A Study On Enterprises Performance And Influencial Factor Based On The Technology Merge Remodeling

With the international economic integration process and rapid development of science and technology,it is more and more important for enterprises to emphasize technology. The acquisitions that aim obtains the technological capability show a significant increase and have gradually become an important way to realize development strategy. However, until now, it is relatively rare that the theoretical study and the empirical study from the empirical perspective to analysis performance of technology acquisition and influencing factors, technology M & A research is in urgent need. This essay focuses on technological M&A's mode and performance issues, through case studies listed companies'data, study technological M&A mode and performance. Through a series of studies, this essay makes main conclusions as follows.First of all, this essay analyses constituent elements of enterprise technology and technological capability, after the definition of the technology acquisition.Secondly, this essay classifies technological M&A as the business-expanding technology acquisition and the consolidation technology acquisition. And then collects and analyses the technological M&A cases occurred in 2002-2004.Thirdly, this essay collects 75 cases in 2000-2004 in Shanghai and Shenzhen stock markets and studies their performance in mode vision. The observation finds different technology acquisition mode has different effect on M&A performance, the business-expanding technology acquisition has certain result in a short time while the consolidation technology acquisition performance has a short-term dropping, but a long going up steadily, and the results also shows that there is a significant relation among the technology acquisition mode, whether in identical administrative division, relation deal , ownership concentration, growth rate of total assets, net cash flow from operating activities per share,book-to-market ratios and M&A performance.The research mentioned above has strong practical significance. In one hand,the study has developed the acquisition vision of research field and enriched the enterprise technology acquisition research results. In the other hand, the research has positive influence on the enterprise reasonable choice or the construction technology acquisition pattern, the control of technology acquisition risk and the lift of M&A performance. It will not only promote the enterprise healthy development but also optimize the enterprise technology resource disposition.