Research On The Motivation And Economic Consequence Of Vertical Mergers And Acquisitions Of Emerging Technology Enterprises

Since the 13 th Five-Year Plan,it has become a basic national policy to vigorously develop emerging technologies and upgrade the innovation capacity of China’s manufacturing industry.As three times before the industrial revolution brought about by the whole society subversive transformation of industrial structure,with artificial intelligence technology,the Internet of things technology,such as super materials technology emerging technological revolution led by science and technology is affecting the global industry,China’s emerging technology industry also is growing at very fast speed,a large number of the independent innovation ability in the emerging science and technology enterprises,China’s new science and technology,market competition is increasingly fierce.In recent years,more and more emerging technology enterprises adopt vertical merger and acquisition,which is a financial behavior.The first on the theoretical basis and relevant literature,industry background,policy background comb summary,from the Angle of industry layout,the thorough analysis and found that the emerging technology enterprises Kuang depending on science and technology co.,LTD.Vertical mergers and acquisitions Iresearch,robot this financial behavior motivation mainly include: promoting enterprise core strategic future preliminary ground;Pursue synergy effect,including technical synergy,management synergy,financial synergy;Share risks,diversify and overcome market entry barriers.The economic consequences of this financial behavior are mainly concentrated in: affecting the short-term performance of enterprises。The main contributions of this paper are as follows: First,it enriches the relevant literature on the motivation of vertical M&A of emerging technology enterprises;Secondly,the research literature on the results of vertical M&A of emerging technology enterprises is added.Third,it provides guidance for other emerging technology enterprises to make decisions in vertical mergers and acquisitions.Fourthly,it provides reference for the analysis of the economic consequences after vertical merger of other emerging technology enterprises.