Technology Mergers & Acquisitions, Technology Innovation Performance and Earnings Persistence
YANG Qing1,2, ZHOU Shaoni1
1.School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China; 2.School of Economics and Management, East China Jiaotong University, Nanchang 330013,China
Abstract Taking the M & A events of A-share listed companies in China's high-tech industry from 2009 to 2017 as the research object, and from the perspective of the intermediary effect of technological innovation performance, this paper examines the impact of technological M&A on earnings persistence of acquiring companies, and tests whether the intermediary effect of technological innovation performance is affected by the growth potential of acquiring companies at the same time. The study finds that technology mergers and acquisitions can significantly enhance the earnings persistence of acquiring companies and obviously improve the two-dimensional technological innovation performance. In addition, the mediating effect of technological innovation performance is also regulated by the growth potential of acquisition companies. The greater the growth potential of acquisition companies is, the stronger the relationship between technological innovation performance and earnings persistence is. This paper reveals the influence mechanism and action mechanism of technology M&A on earnings persistence through the mediating effect of technology innovation performance.
2021, Vol. 38 
