A Study On The Relationship Between High-tech Listed Companies' Intellectual Capital And M&A Performance

In knowledge economy era,in order to expand the scale of economy and accumulate the stock of resources to enhance competitiveness rapidly,high-tech enterprises usually implement mergers and acquisitions to achieve the objective.Intellectual capital has become the main target for the decision-making body that enterprises achieve the purpose of acquisition value,as the decision-making body of the enterprises,different confidence of management affect the performance of M&A and M&A performance.considering the overconfidence performance of management,when there are difference of management overconfidence in high-tech enterprises,research on the relationship between intellectual capital and high-tech enterprise's M&A performance can provide a reference to select intellectual capital strategy and hope the enterprises emphasis on the effection of intellectual capital on M&A performance while the enterprises implement the M&A process.The main study of this paper is the relationship of intellectual capital and high-tech listed companies' M&A performance.First,literature review on the intellectual capital theory,and M&A and M&A performance theory,and the relationship of intellectual capital as well as the components with M&A,and management overconfidence theory,and the management overconfidence with M&A.Then select high-tech listed companies in SSE&SZSE's database that occurred M&A in 2010 and 2011,respectively as base year to collect the data of intellectual capital as well as acquisition performance data for four consecutive years from the base year to fourth year.The measurement of intellectual capital references Ante Public's VAIC model,using an additional factor to measure intellectual capital from the level of value-added concept.Intellectual capital includs physical capital,human capital and structural capital three elements.During the empirical,First,explore the relationship between intellectual capital and high-tech listed companies' M&A performance,then study on the relationship between three components of intellectual capital that are human capital,structural capital and physical capital and high-tech listed companies,M&A performance,finally,considering the case of managerial overconfidence,research on the relationship between intellectual capital and its components and M&A performance.Research indicates that intellectual capital and M&A performance was a significant positive correlation.Human capital and M&A performance was a significant positive correlation.Structural capital and M&A performance was a positive correlation with the trend of enhance.Physical capital and M&A performance was a significant positive correlation,the trend is weakening.In the case of management overconfident,intellectual capital and M&A performance was a positive correlation with weakened trend,Human capital and M&A performance turn the positive correlation to negative correlation with weakened significance.Structral capital and M&A performance was positively correlated,the trend callback after weakening.Physical capital and M&A performance was a significant positive correlation,and the correlation coefficient is significantly greater than the case of management without overconfidence and the full sample regression.In the case of management without overconfidence,intellectual capital and M&A performance was a significant positive correlation,the trend is enhanced.Human capital and M&A performance was a significant positive correlation,the trend is enhanced,and the results are better than the full sample regression.Structural capital and M&A performance was positively correlated,the trend is reinforcing and better than the performance of the full sample.Physical capital and M&A performance was a positive correlation with the trend and significance weaker.High-tech enterprises should pay attention to the judgment of intellectual capital value when make M&A decision,and strengthen the operation and management of intellectual capital after acquisitions,also,should shorten the integration time of the components of intellectual capital.Hoping this research can provide some assistance for high-tech enterprises when they apply the acquired intellectual capital to performance growth in the case of owning overconfident managements.