Technological Synergy Opportunity Analysis For Target Selection Of Technology Mergers And Acquisitions

Firms are gradually beginning to get obtain external technological resources, not just relying on internal R&D, faced with rapid growth of technology, foreshortened refresh cycle and diversified consumer demand. With effective technological mergers and acquisitions (Tech M&A) to become powerful combination or reinforce complementary advantages has become an important way for firms to realize leapfrog development.The direct purpose of the technological acquisition is to achieve the technological synergy, namely, the effect of "1+1>2", and then to quickly improve R&D capabilities. Focusing on the pre-stage of technological acquisition, this paper analyses the main factors affecting technological synergy and construct technological synergy opportunity analysis model to reduce the difficulty and risk of technology integration in post-acquisition stage. Medical device industry is selected for empirical studies. The main research work is as follow:(1) Research literatures in Tech M&A and technological synergy, focusing on the measurement of technology similarity and technology complementarity, the main factors affecting technological synergy, summarizing the disadvantages of existing researches. (2) Construct technological synergy opportunity analysis model based on patents:construct measurement model for technology similarity by combining fuzzy similarity analysis and semantic analysis; determine technology scope with IPC and construct measurement for technology complementarity based on complementary function for the acquirer. (3) Taking medical device industry firms for empirical study carry out technical synergy opportunity analysis and provide support for the development of Tech M&A strategy.Based on the technological synergy opportunity analysis model, this paper selects Lepu Medical Technology (Beijing) Co., Ltd for technological synergy analysis under different M&A strategy. For horizontal M&A, Shandong Jiwei Medical Prod Co Ltd is the most appropriate target and for product-extension M&A, Beijing Transeasy Medical Tech Co Ltd is the most appropriate target.