An Empirical Study On The Impact Of Payment Methods And Financing Methods On The Innovation Performance Of Technology M&A In High-tech Manufacturing

High-tech manufacturing is the vanguard of Chinese independent innovation and the main battlefield of international scientific and technological competition.Comprehensively improving the innovation performance of high-tech manufacturing is of great significance for China to implement the innovation-driven development strategy and shape new advantages in international competition.Technology M&A is one of the most important ways for high-tech manufacturing enterprises to obtain innovative resources.The choice of payment methods and financing methods is an issue that must be considered in the M&A process,often affecting the innovation performance of the enterprise by influencing the internal structure of the enterprise.Payment methods are mainly divided into stock payment and cash payment.Choosing stock payment means that the master adopts stock exchange M&A;Choosing cash payment means that the master need to raise funds,which are usually divided into endogenous financing,debt financing and equity financing.In addition,the difficulty of obtaining funds of enterprises(including internal perspective corporate financing constraints and external perspective regional financial development level)is closely related to the choice of payment methods and financing methods,and may play an important regulatory role in the relationship between payment methods,financing methods and innovation performance.On the basis of theoretical analysis,this paper takes the technology M&A events of Chinese listed companies in high-tech manufacturing industry in 2017-2019 as the research sample,and examines the impact effect of payment methods and financing methods on innovation performance of technology M&A,and then explores the moderating effect of the difficulty of obtaining funds in the above effects from both internal and external perspectives,and finally compares the heterogeneity effects under the sub-sample from the aspects of enterprise scale and enterprise region,and draws the following main conclusions:Firstly,stock payment promotes innovation performance compared to cash payment.Among the three financing methods,the innovation performance of endogenous financing is best overall,followed by debt financing,and finally equity financing;Secondly,compared with financing constraint companies,nonfinancing constraint companies that use stock payment have higher innovation performance,while the gap of impact on innovation performance between the three financing methods of non-financing constraint companies using cash payment is decreasing,and debt financing has the worst innovation performance;Thirdly,the level of financial development in the area where the enterprise is located can promote the positive effect of stock payment on the innovation performance.For the companies of cash payment,the level of financial development will narrow the gap between the impact of the three financing methods on the innovation performance,and the change of the impact of debt financing on the innovation performance is the most obvious;Fourthly,the payment methods and financing methods of technology M&A have a heterogeneous impact of enterprise scale and enterprise region on innovation performance.Among them,for large-scale enterprises and for eastern enterprises,the conclusions are consistent with the full sample.For non-large-scale enterprises and non-eastern enterprises,there is no obvious impact on the innovation performance by means of payment methods and financing methods of technology M&A.Finally,from the macro and micro levels,this paper puts forward targeted policy suggestions on how to optimize payment methods and financing methods to promote the improvement of corporate innovation performance in technology M&A.