Estun's Multinational Technology M&A Model And Performance Research

With the globalization of the world economy and the rapid development of China's economy,there are more and more cases of cross-border mergers and acquisitions,and the goal of cross-border mergers and acquisitions by Chinese companies,especially high-tech companies,has gradually shifted to acquiring the advanced technical knowledge of target companies,with a view to expand its own technical knowledge base,strengthen innovation capabilities,and cultivate core competitiveness.Successful mergers and acquisitions can enable companies to quickly master new technologies,acquire new products,improve corporate innovation performance,and gain long-term competitiveness.But the long-standing problem is that although there are more and more cases of mergers and acquisitions,the success rate of global mergers and acquisitions has been low.Multinational Technology mergers and acquisitions often do not enable the merger and acquisition enterprises to obtain stronger innovation capabilities,and they cannot make the enterprises form long-term competitiveness.What's worse,the short-term financial performance of the enterprise is also damaged,which put the enterprise in a more difficult situation.That is to say,Chinese enterprises are facing good development opportunities in cross-border mergers and acquisitions,but also serious problems.For technical resources and other resources acquired at high prices,they often fail to achieve the expected goals,and it is difficult to achieve rapid technological catch-up through cross-border mergers and acquisitions.purpose.The enterprise's dual innovation strategy is closely related to the results of Technology mergers and acquisitions.Successful multinational Technology mergers and acquisitions can break through the existing resource constraints of the enterprise and realize the effective integration of resources.Whether an enterprise can coordinate resources when carrying out multinational Technology mergers and acquisitions,and how to coordinate utilization innovation and exploratory innovation are related to whether the enterprise can form long-term competitiveness.Based on the background of the current hot global mergers and acquisitions and the general trend of China's cross-border strategic mergers and acquisitions,this paper selects a company with broad development prospects in the industrial robot industry-Nanjing Estun Automation Co.Ltd.as a case study object to explore enterprises through multinational The path of M&A to achieve dual innovation.This article first clarifies the relevant concepts of transnational Technology mergers and acquisitions,dual innovation and knowledge base,and then combines the resource-based theory,synergy effect theory,Technology catch-up theory,absorptive capacity theory and binary innovation-related theories to divide the merger and acquisition stage into mergers and acquisitions Selection period,M&A digestion period,M&A integration period,and M&A stable period.After forming a framework,based on the use-based innovation knowledge base and exploratory innovation knowledge base between the case company Nanjing Estun Automation and its acquired TRIO,Barrett Technology and M.A.i,the analysis of the selection basis of the binary innovation merger mode during the merger selection period,mergers and acquisitions The dynamic realization of binary innovation in digestion period,integration period and stable period.Finally,this paper measures innovation performance,financial performance and market performance to measure the performance of corporate mergers and acquisitions,and verifies the effectiveness of the case company's multinational Technology mergers and acquisitions.This article focuses on the dual innovation strategy of case companies in Technology mergers and acquisitions,explores the role of merger and acquisition activities on dual innovation,and summarizes relevant experience.The further practice of mergers and acquisitions provides experience for reference.This article finally draws the following conclusions:First,during the M&A selection period,enterprises should pay attention to the duality of knowledge overlap and knowledge distance when selecting target enterprises.Secondly,during the digestion period of M&A,enterprises should focus on the improvement of absorptive capacity,reduce the subsequent risks of M&A,and strengthen their existing knowledge base.Third,during the merger and acquisition integration period,companies need to integrate the organizational structure,financial resources,and corporate culture in accordance with the dual strategy to effectively expand the boundaries of the knowledge base.Fourth,in the stable period of mergers and acquisitions,enterprises can basically realize the evolution of utilization-oriented innovation to exploratory innovation.After the reconstruction of the knowledge base,exploratory innovation can feed back utilization-oriented innovation.Fifth,performance measurement cannot simply measure a certain indicator,it's more valuable to consider the comprehensive measurement of financial and non-financial indicators,long-term and short-term indicators,and internal and external market indicators at the same time.