impact Of Corporate Governance On Technology M & A Performance

The report of the 19 th National Congress of the Communist Party of China emphasized that "Innovation is the primary driving force for development and the strategic support for building a modern economic system." There are two main modes for high-tech companies,the main body of scientific and technological innovation,to achieve innovation: one is independent innovation,and the other is extended innovation,that is,the company's strength is enhanced by acquiring external resources and forces.The main ways of extended innovation include technology M&A,technology purchases and technology alliances.Technology M&A not only overcome the shortcomings that technology purchases cannot obtain the core technical talent of the other company,but also overcome the looseness of technology alliances and the inconsistency of interest goals.After technology M&A,the acquirer has complete control over the target's technical resources and can transfer technical knowledge according to its own needs.Therefore,technology M&A have become an effective strategic means for high-tech companies to obtain external resources,improve innovation efficiency,and reduce R&D input costs.This paper studies the performance of technology M&A from the perspective of corporate governance.First,this paper sorts out relevant literature and theories on technology M&A,corporate governance and company performance,and puts forward research assumptions,then selects high-tech listed companies that have technology M&A in 2016 as asample.Using panel data multiple regression model to test the sample's data from 2014 to2018,the following research conclusions are drawn:(1)Equity concentration has different effects on the three types of performance.Equity concentration is positively related to financial performance of high-tech listed companies after technology M&A,but negatively related to market performance and innovation performance after technology M&A.(2)The size of the board of directors has different effects on the three types of performance.It is positively related to the financial performance of high-tech listed companies after technology M&A,and positively related to the market performance and innovation performance of technology mergers,but not significant.(3)The impact of executive compensation incentives on all three types of performance is positive and significant.High-tech listed companies' incentives for executive compensation are conducive to improving financial performance,market performance and innovation performance after technology M&A.The conclusions of this research can provide certain decision support for the implementation of technology M&A and technological innovation strategies of high-tech listed companies,and also enrich the related research on corporate governance.