| After 20 years of development,TMT industry with the improvement of infrastructure in China,The popularity of the internet and mobile clients,the innovative of hardware technology is changing people’s lives as never before.There have been such as Alibaba,Tecent and other competitive enterprises.In recent years,the number of cross-border M&A transactions in China’s TMT industry has grown rapidly,The compound growth rate for 2012-2016 was as high as 27%,far higher than traditional industries such as infrastructure,energy and manufacturing.On the one hand,domestic TMT industry giants are emerging,accelerating the transformation and upgrading of the industry.On the other hand,the state timely launched a varietr of policy support to promote cross-border M&A in the TMT industry.With the rapid growth of cross-border M&A in TMT industry,whether cross-border M&A can bring synergy benefits and what factors affect synergy benefits should be solved urgently.In this paper,TMT listed companies with cross-border M&A in 2012-2016 are studied,based on the analysis of the status and characteristics of cross-border M&A in China’s TMT industry,combining relevant literature to comb out the factors that affect the synergy of cross-border M&A of TMT listed companies in China,and put forward theoretical assumptions.Selecting R&D intensity,cross-border M&A experience,industry relevance and M&A mode as independent variables,the nature of the enterprise,the form of ownership and the change of contro l rights of the M&A party as control variables,the cumulative abnormal returns in different window periods are dependent variables,an empirical model of the factors influencing the synergy of cross-border M&A TMT listed companies in China is constructed.Th e empirical results show that:first,after cross-border M&A of TMT listed companies in China,the positive cumulative excess rate of return is obtained in different window periods,it shows that Chinese TMT listed companies can achieve value creation after cross-border M&A.second,the R&D intensity of M&A has a positive effect on the synergy of cross-border M&A,there is a negative correlation between cross-border M&A experience and synergy income,industry relevance and M&A mode have no effect on synergy income.Finally,based on the empirical results from the intensity of R&D and cross-border M&A experience of two perspectives to improve the synergy of cross-border M&A of TMT listed companies in China:it provides macro-policy support,enterprises should strengthen their own R&D capabilities,establish risk awareness in cross-border M&A,engage professional consulting institutions. |
