M&A,R&D And Corporate Performance In Technology Intensive Companies'

With the rapid development of China's economy,the technology intensive enterprises that prosper the country through science and technology have become the representatives of this economic era.More and more enterprises absorb external R&D capabilities through M&A.It is still a controversial issue whether M&A can improve the scientific research ability of enterprises and enhance the performance of enterprises,and whether the transfer of control in M&A has any impact on R&D and enterprise performance is also crucial.From the theoretical point of view,this study studies the relationship between M&A and R&D of technology intensive enterprises and enterprise performance,and classifies the M&A enterprises in detail according to whether the control right is transferred,and identifies the M&A motivation of enterprises;from the practical point of view,this research conclusion is conducive to helping the enterprise managers to make the decision of M&A and the investors to choose the investment of enterprises?Based on the synergy effect and resource-based theory,this paper studies the relationship between M&A and performance,M&A and R&D,and the relationship between them.According to the perspective of whether the control right is transferred,this paper makes a detailed division of the enterprises that have the M&A behavior.The data of technology intensive enterprises in Shanghai and Shenzhen A-share in 2014-2016 is selected as the whole sample,and the M&A data is taken as the sub sample.Through the full sample and M&A sub sample This paper draws a conclusion through Stata15 analysis.According to whether the control right is transferred,this paper divides the M&A enterprises into three types:expansion type,equilibrium type and investment type.This paper examines the impact of M&A on corporate performance;the impact of M&A on corporate R&D investment;and then discusses the impact of M&A on corporate performance,that is,whether R&D investment has a partial intermediary role.The empirical results show that:(1)M&A can improve the performance of enterprises,and the control transfer in M&A has a positive impact on the performance of enterprises,and vice versa;(2)after M&A,enterprises will increase the R&D investment of enterprises,and the control transfer in M&A has a positive impact on the R&D investment of enterprises,vice versa;(3)In addition,the transfer of control right in M&A has a positive impact on R&D investment and then on corporate performance,and vice versa.For the investment type M&A enterprises,the impact of M&A on R&D investment and enterprise performance is negative significant.At the same time,it verifies that R&D investment plays a part of intermediary roleThis paper selects a new perspective,control transfer,to identify the motivation of M&A;its research expands the previous research on M&A,R&D,and enterprise performance;the research results provide a basis for enterprise managers to formulate M&A programs,and guide investors to a new perspective of investment selection.