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| A Study on the Relationship Between Production Chain Position and Innovation Performance of Technology Mergers and Acquisitions in High Technology Manufacturing Firms |
| Wang Wanqiu,Gao Ya,Wang Fang |
| (School of Economics and Management, Beijing University of Technology, Beijing 100124,China) |
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Abstract The specific requirements of insisting on innovation-driven development and accelerating the construction of modern industrial system are proposed in the Report on the Work of the Government 2021. As a strategic support industry for national economic development, high-tech manufacturing industry plays a pivotal role in enhancing the level of scientific and technological innovation. As a major exogenous innovation resource channel, technology M&A plays an important role in effectively linking the innovation chain and industrial chain in high-tech manufacturing industry and promoting the efficient integration of innovation resources into the technological innovation process. The location of high-tech enterprises in the production chain determines the difference of technological innovation patterns, and technology M&A, as the main exogenous innovation resource channel, has different impacts on high-tech enterprises at different locations in the production chain. Therefore, it is necessary to study the relationship between the location of high-tech manufacturing enterprises in the production chain and the innovation performance of technology M&A at the micro level.#br#This study investigates the relationship between the production chain location and the innovation performance of technology mergers and acquisitions, as well as the moderating effects of the width and depth of the technology base of the main merging firms based on the technology mergers and acquisitions of Chinese high-tech manufacturing companies from 2007 to 2018 and related data from 2007 to 2020. The study found that firstly, there is a positive relationship between production chain location and innovation performance of technology M&A in high-tech manufacturing enterprises, i.e., enterprises with higher production chain location are more likely to improve innovation performance through technology M&A; secondly, the relationship between production chain location and innovation performance of technology M&A is positively adjusted by enterprise technology base width, and the relationship between the two is not adjusted by enterprise technology base depth; thirdly, the positive relationship between production chain location and innovation performance of technology M&A of high-tech manufacturing enterprises and the moderating effect of enterprise technology base width are more obvious in non-boundary-spanning technology M&A, indicating that enterprises with higher production chain location are more likely to achieve higher innovation performance in the related technology field; fourthly, the positive correlation between the production chain location of high-tech manufacturing enterprises and the moderating effect of technological base width in the eastern region are more significant than those in the central and western regions, which indicates that the business environment of the region where the firm is located has a significant impact on the innovation performance of technology M&A.#br#This study contributes mainly in three areas. First, most of the existing literature on production chains explores the impact on macroeconomics using industry data, with relatively little research on the micro firm level. This paper, however, explores the effect of technology M&A on the integration of innovation resources by enterprises at different locations in the production chain using data from listed companies in the manufacturing industry of high-tech industries, expanding the micro-level research on the location of the production chain. Second, most of the existing studies on the factors influencing the success of technology M&A focus on the level of firm characteristics and external environment, and few studies have been conducted from the perspective of production chain division of labor. This study considers the possible influence of the production chain location of the merging firms on the innovation performance after technology M&A from the perspective of vertical chain relationship. Third, it explores the mechanism of the role of firms' technology base on post-technology M&A reinvention by firms with different production chain locations, and further refines the technology base into two dimensions, width and depth to clarify the different effects of both and improve the granularity of research on firms' technology base.#br#This study can bring the following practical insights to firms. First, technology M&A plays a more prominent role in the integration of technological resources for enterprises in basic industries, therefore, enterprises in higher production chains can make full use of the value that technology M&A may bring and efficiently aggregate innovation resources in the production chain; meanwhile, enterprises in lower production chains should prudently choose technology M&A as a way to acquire exogenous technological resources, and when technology M&A is really necessary, they need to carefully. Second, high-tech manufacturing enterprises should fully evaluate or plan to improve their technological base width before technology M&A. Third, compared with boundary-spanning technology M&A, non- boundary-spanning technology M&A can effectively alleviate the information asymmetry and other problems in M&A integration and achieve higher innovation performance level. Therefore, companies should focus on core technology areas to select M&A targets.#br#
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Received: 28 June 2021
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