The Effect Of Technology M & A On Innovation Performance Of High-Tech Enterprises

In the era of knowledge economy,the speed of technological change is accelerating,and independent innovation of enterprises cannot adapt well to the complex and changing environment.Merge and Acquisition(M & A)strategy is an important way to promote the growth and transformation and upgrading of enterprises.In recent years,high-tech enterprises have paid more attention to the use of mergers and acquisitions to integrate external resources.Technology upgrade.At this time,the focus of M & A strategies of high-tech enterprises is no longer just to obtain funds,channels,markets or tangible assets,but to obtain knowledge resources and experience such as key technologies in a targeted manner.This kind of technology acquisition-oriented acquisition of more advanced core technologies is an effective means for China's high-tech enterprises to achieve technological leapfrogging,transformation and upgrading.This article takes high-tech enterprises as the research object,follows the logical strategy of "strategy-capability-performance",further explores the after-effects of technology merger and acquisition strategy,and reveals the influence path of technology merger and acquisition.The main problems to be solved are: Can companies implement technology mergers and acquisitions strategies to improve innovation performance? What is the mechanism by which technology mergers and acquisitions produce innovation effects? Will the innovation performance of high-tech enterprise mergers and acquisitions be affected by government subsidies? Will the innovation effect of technology mergers and acquisitions be affected by the enterprise life cycle? Based on this,this article explores the above issues by establishing a research model.Based on the research sample of high-tech enterprise mergers and acquisitions in the A-share market from 2010 to 2015,this article collected and sorted 926 merger and acquisition incidents of 392 companies through the CSMAR database and the i Find database.Using empirical analysis,the following conclusions are obtained:(1)For hightech enterprises,technology mergers and acquisitions strategy has a positive impact on the company's innovation performance,but there is a lagging effect in the time to play a role.(2)Technological mergers and acquisitions can significantly improve the absorptive capacity of enterprises,thereby promoting the improvement of enterprise innovation performance.(3)In the process of technology mergers and acquisitions,government subsidies have a significant promotion effect on enterprise innovation performance.(4)The life cycle of high-tech enterprises is different,and the innovation effects of implementing technology merger and acquisition strategies are different.The contributions of this article are:(1)Expanding the research perspective of technology mergers and acquisitions.Previous researches rarely involved the impact path of technology mergers and acquisitions,and the research on its internal mechanism is relatively vague.This article mainly studies the intermediary factors of technology M & A strategy in innovation performance,and deepens the research on strategy and innovation management.(2)Enrich the research content of technology mergers and acquisitions.This paper distinguishes the life cycle of high-tech enterprises,explores the dynamic impact of technology merger and acquisition strategies on innovation performance in different development stages,makes up for the existing literature that mostly focuses on the static level and ignores the shortcomings of enterprise development stages,and provides a reference for enterprise strategic management.