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