Research On The Impact Of Cross-Border Technology M&A On Enterprice Performance

With the rapid development of emerging technologies,the innovation resources required by enterprises are increasingly diversified.It is difficult for enterprises to maintain sustainable competitive advantages only by relying on internal resources.It is an important means for enterprises to break through their own technical bottlenecks and improve their core competitiveness to acquire resource technology from outside and realize cross-border integration between different technical fields.Crossborder technology M&A is an important way for enterprises to realize cross-border innovation and development.By crossing technological and organizational boundaries,breaking through their own technological track,acquiring heterogeneous resources and technologies,and effectively integrating with internal knowledge resources,enterprises can improve their innovation ability and value.The essence of cross-border technology M&A is the reconstruction of enterprise resource boundary and the process of updating enterprise knowledge structure to maintain competitive advantage through the breakthrough of technological resource boundary.Therefore,how to use innovation resources to improve the performance of cross-border technology M&A has become an urgent issue to be studied.Based on relevant research data of cross-border technology M&A from 2009 to 2020 and from the perspective of knowledge resources,this paper introduces R&D investment as a moderating variable to explore how enterprises use innovation resources to improve the performance of crossborder technology M&A.On the basis of literature research,this paper puts forward the research hypothesis,construct the conceptual model,using the event study method,factor analysis and multiple regression method,from the aspects of short-term market reaction and long-term financial performance comprehensive evaluation technology of cross-border mergers and acquisitions performance,an empirical test of cross-border mergers and acquisitions both sides innovation resources technology the effect of M&A performance,provide theoretical decision-making basis for enterprises to improve business performance.The results show that the knowledge resources of both parties have an important impact on the performance of cross-border technology M&A,and R&D investment plays an important role in the absorption and integration of knowledge resources after M&A.The technical diversification level of the partner and the knowledge scale of the target significantly promote the long-term financial performance and short-term market reaction of M&A.There is a positive U-shaped relationship between the technical complementarity of both parties and the long-term financial performance of M&A,which has no significant effect on the short-term market performance of M&A.The internal R&D investment after M&A will strengthen the technology diversification of the principal and the counterparty,and the influence of the knowledge scale of the target party on M&A performance,but has no significant moderating effect on the relationship between technology complementarity and M&A performance.There are 4 figures,14 tables and 138 references in this paper.