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| Will Different Types of M&A Affect the Performance of Chinese Enterprises after Technological M&A |
| Zhang Chi1,Yu Pengyi2 |
| 1.College of Economics, North Carolina State University, Raleigh NC 27695, USA;2.School of Accounting, Guangdong University of Foreign Studies, Guangzhou 510006, China |
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Abstract According to the studies of previous scholars, the degree of technical relevance and complementarity has a significant influence on technological M&A performance. Does this mean that different types of M&A will affect the performance of Chinese enterprises after technological M&A? This paper uses the data of 219 technological M&A of Chinese enterprises from 2006 to 2015 to do empirical analysis and robust test. The result indicates that horizontal technological M&A have a negative effect on Chinese enterprises' performance, while vertical technological M&A have a promoting effect and conglomerate technological M&As are not significant. Thus, Chinese enterprises should reserve enough capital before conducting horizontal technological M&A and motivate R&D personnel after M&As to improve the independent R&D efficiency. And Chinese enterprises should increase technological complementary M&As. For conglomerate technological M&As, Chinese enterprises should be familiar with the knowledge of the target technology and avoid the outflow of talent employee.
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Received: 14 September 2016
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Corresponding Authors:
Zhang Chi
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