Research On The Influence Of Technological Diversification On The Innovation Output Of Acquiring Enterprises

With the advent of the Internet economy,the technology update rate has accelerated significantly,and technology competition has become more and more fiercely.In order to maintain core technological capabilities and pursue higher market shares,companies must continue to make technological innovations in their own fields.It is no longer applicable to rely solely on its internal R&D,and companies must also seek help from external innovation paths to obtain a more efficient way to upgrade technology.Many studies have shown that through technology mergers and acquisitions,a way to acquire external technologies,the acquiring enterprises can not only efficiently acquire the core technology of the acquired enterprises,but also achieve rapid market expansion.Therefore,more and more companies choose to acquire new technologies through technology M&As.The purpose of technology M&As is to acquire,absorb and transform the technological resources of the acquired enterprises.It is therefore important to study what factors affect this process.The previous research on explanatory variables of technology M&As mainly focused on the characteristics of the acquired enterprises,the capacity of the acquiring enterprises,and the relative knowledge of the both.Technological diversification was generally studied as a result of technology M&As.After reading relevant literature,I find that the technological diversification of acquiring enterprises has a positive effect on innovation,as an important influencing factor of absorptive capacity and integrative ability.In other words,technological diversification is not only the result of technology M&As,but also the interpretation of innovation output of technology M&As.Based on the existing literature,this paper explores the relationship between the technological diversification of acquiring enterprises and their innovation output,in order to further analyze the mechanism of technological M&As on innovation performance.The sample of this article is 162 technology M&As occurred in high-tech listed companies from 2011 to 2017.Using the classification standards of high-tech enterprises announced by the National Bureau of Statistics of China and patent information released by the National Intellectual Property Administration of China,it research the impact of technology diversification of acquiring enterprises on innovation output.At the same time,the size of the enterprise,the age of the enterprise,whether it is a state-owned enterprise,R&D intensity and ROE were controlled.The relationship between technological diversification of acquiring enterprises and innovation output was analyzed by regression analysis.The technology relatedness and the government R&D funding were added to make the research more comprehensive.The empirical results show that the technological diversification of acquiring enterprises positively affects the quantity,quality and novelty(including incremental innovation output and radical innovation output)of innovation output.And the moderating effect of technology correlation between the technological diversification of acquiring enterprises and radical innovation output has not been supported.Besides,the positive moderating effect of technology relatedness and government R&D funding in the above relationship has been supported.