High-tech M & A Risk And Prevention Research

Under the new-economic background, M&A has been paid attention to by more and more hi-tech enterprises as a resultful method for enterprise expanding."Time-efficiency advantage"represented by M&A makes these enterprises,which ever were suffered from rapidness in technology and competition in market, have to change their original ideas that corporation's growth only depends on self-accumulation .But practice has proved that M&A as a systems engineering is numerous and complicated , and lots of risks exist in it.And it was just because many companies were not cognizant of risks and didn't take any actions to deal with them , few M&A deal was successful.So how to rightly identify and deal with risks is the key to success of M&A . This paper is arranged as follows: Firstly,On the basis of study in many demonstrated cases, a matrix－matching analytical means is used in this paper to roundly analyze and sum up various factors and affairs in M&A of hi-tech enterprises, which may lead to risks, and risk types are further abstracted from these factors and affairs.Secondly, according to theories and methods of risk management , how to estimate and keep away risk is analyzed systemically and normatively.Lastly,a set of holistic strategies based on different M&A phases for keeping away risks are put forward.From the results of study and the course of analysis,two purposes are expected to reach by the paper — one is to help decision-makers of hi-tech enterprises to think M&A rationally;the other is to give some revelations on thought and method in risk analysis of M&A of hi-tech enterprises.