Technology M&A and enterprise innovation performance–knowledge-based mediation effect.

This paper uses knowledge base as an intermediary variable and takes Chinese A-share manufacturing listed companies from 2010 to 2018 as the research object to examine the impact of technological mergers and acquisitions on corporate innovation performance. The study found that: (1) Technology acquisition plays a significant role in promoting the innovation performance of enterprises, indicating that for every 1% increase, the technological innovation of manufacturing enterprises will increase significantly by about 0.44%. Using different core variable metrics, different regression samples, and different estimation methods, the results still exist, indicating that this finding is robust. (2) The nature of enterprise property rights, the level of economic development, and the level of technological development have led to the heterogeneity of technological mergers and acquisitions in driving enterprise innovation. (3) The scale of the knowledge base is the key intermediary variable. The findings of this paper are helpful to understand the internal dynamic mechanism of Chinese innovation-driven strategy, and pro-vide policy inspiration for the transformation of high-quality economic development. [ABSTRACT FROM AUTHOR]