| With the globalization, advanced technologies have been what countries are fighting for. More and more countries begin to acquire key technologies by overseas M&A, which has attracted scholars’attention into technology integration in overseas M&A. Compared to the developed countries, most of Chinese companies are labor-intensive and lack of core technologies, which leads low profits in value chain. Therefore, More and more companies try to get advanced technologies by overseas M&A. However, the ratio of failure in overseas M&A of China is very high, which makes the risk of technology integration in overseas M&A become a topic worthy of study.A lot of studies show the technology relationship between the acquirer and the acquired and integration mode are the key factors influencing the risk of technology integration. This paper divides technology relationship into technology similarity and technology complementarity, and divide integration mode into integration speed and integration degree. We conclude by analysis that it’s necessary to take proper integration mode in different technology relationship:in high technology similarity and low technology complementarity, the acquirer should integrate the target quickly and deeply; in high technology complementarity and low technology similarity, the acquirer should integrate the target slowly and lightly; in high technology similarity and high technology complementarity, the acquirer should integrate the target quickly and lightly; in low technology similarity and low technology complementarity, the acquirer should integrate the target slowly no matter the integration degree. These matches can reduce risk of technology integration. Then this paper makes a detailed analysis of four cases. We analyze the risk of technology integration caused by different match between technology relationship and integration mode, as well as the measures taken by acquires. So we offer several practical proposals to the companies in overseas M&A... |
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