Evaluating The Innovation Performance Of Technology Mergers And Acquisitions Of Listed Company In The Numerical Control Machine Tool Industry

Along with economic globalization and the advent of the era of knowledge economy, new technology constantly emerging, product updates faster, etc., the market has put forward higher requirements for the technology innovation ability of enterprises. By effective combination of complementary technology and knowledge bases, technology merger and acquisition(Tech M&A) has become an important way for enterprises to realize leap-forward development. As the foundation of high-end equipment manufacturing industry, CNC machine tool industry is an important key point for the development of strategic emerging industries. With the rapid development of industry in recent years, through Tech M&A to achieve rapid development has become a hot topic.This paper explore building technology acquisition innovation performance evaluation index system through analyzing the characteristics of technical innovation performance of Tech M&A in the numerical control machine tool industry. Through analysis ofspecific Tech M&A events to find the important factors that affect Tech M&A innovation performance, this paper aims to put forward Suggestions to improve the innovation performance of Tech M&A in numerical control machine tool industry.Combining with the enterprise technology innovation process, this paper researches the innovation performance of Tech M&A in the numerical control tool industry, based on the theory of performance evaluation, including the following researches:(1) researching literatures in the innovation performance evaluation and Tech M&A, then defining Tech M&A and innovation performance in this paper, summarizing the deficiencies of the existing researches in technology acquisition innovation performance evaluation field;(2) analyzing the technology development of numerical control machine tool industry based on patent and literature analysis, and expert judgment, identifying the core technology in our country by comparing research field of top companies both at home and abroad;(3) constructing Tech M&A innovation performance evaluation index system for CNC machine tool industry based on technology innovation elements and process, including direct performance and indirect performance;(4) evaluating the direct performance and the indirect performance(the innovation performance after Tech M&A) by using analytic hierarchy process(AHP) analysis, paired samples T test, case analysis and other methods, then put forward relevant Suggestions for Tech M&A in numerical control machine tool industry.Eventually, this paper found that direct performance vary widely in different cases. On the whole, transnational Tech M&A perform better than the domestic. Indirect performance of listed companies declined in the years after the M&A. There is significant difference between before and after Tech M&A in overall innovation performance. After considering the influence of the industry, there is no significant difference found in the innovation performance before and after the merger except the aspects pf product and finance. After evaluating the innovation performance of different types, this paper found that technology complementary M&A have better technology performance than technology similar Tech M&A, prodcut complementary M&A have better financial performance than product similar Tech M&A. To improve the enterprise innovation performance of Tech M&A, the listed companies should choose technologycomplementary and productsimilar target, and implement effective technology integration after M&A to realizing the synergy effect of Tech M&A.