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| Technological Resources, R&D Investment and M&A Innovation Performance of the New Generation of Information Technology Enterprise |
| WANG Wei，LI Hongyang |
| Qiqihar University， Qiqihar， Heilongjiang， China |
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Abstract Taking the tech M&A of the new generation of information technology listed companies in Shanghai and Shenzhen A shares from 2013 to 2016 as the research sample, by building the mediated moderation model, based on the empirical test of the relationship between acquirer enterprise’ technological resources and innovation performance, we further studied the regulating effect of technological disparity and the mediating effects of R&D investment. Research result shows that: the technological resources of acquirer enterprise have positive impact on innovation performance and R&D investment；R&D investment plays a partial intermediary role between technological resources and innovation performance； technological disparity negatively moderates the relationship between technical staff and R&D investment, but positively moderates the relationship between R&D project and R&D investment； and technological disparity moderates the relationship between technological resources and innovation performance by regarding R&D investment as mediation.
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Received: 29 May 2018
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