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Research On Performance Evaluation Of Technology Mergers And Acquisitions Of Listed Companies In China

Posted on:2019-07-25Degree:MasterType:Thesis
Country:ChinaCandidate:Y H GongFull Text:PDF
GTID:2359330545475505Subject:Finance
Abstract/Summary:PDF Full Text Request
Mergers and acquisitions(M&A),as an effective way to expand the development of enterprises,not only to help companies consolidate and enhance existing market position,but also can help companies quickly get the technical knowledge necessary for their development,the market share of other resources and channels.At present,the main motivation for Chinese companies to implement technology mergers and acquisitions is to obtain domestic and foreign leading technologies and development capabilities.This kind of technology merger and acquisition aims to purchase the high-tech companies and R&D departments to obtain technology and technical synergies,thereby enhancing their core competitiveness.Obtaining advanced technology from other companies and realizing the two-way transfer of technological knowledge between two companies is a major feature of technology M&A.However,it is also a major challenge.It is not only a test of a company's strategic planning ability,but also a hard strength of a company.The key to judge the success of the technology merger and acquisition is to see whether it is completely absorbed by the integration.As a result,the M&A performance of M&As will play an extremely important role.Most of the existing research on M&A performance evaluation starts with traditional financial performance analysis and market performance analysis.However,as a form of merger and acquisition with technology merger and acquisition as its core orientation and purpose,it is unreasonable not to consider its innovation performance.Therefore,this paper adds innovative performance evaluation indicators to form a new set of performance evaluation model for technology mergers and acquisitions.Based on the financial data of Shanghai and Shenzhen listed new energy automobile industry related enterprises with mergers and acquisitions from 2010 to 2015,this paper selects 11 indicators from 2 aspects of financial indicators and innovation performance indicators to construct a merger performance indicator system.through principal component analysis,the paper constructs factor variables and then calculates the value of comprehensive factor variables,so as to carry out an empirical analysis of the business performance changes of new energy industry mergers and acquisitions during the period of [ t-1,t + 2 ] for a total of four years.It is hoped that later generations can make a more reasonable and complete and systematic explanation of the performance of technology mergers and acquisitions with reference to this set of technology mergers and acquisitions performance evaluation model when evaluating the performance of technology mergers and acquisitions in the research.In addition,this paper analyzes a case-Wanxiang M&A A123 in the United States through fundamental and model calculations.While verifying the feasibility of the technology M&A performance evaluation model established in this paper,this paper also gives relevant inspirations and suggestions.
Keywords/Search Tags:Technical M&A, Innovation performance, Performance evaluation
PDF Full Text Request
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