A Study On The Technology M&A Performance And Influencing Factors Of The Listed Companies

In the era of the rapid booming of science and technology, many enterprises canemploy internal R&D to obtain the necessary technical resources during their commondevelopment. Technology M&A is one of the effective external accesses to obtaintechnology resources, and is playing an important role in enterprise achieving itsdevelopment strategy. Technology M&A which has a lot of unknown or unresolvedproblems is an economic phenomenon which has developed for about ten years home andabroad. In this passage, the author attempted to analyze the factors that impact thetechnology M&A performance, and then explored the corresponding explanation to theresult.From the anger of which risk factors inherent in the various stages of technologyM&A, this paper chooses whether related party transactions, means of payment, ownershipconcentration, merger and acquisition scale, the degree of industrialization, the number ofpatents, the stage of the target company as the main factors which effect the technologyM&A performance, and analyzes the impact of the factors to the technology M&Aperformance through theoretical and empirical methods.Firstly, we get the following results by statistical analysis. The average performanceof the new field technology M&A companies is lower than the others’; The averageperformance of the companies whose target M&A companies are in recession stage islower than the others’; the average performance of the related technology M&A companiesis lower than the others’; the average market performance of the technology M&Acompanies whose target M&A companies have patent is lower than the others’, but theaverage financial performance is lower than the others’; the average financial performance is negative in the year when the technology M&A happened, but it becomes positive in thesecond year after technology M&A.Secondly, we get the following results by empirical analysis. In the new fieldtechnology M&A companies, means of payment has negative impact to the marketperformance, the ownership concentration has negative impact to the market and financialperformance; whether the related party transactions and the degree of industrialization ofthe target company have a significant and negative effect to the market performance, theM&A scale and the stage of the target company have significant and positive effect to themarket performance,the other factors are not significant. In the technology upgradingtechnology M&A companies, whether the related party transactions has positive impact toboth the market and financial performance, the M&A scale has negative impact to both themarket and financial performance, the ownership concentration has negative impact to thefinancial performance; The M&A scale and the stage of the target company havesignificant and negative effect to the financial performance, the degree of industrializationof the target company has significant and positive effect to the financial performance, theother factors are not significant. In the technical-complementary technology M&Acompanies, the stage of the target company has significant and positive effect to the marketand financial performance, the M&A scale has significant and positive effect to thefinancial performance, the other factors are not significant.Last, the related suggestions to the technology M&A companies were given based onthe results above.