The Impact Of Technology Merges And Acquisitions On Financial Performance Under The Background Of Digitalization

Under the situation of technological innovation policy and digital economy,factors such as capital,information and talent flow frequently,and market competition intensifies.It has become the core path for enterprises to seek technological innovation to build differentiated competitive advantages,optimize the quality and benefit level,and improve their financial performance.Compared with technology alliance and independent research and development,The utilize of technology mergers and acquisitions can enable the target company’s essential technologies to be promptly acquired,as well as the general transfer of technology-related skills,expertise,and other resources.At present,technology M&As has become an important strategy for Chinese high-tech enterprises to enhance performance.However,there are many problems in the practice of technology M&As,such as unclear understanding of the law of technology M&As activities,insufficient degree of technology collaboration resulting in resource waste,a large amount of integration investment after M&As increases the strain on firms,the productivity and efficiency of scientific and technical advancements,and even many failed cases of M&As,which bring many negative impacts on the financial performance of enterprises.In order to have a deeper understanding of the impact of technology M&A on financial performance and help enterprises to balance the benefits and potential costs,the study focuses on addressing the following three research inquiries:(1)How does the technology M&As strategy influence financial performance?(2)What are the underlying pathways through which technology M&As impact financial performance?(3)How does the degree of digital transformation adjust the impact of technology M&As on financial performance? In this study,M&A events of Chinese A-share listed high-tech enterprises in Shanghai and Shenzhen during 2010-2019 are selected as research samples.Then,this study introduces the dynamic capability(innovation capability)of the enterprises as the intermediary variable,takes digital transformation degree of high-tech enterprises as the moderating variable,and adopts the research framework of "strategic decision-making--dynamic capability--performance".The results show that the implementation of technology M&As has a significant effect on the financial performance of high-tech enterprises.Through the mechanism test,it is found that technology M&As can enhance the financial performance by enhancing the innovation ability of enterprises.After introducing the heterogeneity index of the degree of digital transformation,this thesis finds that the degree of digital transformation strengthens the positive relationship between technology M&As and financial performance,that is,the higher the degree of digitalization,the more obvious the promoting effect of technology M&As on financial performance.In order to open the black box of M&As performance improvement process enabled by enterprise digital transformation,this thesis adopts the moderated mediation effect model to carry out further research.It is found that the degree of digital transformation strengthens the enhancement effect of technology M&As decision-making on innovation capability,but does not moderate the positive effect of innovation capability on financial performance.That is,the degree of enterprise digital transformation moderates the first half of the mediating effect of innovation capability,but does not regulate the second half of the mediating effect and the whole mediating effect.Finally,Drawing upon the research conclusions articulated in this thesis and taking into account the practical development of high-tech enterprises,we put forth relevant management suggestions for governmental and corporates.