An Empirical Study On China's Tmt Industry M As Performance From Industrial Evolution Perspective

In the latest five years,so many M&As events had happen in TMT industry.The history of industry evolution process is a history of industrial mergers and acquisitions.On the basis of the industrial evolution theory,enterprises on the growth stage generally have a better performance on horizontal M&As,enterprises on the mature stage generally have a better performance on vertical M&As,enterprises on the recession stage generally have a better performance on hybrid M&As approach.This paper first summarizes the research perspectives of domestic and foreign academic circles on the performance of M&As,summarizes the theory of industrial evolution and the performance of M&As at home and abroad,and then introduces the evolution,current situation and future trend of TMT industry.The acquisition and statistics of A shares TMT(computer,communications,electronics,media)industry listed companies M&As case in 2012 and 2013,as the overall sample of empirical research.In this study,we choose the current domestic mainstream performance research methods-accounting research method,select seven financial indicators of the M&As sample company of four aspects such as profitability,operational capacity,growth capacity and solvency on five periods to carry out empirical research.This paper investigates the performance of M&As in horizontal M&As,vertical M&As and mixed M&As.The final conclusions are as follows:1?From the perspective of industry evolution,TMT industry is in the growth period,a large number of competition and intense market environment directly led to the frequent occurrence of mergers and acquisitions.2?China's TMT industry listed companies have both achieved the expected performance improvement in horizontal M&As and vertical M&As,which show the "N" font performance path from the top and then drop down.Mixed M&As dose not achieve the expected performance improvement and shows a "mountain" font performance Path.3?TMT industry has many sub-sectors and its development rate is significantly faster than traditional industries.Due to this cause,horizontal M&As and vertical M&As in TMT industry are reflected in a better level of performance improvement while mixed M&As is not.