| In recent years, as an important way to optimize a company's own business and to rationally allocate resources, mergers and acquisitions has gradually been widely used in all walks of life. With the deep development of M&A, more and more domestic and foreign scholars began to focus on M&A and its performance. Scholars study the performance of the company's M&A from different angles and with different methods, but they do not get consistent conclusion on M&A and its performance problems. In addition, although there are a lot of general research results about M&A, there is few research result about it from specific industry perspective. According to the insufficiency of existing literatures, this paper focuses on the M&A performance of information technology listed companies in China, in order to provide theoretical support for the M&A of Chinese information technology listed companies.This paper is divided into five parts, the first part analyzes and examines the domestic and foreign relative research results in terms of research methods of M&A performance and factors that influence M&A performance, laying the foundation for the study of this problem;the second part firstly defines the related concept of M&A of listed information technology corporation in China, and analyzes its relationship with M&A performance in terms of related theories,such as the synergy effect, agency cost enterprise life cycle, transaction cost and market power theory, providing theoretical support for this research. Then through the analysis of overall situation of M&A in China and current situation of M&A of information technology companies of China, we find that Chinese entire M&A remains a sustained rapid rise trend. Among these companies, M&A situation of information technology industry rapidly rise from 2011, and the scale of M&A just below the M&A scale of the industrial and financial industry; the third part selects 28 information technology listed companies in China as sample of this research, and through establishing input-output index system of super-efficiency DEA, this paper measures the value of sample companies'M&A performance from 2009 to 2014. The results showed that the overall M&A performance of information technology listed companies in China is not high with great individual differences; the fourth part starting from the company's own characteristics, resources, industry characteristics and behavioral characteristics of M&A, puts forward the hypothesis of the influence factors of M&A performance of information technology listed companies in China, and selects panel data of 2009-2014 to setup tobit random effects model to make regression analysis, the empirical results show that in our country if a listing corporation in information technology industry has a larger scale, stronger profitability, larger transactions volume involved in M&A, higher percentage of undergraduate and above personnel in the company, and a higher degree of ownership concentration, its M&A performance will be realized and improved more easily, among which the horizontal M&A or software and services M&A can get higher M&A performance; however, if a listing corporation in information technology industry has a higher cash ratio or a bigger market share, its M&A performance will be lower, and these M&A activities, involving the connected transactionrs or corporate control transferring,are not conducive to the realization of the M&A performance; the fifth part, basing on the internal management and external environment of the company, comes up with suggestion for improvement of the M&A performance of information technology listed companies in China.The innovation of this paper is that through the organic integration of super-efficiency DEA model and Tobit random effects panel regression model, this paper, starting with the view of a single industry information technology industry, measures and analyzes M&A performance of information technology listed companies in China and its influencing factors. |
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