The Impact Of Technology M&A On Innovation Performance

Nowadays,more and more companies focus on the importance of technology mergers and acquisition because of its advantages for enterprises to obtain R&D resources and core innovation competencies from the outside.In recent years,the proportion of overseas M&A driven by technology acquisition has been on the rise in China.However,many enterprises have not achieved the expected results.Therefore,it is of great theoretical and practical significance to explore the impact of Chinese companies acquiring technology-based M&A on innovation performance in the context of globalization.This paper chooses the sample data of 222 overseas mergers and acquisitions of listed companies in China from 2007 to 2015 as the research object.By building a model and conducting empirical research,this paper first analyzes the impact of overseas technology M&A on the innovation performance of enterprises.And then,studies how M&A affecting firm's innovation performance through M&A experience and M&A pattern.Empirical results show that technology M&A has a significant positive impact on the innovation performance of enterprises;M&A experience has a significant positive effect on the relationship between technology M&A and enterprise innovation performance;the M&A of related industries has a significant negative effect on the relationship between M&A and innovation performance;the M&A of non-related industries has a significant positive effect on the relationship between M&A and innovation performance.Overseas technology M&A plays an important and positive role in the improvement of enterprise innovation performance.Enterprises can fully use the previous M&A experience to new M&A transactions.Attaching importance to mergers and acquisitions in non-related industries can achieve the goal of complementing each other's advantages and further improving their own innovative performance.