Abstract: Through obtaining target firms’ key techniques and expanding activities in R&D, the acquirer can improve its innovation performance after technology M&A. Consequently, determinants of cash flow have a pivotal role on improving innovation performance following M&A and its interaction mechanism is worth to exploration. The research has utilized micro data of listed companies in China from 2008 to 2012 and applied regression analysis to corroborate the positive effect of R&D investment on technology M&A innovation performance. Then, the paper probes the relationship of the choice of payment, acquirer’s financial constraints and R&D investment after technology M&A and the moderating role of financial development level. The empirical results show that a firm facing financial constraints will incline to increasing R&D investment following technology M&A . The reason is firms facing financial constraints have less incentive to choice cash as counter-performance and decrease cash outflows. Moreover, the level of financial development negatively moderates the negative effect between acquirer’s financial constraints and out-of-pocket expense and the negative influence between out-of-pocket expense and R&D investment.

摘要： 本研究以2008-2013年主并企业为A股上市公司的技术并购事件为样本，运用回归分析法，证实了企业的后续研发投入对技术并购后创新绩效的积极作用。进而，论文研究了并购支付方式、主并企业融资约束与并购后企业研发投入的关系，以及主并企业所在地区的金融发展水平对这一关系的调节作用。研究发现，高融资约束的主并企业在技术并购后的研发投入力度反而更大，原因是高融资约束使它们在并购中更倾向于选择非现金支付，从而减少现金流量的外流，提高并购后加强研发投入的可能性。同时，较高的金融发展水平能够削弱主并企业融资约束对并购现金支付的负向影响以及并购现金支付对研发投入的限制作用。