Executive Team Characteristics,Technology Intergration Capability,M&A Performance

The prosperity of science and technology is the prosperity of the nation,and the strength of technology is the strength of the country.General Secretary Xi Jinping pointed out: "In order to be strong and rejuvenated,China must vigorously develop technology." In recent years,China has made major breakthroughs in many scientific technological fields,and many technologies have also achieved transformation from laboratory research to products.At present,China is going through a period of transformation from driven by factors of production to technology,and technology companies are increasingly favored by capital.In addition to increasing their R&D investment in technology,some Fortune 500 companies will also actively acquire start-up companies with core technologies in order to maintain the company's continued leading position in the field.But can such strategic decisions create more value for the enterprises? As is known to us,performance is an important form of enterprises value.There are always a variety of factors that may affect corporate performance.Because these factors are dynamic,as they change,corporate performance continues to change.Speaking of the factors influencing enterprise performance,the most direct factor must be the core decision maker of the enterprise-the executive team.As the establishment of the high-level echelon theory,research on the relationship between executive team characteristics and corporate performance has been increasing,but research has rarely been conducted from the perspective of technological innovation.At the same time,technology integration in the process of mergers and acquisitions is crucial,which will not only affect the success of the merger and acquisition,but also directly affect the enterprise's performance of the merger and acquisition.When it comes to the measurement of whether this M&A is succeed,we are not only talking about whether the transaction itself is successful,but also whether the integration after the merger and acquisition is smooth and the far-reaching impact on the company.This article is based on previous research on the relationship between executive teams and corporate performance,defines the concepts related to executive teams and their characteristics,technology integration capabilities,and corporate M & A performance measurement methods,and uses empirical research from the perspective of technology to explores whether the top management team plays a key role in corporate performance in the process of M & A,especially the technology integration.This paper selects 1275 companies with mergers and acquisitions between 2012 and 2015,uses the WIND and CSMAR to collect the required data,and reflects the performance of the company from the three dimensions of profitability,debt repayment ability and growth ability.The empirical research analysis found that:(1)During the M & A transaction process,the greater the education level heterogeneity of the top management team,the more conducive to M&A performance,but this feature reduces the technical integration ability to a certain extent and thus masks a small part of the positive impact on the performance of the M & A enterprise;(2)The rejuvenation of the top management team is conducive to improving the technology integration capability in the process of M&A integration,thereby making the company's profitability and growth ability better,while the advantage of the senior executives is to improve the solvency;(3)The gender heterogeneity of the executive team is also conducive to the performance of the M & A company,especially to improve the profitability of the M & A company;(4)The larger proportion of the executive with overseas experience among top management team,the stronger the technology integration ability,which makes the profitability and growth ability of M & A company stronger;(5)Executives with technical background will improve the profitability and solvency of enterprises through improve the integration ability,but such executives may pay more attention to technical issues and ignore other issues.Finally,this article puts forward some suggestions from the aspects of the selection system and innovation awareness for corporate managers who want to adopt M & A strategy:(1)Attaching importance to the background of senior management and improve the selection system;(2)Recruiting young management and pay attention to gender advantages;(3)Increasing investment in research and development and promoting technological innovation.