Technology Resource M & A, Relative Technological Difference And The Main Merger Corporate Financial Performance

In recent years, with technical resources for the purpose of merger and acquisition activity presents the fast growth momentum. But for technical resources, after the merger between enterprises and between enterprises and to be and the running-in often appear problem, which leads to different financial performance after M&A. The same resources for the purpose of M&A is to acquire advanced technology, some enterprises in the second year of financial performance after M&A of rapid growth, even in a short span of a few years for industry research and development strength strong large enterprises; And some financial performance after M&A rise but not fall, new into the company has become the drag of the enterprise, and even the company down. Aiming at this phenomenon, in order to further explore in the act of technical resources acquisition technology of reverse transmission mechanism, based on the principal and how to choose the target enterprise as the breakthrough point, from the main and the point of view of the relative technical differences between the enterprise and the target enterprise, in-depth analysis of M&A on their technical resources and affect the internal logic of corporate financial performance.The first part, this article research background, research significance, the core concept definition, research framework and research ideas for a brief summary; The second part, by collecting relevant literature on M&A theory, technical resources and technical resources M&A motivation theory research, and combing theory and technology of relative difference theory of enterprise financial performance analysis, the theoretical model of this paper provides the theoretical foundation and theory hypothesis; The third part, the technology resource acquisition, principal and corporate financial performance and the relationship between relative technical differences between the three variables, and the three variables were measured, at the same time, in view of the above carding theory basis in this paper, the research hypothesis; The fourth part, this paper selected the Shanghai and Shenzhen listed company data and carries on the empirical analysis, discusses the differences in relative technology and technology acquisition and the main resources and the influence of the relationship between corporate financial performance, and verify the relative technical differences in technology mergers and acquisitions and the main resources and whether to play a regulatory role between corporate financial performance; The fifth part, to the discussion of the conclusion of this article, put forward the study conclusion and revelation, analyses the shortage of the research of this article, at the same time provide some useful reference for further research, and points out the development direction of future research may, so as to enrich the technical resources acquisition under the framework of related research.In this paper, by using statistical analysis software SPSS 19.0 to analyze data, and get three aspects related conclusions.First of all, the enterprise M&A is different, technical resources acquisition and non-technical resources as a result of the research and development to product lag, enterprise mergers and acquisitions and corporate financial performance to have the away in mergers and acquisitions that year does not have obvious improve, but appeared in the first year after the merger.Second, a vision of the relative scale of technical knowledge and technological trajectory gay influence enterprise technology resource acquisition and the relationship between financial performance after M&A. Among them, the relative technical scale for technical resources acquisition and between enterprise’s financial performance after M&A is an obvious negative regulatory role, explain the main and relative technical size differences between enterprise and the target is smaller, the technology resource acquisition and enterprise’s financial performance after M&A effect more significantly; The technological trajectory of technological resources master after mergers and acquisitions and mergers and acquisitions and corporate financial performance have significant positive adjustment, enterprises in the technology of mergers and acquisitions, the more in the same industry mergers and acquisitions of enterprise technology, the more benefits to the raise of financial performance. Technical resource acquisition, therefore, enterprises must consider its own technical strength and the differences between the target enterprise and the differences of two enterprise’s technological trajectory into the comprehensive judgment, so as to make a scientific decision.The enterprise technical resources acquisition is mainly to the target enterprise technical resources particularly favour, but technical resources integration between conventional integration problems, not just relative technical differences between the two enterprises are the key factors influencing the performance after M&A and corporate finance, relative technical differences from the relative size of technological knowledge and technology track two dimensions, enterprises should in itself has the choice of the situation of the technical level and external technological resources mergers and acquisitions, and should not blindly buy technology company. This paper found that the main when choosing target enterprise and company, should choose those of enterprises and industry technical level and the goal of this company existing technical level were enterprises.This paper mainly includes three innovation points:first, the boundaries of technology resources acquisition data range, this article takes the case of range will be part of the intangible resources include mergers and acquisitions, new sample group composed of analysis technology of mergers and acquisitions and the main resources and the relationship between corporate financial performance. Second, the relative technical differences as regulating variable, in-depth analysis of mergers and acquisitions and the main resources and the relationship between corporate financial performance, to technical resources and how to influence the enterprise M&A financial performance to provide a deeper explanation; Third, after the country Angle to research the problem, by studying the two enterprise technology resources relative difference of M&A and the main technical resources and influence between corporate financial performance, trying to reverse transfer as a late-development country for technology provide a new theoretical reference and basis.