An Empirical Study On Technology M&a And Innovation Performance Of Chinese Listed Companies Based On Knowledge-based Theory

With the development of knowledge base theory and strategic management theory, knowledge has been widely known to be one of the important resources affecting enterprise development. Enterprises has been forced to paying more attention to the growth of internal knowledge by the increasingly fierce market competition and rapidly technological change at the same time.What’s more,enterprises need to master the change of external knowledge.Technology M&A as a kind of important means of rapidly acquiring external knowledge and technology,has become more and more famous among the enterprises. Scholars have studied the relationship between technology M&A and technology innovation performance of the acquiring firms from different perspectives. Based on the view of knowledge base,this study analyzes the relationship between technological knowledge base,technology M&A, and technology innovation performance.Furthermore,according to the industrial relatedness,knowledge similarity and knowledge complementarity,technology M&A can be divided into two modes:related technology M&A and unrelated technology M&A.Then, this paper deeply examines the moderated effect of technological knowledge base on the relationship between technology acquisition modes and the subsequent technology innovation performance.This study emphasizes the importance of the accumulation of knowledge for enterprises in technology M&A,and provide the theoretical guidance to them which are going to carry out technology technology M&A.This study manually collecting information on 101 Chinese listed companies over a seven-year sample period from 2007 to 2013,examines the relationship between technology M&A,technology technology M&A modes,technological knowledge base and the subsequent technology innovation performance through using STATA10.0 software.The results show that:(1)innovation performance of acquiring firms do not significantly change in the technology M&A year; but in the first and second years after technology M&A, innovation performance can be significantly improved.(2) The overall effect of knowledge depth on innovation performance is inverted u-shaped, but the knowledge breadth is u-shaped;(3)without considering the technological knowledge base of acquiring firms,unrelated technology M&A has apositive impact on the acquiring firm’s innovation performance, related technology M&A insignificantly affects the innovation performance.However,(4)under the condition of considering its technological knowledge base, there are two results:one is that for the acquiring firms with high breadth of knowledge its innovation performance has declined after the related technology M&A,but has improved after the unrelated technology M&A;the other one is that for the acquiring firms with high depth of knowledge its innovation performance has declined after the unrelated technology M&A.