Research On The Impact Of Mergers And Acquisitions Of GEM Technology Companies On Core Competitiveness

China's GEM market was established in 2009.As of December 31,2018,739 GEM companies were listed successfully,accounting for 20.71% of the A-share market.GEM listed companies are generally high-tech,high-growth small and medium-sized enterprises,GEM listed companies in addition to facing growth pressure,unstable operating conditions,small financing difficulties,but also face different delisting pressure from the main board market.It is undeniable that connotative growth is indispensable for GEM companies,but capital operations such as mergers and acquisitions can not underestimate the development of GEM companies,which is an important strategy for enterprises to break through the bottleneck of their own development and gradually develop and grow.In order to maintain their position in the industry and promote the sustained and healthy development and growth of the company,each GEM company has set off a wave of mergers and acquisitions.According to statistics,the investment in education industry is the highest among all industries,and Internet plus education has become a hot topic of education capital.On the basis of explaining the theory of core competence and merger and acquisition,this paper makes a brief analysis of the development of the growth enterprise board merger and acquisition market and the education industry.Taking Lisichen as an example,this paper establishes an effective evaluation system of core competence to measure the core competence of Lisichen.From the two aspects of short-term and long-term impact of merger and acquisition,external finance is also included.From the perspective of business performance and internal driving factors,this paper explores whether the company's core competitiveness has been greatly improved after horizontal M&A in 2013.This paper studies this issue,and finds that during the period of M&A from 2013 to 2017,from the short-term perspective,from 15 to 17 years of M&A,the company has achieved a greater short-term wealth effect and greatly enhanced the core competitiveness of the enterprise.The short-term performance of M&A is poor in the early and late stages.In terms of long-term impact,the profitability,solvency,operation ability and growth ability of enterprises have increased to varying degrees in external financial performance,while the free cash flow ability has declined.Internal driving factors are from the aspects of R&D technology level,integration ability,brand influence,access to high-quality educational resources and human resources.Overall,through a series of horizontal mergers and acquisitions,Lisichen has greatly enhanced the core competitiveness of enterprises,improved their operating conditions,enabled enterprises to walk out of the 12-year economic downturn and promoted their sustainable health.Development.