The Impact Of R&D Investment On Corporate Innovation Performance Based On Technology Mergers And Acquisitions Perspective

In the new economic normal,China is in a critical period of transformation of its economic development pattern,with the driving force of economic development shifting from natural resources,labour,etc.to innovation-led.China is actively promoting this transformation,vigorously implementing its innovation development strategy,actively fostering specialised enterprises and new enterprises,and promoting technological innovation to give impetus to enterprises.In addition,Chinese enterprises are increasingly focusing on industrial upgrading and independent R&D innovation,and are constantly increasing their R&D investment to promote innovative development.The overall Level of innovation efficiency is continuously improving.However,there is still a gap between Chinese enterprises and the internationally advanced Level in terms of innovation capacity,and inadequate R&D investment is an important factor limiting innovation development as it prevents enterprises from acquiring external advanced technological knowledge.Against this background,technology resource-oriented M&A has gradually become an important means for enterprises to acquire external technology.In this development process,how technology M&A affects a company’s innovation performance and how to integrate a company’s external technology with its own R&D for maximum benefit has become an important concern for companies and researchers in related fields.In this study,we examine the re Levant literature,define concepts related to corporate R&D investment,innovation performance and technology M&A,use theories such as the knowledge-based view and national and international research findings as a theoretical basis,take financial data of A-share listed companies from 2007 to 2021 as the first research object and use Stata 16.0software to perform descriptive statistics,correlation analysis and multiple covariance tests on these data.Through multiple regression analysis and robustness tests,the relationship between R&D investment,innovation performance and technology M&A is explored in depth and the following conclusions are drawn:(1)Firm R&D investment has a positive effect on innovation performance,with a lag in this effect.(2)Technology M&A has a positive moderating effect on the relationship between R&D investment and innovation performance.(3)There is heterogeneity in the moderating effect of technology mergers and acquisitions on R&D investment and innovation performance,i.e.the positive effect for non-state-owned firms is significant,while state-owned firms are less sensitive to market shocks and the effect of technology mergers and acquisitions is insignificant.(4)The moderating effect of technology mergers and acquisitions on R&D investment and innovation performance is heterogeneous by R&D investment size,i.e.firms with larger R&D investment size are less affected by technology mergers and acquisitions,while firms with smaller R&D investment size are less affected by their own R&D investment The proportion of new investment R&D expenditure to the stock is high,the impact is large,and the moderating effect of technology M&As is significant.Together with the research findings,this study provides suggestions for firms to successfully integrate various resources in both the pre-Technology M&A due diligence work and post-M&A,provides guidance and suggestions for the direction of technology-oriented corporate M&A,and Enhancement.