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| The Impact of External Technology Acquisition Timing on Enterprise Innovation Performance |
| HU Cheng，ZHU Xuezhong，TENG Ziyou |
| Tongji University, Shanghai, China |
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Abstract This study constructs a real option model of external technology acquisition, analyzes the decision-making mechanism of external technology acquisition opportunities of enterprises, and puts forward research hypotheses. The relevant hypotheses are empirically tested with Chinese manufacturing listed companies as samples. The research finds that, firstly, the optimal time to acquire external technology is determined by the proportion of external technology, the ratio of external technology to independent R&D innovation income, and the uncertainty of innovation income. When the ratio of external technology acquisition to innovation income of independent R&D is low, or the proportion of external technology is low, or the uncertainty of innovation income is high, enterprises should choose to postpone external technology acquisition. Secondly, in the patent assignment mode, enterprises with strong innovation ability that acquire external technology before the target technology is granted a patent can better promote their innovation performance, while for enterprises with weak innovation ability, the acquisition of external technology after the target technology is granted a patent can better promote their innovation performance.
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Received: 07 June 2022
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