Research On M&a Performance And Influencing Factors For China Hi-tech Listed Companies

With the expansion of the global economy, merger and acquisition isan effectiveway to expand and pool funds, and become the first choice of the enterprise to optimize the allocation of resources. Then the global gradually enters the period of "great age of M&A".Despite the financial crisis and European debt crisis, the global market begins to weak, but Chinese companies have raised a hot wave of a new round merger and acquisition.At the same time, under the impetus of information technology, high-tech enterprisesare rapidly developingand gradually becoming a major force to promoteworld economy.The vigorous development of high technology industryprovides the global M&Amore high technology color.On the one hand, the domestic high-tech enterprise treated M&A as a way to bebigger and stronger and going to the world. On the other hand, the foreign enterprise mergers domestic high-tech enterprises as a means of occupy the Chinese market.Merger and acquisitionnot only accelerates the process of achievement industrialization of new and high technology,and promotes and applies high-tech products to worldwide, and makes the target enterprise market share expanded rapidly, and the enterprise visibility is greatly increased.However, Merger and acquisition of high technology enterprises in our countryis still on the starting stage. The low M&A performance has become crucial important that determine the merger will successor not. According to the actual situation of China’s high technology, this article from the perspective of the mode divided into three kinds of merger and acquisition mode, as technology upgraded, market accessed and control enhanced mode,and using financial index analysis and Tobin ratiocomprehensive evaluation of M&A performancein different mode, then using multiple regression analysis from the technical investment, equity structure and integration ability aspects, to analysis the influence of different modes.In this paper, the research not only has the certain innovation significance in M&A theory, at the same time provide certain guiding significanceof high technology enterprise mergers and acquisitions in China.