Empirical Research On Performance And Research On Modes Of Technological M&A Of Chinese Public Companies

With the international economic integration process and rapid development of science and technology, the technological M&A are more concerned for it has become an important way to enhance enterprises'technological capabilities and the way to enter international market quickly. This essay focuses on technological M&A's mode and performance issues, through case studies, listed companies'data, using ISM, contrast and empirical ways to study enterprise technology ability mechanism, technological M&A mode and performance. Through a series of studies, this essay makes main conclusions as follows.First of all, this essay analyses constituent elements of enterprise technological capability under the theory of technological capabilities. After the analysis of M&A's integration, we get eight constituent elements. Using interpretative structural mode, the essay cards a mechanism of technological M&A integration enhances technology capacity.Secondly, this essay classifies technological M&A as enhanced, complementary and breakthrough modes. Then it analyses respective key points of three modes risk. And through the collection and classification of the technological M&A cases occurred in 2000 - 2007, it concludes the distribution of three modes, among which, enhanced mode occurred most, for about 67% and the complementary mode is the least, only 10%.Thirdly, this essay collects 63 cases in 2000-2007 in Shanghai and Shenzhen stock markets and studies their performance in time, industry and mode vision respectively. The observation finds performances have an upward trend as the time goes by and there is no difference in industries, also, enhanced mode is better. Then after empirical study of 50 cases happened in 2000-2005, the essay concludes that the performance is has a significant relation with assets proportion and it has negative correlation with both financial risk and degree of technology diversification.Finally, this essay analyses the biological Kehua technological M&A case with its technical characteristics, M&A motivation, financial and technological performance. The case analysis not only verifies the content above, but also provides some enlightenment for China's enterprises'M&A events.Based on studies above, this essay has made some research findings that has academic value on domestic M&A mode classification, M&A performance study, and the practical value for enterprises to avoid the risk of technological M&A.