Research On The Impact Of Technology M?A Model On Enterprise Innovation Performance

With the emergence of a new round of information and manufacturing technology innovation,the global ownership structure has entered into a period of big change which has gained the increasingly-great attention domestically and internationally.“19th National Congress of the Communist Party of China and The Manufacture of China,2025” have both profoundly reflected China's disadvantages in innovation and as one of the external innovation channels,Technology M&A(mergers and acquisitions)that possess several advantages such as low risk,short cycle and high return on investment has demonstrated itself an important way to accelerate innovation process in Chinese enterprises.The difference in technology mergers and acquisition mode,influencing the integration mechanism between enterprises,can change the absorption effect of the target technology after the completion of technology merger and acquisition,which ultimately plays a role in the innovation performance of enterprises;as for the differentownership structure,it will lead in multi-effects that include “empty” and“ supporting”?“bargaining” and “discrimination” to affects the decision-making behavior of companies in the process of technology mergers and acquisitions,and finally give an impact from technology mergers and acquisitions on innovation performance.However,most of the current research fails to separate the innovation performance from the mergers and acquisition performance,though a few researches on the perspective of innovation performance are also faced with the problem of not being able to balance input and output and as for the literature on the mechanism in the impact of ownership structure in technology mergers and acquisition from the point of corporate governance,it is something that almost never appears.Therefore,we cannot clearly explain the specific relationship between technology merger and acquisition model,ownership structure and innovation performance,and we also faces operation problems in practice.Consideringthe theory of comparative advantage,knowledge-based theory and principal-agent theory,andstarting from the influence process of 2 kinds of technology mergers and acquisition models(enhanced and complementary)on innovation performance(measured through “input-output” perspective),this paper explores the influence mechanism of different ownership structure(equity concentration and equity balance)in the process and has constructed a theoretical model.In the empirical research,the author collected a total of 43 technical mergers and acquisitions samples from 2011 to 2015 through the inquiry of Guotaian database,enterprise annual report and other data,all related to A-share manufacturing and high-tech listed companies.At the same time,he adopts the super-efficiency DEA model,DEA-Malmquist model and multiple linear regression to carry out hypothesis testing and find: Technology mergers and acquisitions can improve companies innovation performance where the companies enjoy improvement in the second year after the enhanced technology mergers and acquisitions,which is mainly due to the advancement of technology level;if the companies conductcomplementary technology mergers and acquisitions,the growth occur to this year due to the improvement of technology allocation efficiency;meanwhile,the equity balance degree plays a negative role in the different technology mergers and acquisitions mode changes in technology allocation efficiency,and the concentration of equity,positive.According to the different periods and sources of innovation,the author explores the mechanism of technology mergers and acquisitions,ownership structure and innovation performance,having solved the dilemma of technology M&A innovation performance measurement and the source of growth.Also it explained the adjustment effect of the ownership structure on innovation performance,thus complementing existing research.And from the perspectives of time requirements,innovation shortcomings,corporate governance structure,company size,stock composition,etc.,it puts forward management suggestions for Chinese companies' technology M&A decisions under different scenarios.The overall research results have important practical significance for both technical mergers and corporate governance in theory and practice.