Abstract: This paper examines the relationship among acquirers’ characteristics, R&D investment after M&A and technology M&A innovation performance. Based on the 93 technology M&A events from 2007 to 2012, this paper firstly applying factor analysis obtained the acquirer’s characteristics, namely M&A maturity, financial resources and corporate governance, and then dive into the relationship between acquirer’s characteristics and M&A innovation performance, and further explored the moderating role of R&D investment in the relationship. The study finds that M&A innovation performance is positively related with M&A maturity and financial resources, while has no relationship with corporate governance. Moreover, R&D investment increase can weaken the effect of M&A maturity on M&A innovation performance and strengthen the relationship between financial resources and M&A innovation performance. The findings could positively contribute to the decision making on technology M&A and R&D investment.

Key words: M&, A innovation performance

摘要： 本研究基于2007-2012年上市公司发生的技术并购事件，首先通过因子分析得到并购成熟度、财务资源和公司治理质量三个刻画主并企业的并购特征的变量，接着运用回归分析法，检验了并购主体特征对创新绩效的影响，以及研发行为在并购主体特征与创新绩效关系中的调节作用。研究发现，主并企业并购成熟度和财务资源对并购后的创新绩效有显著的促进效应，而公司治理质量对创新绩效无显著影响；并购后增加研发投入会弱化并购成熟度对创新绩效的积极影响，对于财务资源与创新绩效之间的关系却起到积极强化作用。从而为企业技术并购决策以及并购后的研发投资决策制定提供了经验证据和决策参考。