Study On Intellectual Capital Of TMT's M&A Performance

TMT is short for Technology, Wedia, Telecom,digital new media industries, arelnternational emerging industries. Currently, TMT business performance, especially M&A performance research in its infancy, but industry only in clear goals and direction to the premise of factors can make a breakthrough. Business competition becomes more intense, ever-changing domestic and international environments, making the TMT industry with cross-industry mergers and acquisitions and cross-border M&A feature. As an emerging high-tech oriented enterprises, intellectual capital plays an important role, either as a competitive business advantage or TMT as the future of the industry trend, especially in mergers and acquisitions during and post-merger integration process, the intellectual capital of firm performance, are worth further exploration.First, for a literature review, the theory of intellectual capital, mergers and acquisitions integration of theory and the theory of performance evaluation system analyzed and summarized;Second, the analysis of the TMT industry, a classic case of merger integration:the Australian telecommunications network and three other cross-border M&A bubble of new media enterprises, indicating that the process of integration of intellectual capital and an important role;Again, the elements of intellectual capital has been broken down, to build a secondary evaluation, and invited 20 experts to evaluate and to Xinwang made an example of empirical analysis.The results show that the other conditions the same in the case of large values of the indicators of factors affecting business performance for the more significant, and thus come to improve the performance of TMT industry specific ways and means; Finally, the occurrence of 43 TMT M&A mergers and acquisitions before and after the performance and impact factors were analyzed, compared to the constituent elements and control variables in the pre-merger impact and changes.