The Influence of M&A on Technological Innovation and Performance Results—Based On the Empirical Study of Gem Listed Companies (Published)
In the recent wave of M&A, listed companies on the GEM have paid great attention to acquiring relevant technology and knowledge assets. In order to enhance their technological innovation capabilities, they also concern about the technology which can improve their defects when choosing the M&A targets. Correspondingly, the acquisition of new technologies and new products through M&A has become one of the typical motivations among the listed companies on the GEM in China in recent years. This phenomenon has gradually attracted the attention of domestic scholars. In China, the research on M&A behavior of GEM listed companies, especially the study on technology innovation and performance results of M&A behavior, still lags behind the development of practice. This paper takes China’s GEM listed companies as the specific research object, selects its relevant data in 2011-2016, and objectively discusses the impact of M&A on the technological innovation and performance results, and has carried out the empirical analysis based on the related data, which shows that the R&D investment will decrease and the technological innovation performance will increase after M&A. Finally, based on the empirical results and the actual situation of the current market, this paper puts forward two practical suggestions for the M&A and technological innovation and performance results of China’s GEM listed companies.