Protection Of Intellectual Property Rights And Technology Acquisition

M&A is an important means for the company to accelerate its own development and improve its comprehensive competitiveness.It is an important way to acquire strategic technology and expand its national business capabilities.Among them,technology acquisitions account for a larger proportion.In recent years,some of the latest statistics show that the wave of corporate technology acquisitions related to high-tech fields has accelerated.The number of domestic technology acquisitions has been increasing.In 2016,the top three transactions in domestic M&A events were technical industries.It can be seen that technology acquisitions have increasingly become the focus of attention of all parties.From the existing literature and research,access to technology and intellectual property has become the main motivation for companies to conduct technology mergers and acquisitions.Since 2010,the entire M&A market has grown tremendously,and the share of transactions involving technical targets has grown more prominently.Technology M&A is clearly different from traditional M&A in many aspects.The process of M&A involves a series of complex processes,including strategy,execution,evaluation,coordination and post-merger integration,in which IP plays a role.A very important role is a key driver of a company’s mergers and acquisitions.Under this background,this paper explores the impact of intellectual property protection on technology M&A premium and innovation performance from both theoretical and empirical aspects.In theory,the perfect intellectual property protection system in the location of the merged enterprise will reduce the probability of patent infringement and the externality of copyright being imitated and plagiarized,thus increasing the implicit value of the patent and having a positive impact on the premium of merger and acquisition.After the completion of technology merger and acquisition,according to the comparative advantage effect and innovation synergy effect,large enterprises give full play to their financial advantages and small enterprises give play to their technological advantages.They complement each other to achieve the improvement of innovation performance.Thus,the effective property rights protection system of the merged company will affect the improvement of the overall innovation performance by stimulating the R&D and innovation activities of the merged company.Correct understanding of the impact and transmission mechanism will help companies to formulate appropriate M&A strategies,at the same time,it will also have a certain guiding significance for the government to improve the intellectual property protection system.The theoretical and empirical research in this paper provides some guidance for listed companies to select target companies and achieve innovation performance after M&A.Listed companies need to balance the high premium of technology M&A and the significant improvement of innovation performance after M&A.They should neither blindly pay too high premium nor give up innovation performance after M&A because of high cost.At the same time,it provides guidance for the merged party to exert its own advantages of technical protection system,improve bargaining power and discourse power in the process of transaction negotiation.In addition,there are two suggestions for the government to improve the property rights protection system.One is to strengthen the prevention of patent protection beforehand by increasing the penalty of infringement.The other is to strengthen the enforcement of patent infringement cases to improve the efficiency of afterwards settlement,which has certain policy guiding significance.