Research On The Synergetic Effect Of Transnational M&A In TMT Industry In China

After about 20 years' development,With the perfect of the infrastructure,the popularity of the Internet and mobile clients,innovation of hardware technology,is changing people's lives as never before.More competitive enterprises such as Tencent,Baidu,China Mobile has appeared.In recent years,the cross-border M&A transaction in China's TMT industry has grown significantly.The CAGR of 2012-2016 is 7%,which is higher than other industries.On the one hand,listed companies in the TMT industry,which are formed by the convergence of Technology,Media,the Internet and telecommunications,have accelerated domestic industrial upgrading through their high-speed growth;On the other hand,the government gave full play to the role of market players and further promoted the activeness of M&A and restructuring in the TMT industry.With the further development of cross-border mergers and acquisitions in China's TMT industry,whether cross-border mergers and acquisitions can bring about and how to bring about synergies need to be solved.Based on the analysis of the status and characteristics of cross-border mergers and acquisitions in China's TMT industry,this article uses the TMT industry-listed companies that have undergone cross-border mergers and acquisitions in China from 2011 to 2015 as research samples,from the four dimensions of the effect measure the synergy effect which is business synergy effects,management synergy effects,financial synergies and intangible assets synergies.The principal component analysis and the main factor analysis were used to conduct empirical research on the synergy effects of the sample companies.The survey results indicate that,First,the cross-border mergers and acquisitions of listed companies in TMT industry have shown positive synergies in the short term,but the synergy effect is not obvious in the long term,some listed companies have shown negative synergies.Second,the synergies of cross-border mergers and acquisitions in TMT industry in China mainly come from financial synergies and synergies of intangible assets.In terms of management and operations,there is no synergy effect.Third,from the sub-sectors perspective,the two sub-industries of the Internet and media have had positive synergies after mergers and acquisitions;the technology,telecommunications and science can achieve short-term synergies after cross-border mergers and acquisitions,and the long-term synergies are not significant.Finally,based on empirical research results,this paper proposes relevant policies and recommendations for enhancing the synergistic effects of cross-border mergers and acquisitions in China in TMT industry: the government should strengthen macro guidance and policy support for transnational mergers and acquisitions in the TMT industry;improve the relevant laws and regulations of cross-border M&A in TMT industry;create a good industry external merger and acquisition environment.After the enterprise merge,an objective and effective human resources management system should be established;enhance enterprise innovation capabilities and increase independent research and development capabilities;emphasis on a series of integration of business strategy,organizational structure and corporate culture after mergers and acquisitions.