Research On The Influence Of Cross-border M&A Of Wind Power Enterprises On Innovation Ability And Enterprise Performance

With the accelerated implementation of supply side reform and the strategy of going out,the number and amount of cross-border M&A of Chinese enterprises are increasing year by year,and M&A with the motivation of improving innovation ability is becoming more and more frequent.As a sunrise industry with broad market prospect and rapid development,the promulgation of the 13 th five year plan for wind power development further indicates that the wind power industry will start in an all-round way.China’s wind power industry has only 6 years to catch up with the developed countries in 20 years.However,the lack of core technology,lack of effective technology testing and other issues are increasingly prominent.Therefore,cross-border M&A to improve technological innovation ability and absorb foreign patent technology and experience has become the general trend of wind power industry.This thesis selects Xiang Dian Corporation,which is an earlier company in the wind power industry to acquire advanced technology for cross-border M&A,as a case study.Taking the period of 2007-2018 before and after cross-border M&A as the research period,21 listed companies in the wind power industry are selected as the control,starting from innovation ability and enterprise performance,in order to comprehensively and deeply study the effect of cross-border M&A of Xiang Dian.Aiming at the research of innovation ability under the mode of cross-border M&A,this thesis selects DEA-BCC model to measure innovation efficiency,and analyzes it from the perspective of pure technical efficiency,scale efficiency and comprehensive efficiency.It is believed that the M&A did not significantly improve the innovation efficiency of Xiang Dian.At the same time,the innovation lag period of wind power industry is about 4 years by using complex correlation coefficient and correlation statistics method.Cross border M&A has greatly shortened the R&D time of specific technology,but not the innovation lag period.In view of the performance of Xiang Dian after cross-border M&A,this thesis measures it from two aspects of financial performance and non-financial performance.First of all,the measurement of financial performance is divided into two dimensions: short-term and long-term.Secondly,it compares the performance of non-financial performance before and after cross-border M&A from two aspects: industry operational indicators and market development.Finally,the conclusion is that the short-term performance is better than the long-term performance,and the non-financial performance is better than the financial performance.Based on the research of innovation ability and performance before and after the cross-border M&A of Xiang Dian,this thesis puts forward some suggestions to provide reference for the wind power enterprises that want to improve the technology level and R&D ability to implement cross-border M&A.