The Impact Of R&D Investment Increase Degree On The Enterprise Performance After The Technological Merger And Acquisition From The Level Of R&D Investment Growth Fluctuation

With advent of the Fourth Industrial Revolution(or Industry 4.0),the science and technology is undergoing a vigorous growth and new technologies are keeping cropping up,such as artificial intelligence,unmanned vehicles,quantum information technology,all of which have fueled once again the economic growth rate.However,the ever-changing world economic situation has given rise to the constant increase of cost and increasingly fierce international competition,leaving many enterprises harder to make timely response to the intense market competition.Therefore,technological merger and acquisition has emerged correspondingly to promote the diverse and international strategy for enterprises.Nevertheless,not all technological merger and acquisition is able to drive enterprise performance,and in accordance with the latest 2017 M&A report Technological Merger and Acquisition is Leading the Global Trend released by Boston Consulting Group,only one third technological merger and acquisition can outstandingly improve enterprise performance.Based on the systematic analysis of domestic and foreign researches related to the knowledge base,R&D investment,and enterprise performance and by referring to the theories relevant to technological merger and acquisition and enterprise performance,this paper has conducted an empirical study on the 1,810 technological merger and acquisition events in China's A share from 2015 to 2017 in order to explore the effect of R&D investment fluctuation on enterprise performance after the technological merger and acquisition from the empirical perspective.In the first place,the paper has analyzed the impact of R&D investment increase degree on the enterprise performance after the technological merger and acquisition from the level of R&D investment growth fluctuation.Moreover,the paper has further respectively studied the regulation roles of knowledge breadth and knowledge depth of the enterprise in the relationship between R&D investment growth fluctuation degree and enterprise performance after the technological merger and acquisition on the premise of R&D investment increase fluctuation degree dimension examination.The results show that after the technological merger and acquisition,the R&D investment growth fluctuation degree is positively connected with the enterprise performance,which indicates that the greater the fluctuation degree is,the better enterprise performance is;After the technological merger and acquisition,the increased investment in knowledge breadth is able to positively regulate the promotion relationship between R&D investment growth fluctuation degree and enterprise performance;After the technological merger and acquisition,the increase of knowledge depth investment will negatively affect the relationship between R&D investment growth fluctuation degree and enterprise performance.These conclusions can offer rewarding reference to the listed companies in the information technology industry to improve their performance after the technological merger and acquisition.On the basis of the reality of domestic enterprises,this paper has put forward the corresponding policy suggestions,and the research results are capable of providing reference for the listed companies in decision making after the technological merger and acquisition.