Research On The Performance Of Technology-seeking Transnational M&A

At the 19 th National Congress of the Communist Party of China,General Secretary Xi Jinping once again emphasized: Innovation is the first driving force for development and an important strategy for building a modern economic system.Chinese manufacturing enterprises actively responded to the "Made in China 2025" strategy,paying more attention to technological innovation and striving to enhance market competitiveness.Technology-seeking transnational mergers and acquisitions,as an important way to improve the level of corporate innovation,can reduce time costs and the risk of R&D failure,and quickly provide companies with the necessary technology and other resources,thereby enhancing corporate competitive advantages and overall performance.As a benchmark enterprise in China’s home appliance manufacturing industry,Midea Group is carrying out an intelligent strategic transformation under the fierce competition in the home appliance industry to seek new profit growth space;Germany KUKA Group,as a representative enterprise of German Industry 4.0,its business is in line with Midea Group" "Double Wisdom" strategic development needs.Midea Group announced in May 2016 that it initiated a tender offer for KUKA Group and completed the transaction in 2017.This article uses the case of Midea Group’s acquisition of KUKA Germany to explore the relationship between technology-seeking transnational mergers and acquisitions and corporate performance Conduct research and analyze the impact path of M&A performance.This paper adopts the case analysis method.Firstly,it sorts out,summarizes and summarizes relevant domestic and foreign literature,and elaborates the theoretical basis of the balanced scorecard and resource-based theory.Secondly,it introduces the background of the merger,the companies of both parties to the merger and the merger process,and explores the motivations of the merger.Thirdly,analyze the development of Midea Group’s robotics and automation business after the merger,and use event research and balanced scorecards to analyze whether Midea’s technology mergers and acquisitions have improved its short-term market performance and long-term overall performance,and based on the balanced scorecard’s impact path on performance Perform analysis.Finally,draw relevant conclusions.The conclusions of this paper are as follows:(1)The acquisition of Midea Group has promoted the development of robotics and automation systems business and penetrated into the blue ocean market of robotics.(2)Midea Group’s technology-seeking transnational M&A market performed well,creating value for shareholders.(3)Midea Group’s technology-seeking transnational mergers and acquisitions have improved the overall performance of the company.After the merger,Midea Group’s financial performance has been good,and value creation capabilities have been enhanced;the market share of major products has increased,and brand attention has gradually increased;the "dual intelligence" strategy has been smoothly promoted,the level of intelligent manufacturing has been comprehensively improved,and the intelligent logistics technology and With the soft power of smart homes,the product structure has been more optimized;R&D investment has been increased,and the level of technological innovation has been significantly improved.(4)The path of influence on M&A performance is: this cross-border technology M&A promotes Midea’s continuous learning and innovation,improves Midea’s level of intelligence and internal operation effects,thereby attracting more customer resources and promoting financial performance;customer needs and internal operating procedures The continuous optimization of the company also promotes the continuous learning and growth of the company,and the improvement of financial performance can provide a steady stream of financial support for the development of various fields of the company.Finally,combining the analysis process and research conclusions,it puts forward enlightening suggestions,as well as the deficiencies and future prospects of the research in this article.