This study uses a sample of technological mergers and acquisitions (M&As) of A-share listed companies in the five major high-tech industries from 2012 to 2016, and conducts factor analysis to measure the heterogeneity of these enterprises in terms of financial slack resources, equity resources, and governance structure. On this basis, multivariate regression analysis is utilized to explore the influence of the acquiring firms' heterogeneity on their innovation performance, and the adjustment action of absorptive capacity between heterogeneity and innovation performance. The research results show that the slack financial resources and highly centralized equity structure of enterprises are not conducive to enterprises improving their innovation performance following a technological M&A, while the impact of governance structure on innovation performance following an M&A is similarly not significant. The empirical evidence provided offer insights and a decision reference for technological M&As of high-tech enterprises.

中文翻译：

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技术驱动并购中主体异质性和收购方吸收能力对创新绩效的影响

本研究以2012-2016年5大高新技术产业A股上市公司的技术并购（M&A）为样本，通过因子分析测度这些企业在资金闲置资源方面的异质性，股权资源和治理结构。在此基础上，运用多元回归分析探讨并购企业异质性对其创新绩效的影响，以及吸收能力对异质性与创新绩效的调节作用。研究结果表明，企业资金匮乏、股权结构高度集中，不利于企业通过技术并购提高创新绩效，而治理结构对并购后创新绩效的影响同样不显着。实证证据为高新技术企业的技术并购提供了启示和决策参考。