Merger And Acquisition Performance Evaluation Studies Of Science And Technology Enterprises

With the rapid development of science and economic globalization, the world has already from the industrial age into the era of knowledge economy, the proportion of technology intensive industry in the science and technology in the industrial structure is more and more big, important sign of the development of science and technology and its industry has become to promote the all-round development of the society and economy of main power and the measure of a country’s comprehensive national strength.In recent years, the rapid development of China’s science and technology enterprises, the increasingly fierce competition in the market, such enterprises start to choose merge to achieve external expansion,technology acquisition and enhance core competitiveness.The development of merge market in solving many problems in current economy difficult, make it become a breakthrough in the further deepening of reform, open up broad prospects for business growth and success of the reform.The implementation of merge enterprise of science and technology more and more, how is the effect, the success is needed to make a comprehensive evaluation on the merge.The traditional approach of evaluation has certain limited feasibility in terms of time and indicators, and thus is not in conformity with the status quo of the technology enterprises in China. Therefore, it lacks adequate objectivity in its evaluation.This article, based on the former research, articulates and enriches the theories on merger of firms, and gives a more accurate comment on the appraisal of acquisition of technology companies in China. For that reason, this article might be of great significance for guidance in this area.To be specific, combined with former research in this area, characteristics of enterprises that focus on technology and high growth rate and questionnaires submitted, this text adopts the Fuzzy Delphi Method to appraise the effects of related factors on merger and acquisition and builds up a framework of these factors according to the various stages of merger operation,the preparation stage, the development stage and the integration stage.Fuzzy evaluation and analytic process have been applied to design indicator framework. With data and cases available, quantitative and qualitative analysis has been conducted for empirical analysis in both financial and non-financial dimensions and conclusion has been drawn at the same time. In the end, integrated with these related factors that have been discussed, suggestions have been made on the steps and approaches for technology companies on improving better merger and acquisition performance, thereby inspiring these enterprises and promoting their better performance on this matter.