The impact of technological M&As on innovative performance of listed companies

Abstract

This article selects the patent number as an innovation performance alternative variable to test the impact of technology mergers on the innovative performance in high-tech industries listed companies empirically by using the panel data negative binomial regression model. It shows that non-technical merger acquisition has no significant influence on the innovation achievements for a company; the absolute size of the acquired knowledge base makes a positive impact on the innovative performance of the acquiring firm; while the relative size of the acquired knowledge base has a negative effect on the innovative performance of the acquiring firm. These results provide the empirical basis of technology mergers & acquisitions for the listed company.