The Influence Of Innovation Capability On M&A Of Internet Industry In China

Mergers and acquisitions are conducive to enhance the competitiveness and performance of enterprises,and gradually become an important means of strategic development.In recent years,China is under the background of "implementing innovation driven development strategy" with the progress of science and technology.The Internet industry began to innovate in technology and invest a lot of innovative assets to raise their innovation level.Under these two backgrounds,it makes sense to research the relationship between innovation capability and M&A performance.First of all,this paper analyzes the concept of merger and acquisition and defines the concept of innovation capability.Based on the motivation theory of M & A,the theoretical framework of M & A performance is constructed.After analyzing the research status at home and abroad,this paper analyzes the related factors and research viewpoints of M & A performance.This paper selects the M&A events that occurred during the 2012-2016 period from A share listed companies in the Internet industry as the research samples,measuring the short-term and long-term M&A performance of enterprises by means of event research and financial index.The multiple regression model is established by STATA14.0 and the results show that: 1)Enterprises' performance of short-term M&A with effective patent are higher than that of non creative power.In the long run,there is no significant difference between the number of patents and the performance of M&A.2)Over time,the investment of innovative capital has gradually presented a significant positive effect on M&A performance,and the effect has presented a u-shaped curve.According to the empirical results,this paper gives several suggestions: Internet companies should pay attention to input and output of innovation,enhance their own level of innovation,strengthen the timeliness of innovation capability to M&A performance,and speed up the synergy effect of innovation.There are two points in the innovation of this paper: Firstly,different measures are taken to measure the performance of M & A according to the time characteristics;Secondly,a more comprehensive index of innovation ability is set up.There are three deficiencies: The first one is that the selection of control variables is not comprehensive;the second is the limited sample data;the third is that the correlation between two parties is not considered from the perspective of the acquired firm in this paper.