Research On Innovation Performance Of Blue Sail Medical Cross-border Technology M&A

The topic of this paper comes from the background of COVID-19,and the state gradually pay attention to in the field of health care,including medical equipment industry is one of the most important aspects of the flow in the industrial chain.But in recent years,the field of high-value consumables such as coronary stent equipment has not realized qualitative breakthrough,and many private enterprises to look at the "overseas" all the way along the national advanced enterprise.It aims to optimize its product structure by means of cross-border technology merger and acquisition and supplement the shortage of independent research and development in the field of high-value consumables and equipment,and promote the process of domestic substitution of high-end products in the industry while realizing the transformation and upgrading of enterprises.Based on the reality of the problem and development trend,this paper selected the Chinese private enterprises cross-border technology M&A classic case-Blue Sail medical merging Biosensors International in Singapore as the research object.Blue Sail Completed the acquisition of Parson International in Singapore in2018,and the reasons for selecting this case are as follows: First,in terms of national strategy,the cross-border technology M&A invested in Singapore is a typical case of encouraging private enterprises to invest in high-tech and advanced manufacturing abroad and is a key project of Shandong Province’s development strategy of transforming old and new driving forces.Second,in terms of industry development,this case is the largest cross-border M&A case in the history of China’s medical device industry.Tt is of great significance to the market optimization of high-value consumables and the technological upgrading of cardiovascular and cerebrovascular fields in China.Thirdly,in terms of enterprise transformation,Blue Sail Medical has absorbed and actively integrated advanced patented technology,R&D team and other resources of Biosensors International through this merger and acquisition,which has formed a business layout of "low and medium value consumables + high value consumables",which has promoted the successful transformation of the enterprise.Therefore,the main content of the paper is the data analysis of innovation performance.This paper selects the data of Blue Sail Medical from 2011 to 2020,adopting the super-efficiency DEA model,and takes the time points of cross-border technology M&A as the segmentation points,then makes a comparative analysis of the two stages before and after,and builds an innovation performance indicator system to study the innovation performance of Blue Sail medical technology M&A.Based on the analyzing results,this paper analyzes the reasons why Blue Sail Medical has achieved good innovation performance and summarizes the path of enterprise transformation and upgrading through cross-border technology mergers and acquisitions and the path of substituting high-end products in the industry.In this paper,the main conclusion is as follows: the first,from 2011 to 2020,innovation performance of Blan Sail is good,and most of the decision-making unit has realized the DEA effective,and each development stage comprehensive efficiency,pure technical efficiency and scale efficiency change has the similarity trend,and the overall efficiency after overall technology acquisition value is obviously better than the volatility of technology before the merger.Second,on the one hand,Through the improvement of innovation performance after the merger and acquisition,Blue Sail medical has enriched its profit sources,and effectively resisted cyclical and business model risks,and promoted the successful transformation of the enterprise.On the other hand,the technology acquisition of Blue Sail medical has absorbed advanced technology in the industry,and accelerated the substitution of high-end products in China,and promoted the cross-field cooperation of cardiovascular and cerebrovascular services and promoted the upgrading of the industry.Based on the conclusions of the case study,this paper summarizes the development paths of enterprises and industries,as well as provides references for other enterprises and other sectors of the industry.First,the transformation and upgrading paths of enterprises under cross-border technology M&A are mainly divided into three stages: technology identification,technology absorption and technology integration,and the internal logic lies in that enterprises promote the coordinated development of technology spillover and capital spillover to promote the improvement of innovation performance,so as to realize the purpose of enterprise technology M&A.Second,the domestic substitution path of high-end products in the industry is mainly the mode of "independent research and development + technology acquisition".After technology acquisition,the domestic sales channel resources of enterprises are combined to promote the localization of products and technologies of the target of acquisition,so as to accelerate the process of domestic substitution of high-end products in the industry.