A Study On The Influencing Factors Of Merger And Acquisition Performance Of The Information Technology Companies

With the development of economy and advancement of technology,the market competition among enterprises is becoming increasingly fierce.Enterprises must create and maintain their own core competitiveness if they want to take advantage of fierce market competition.Since the new century,the information technology industry has been developing continuously,the enterprise product renewal speed is speeding up,mergers and acquisitions as an integrated and pluralistic development strategy,can effectively build the competitive advantage of enterprises and open up external markets,and is conducive to enhance the enterprise innovation ability and comprehensive strength.However,in recent years,the failure of M & A(Merger and Acquisition)still exists.The study of the factors influencing the performance of M &A is advantageous to the enterprise to formulate reasonable M & A plans according to their own conditions and improve the success rate.Firstly,this paper expounds the social and economic environment of the information technology industry and the current situation of mergers and acquisitions.According to the development of mergers and acquisitions,this paper explains the relevant significance and summarizes the relevant research contents at home and abroad.It determines the research methods and makes methodological innovations based on this.Secondly,this paper introduces the concept of the information technology industry and lists the characteristics of the information technology industry,such as high investment in research and development,high risk,fast product renewal and high homogenization level.It discusses the theoretical knowledge of mergers and acquisitions,the meaning of mergers and acquisitions performance and the classification of long and short term performance.Then,according to the characteristics of the information technology industry,the paper details the factors of assets,liabilities and profits that affect the willingness of mergers and acquisitions,points out that the factors influencing the performance of mergers and acquisitions include research and development expenses,relative amount,type of mergers and acquisitions,proportion of equity transfer,ownership of control rights,assets,liabilities and profits.It puts forward relevant assumptions.Relevant research methods are pointed out and the calculation process and theoretical model are explained according to theoretical knowledge.Finally,the empirical test and analysis are made by using the event study method and the Heckman model to analyze therelated influencing factors.Empirical research shows that the AAR(Average Abnormal Return)and CAR(Cumulative Abnormal Return)show a growing trend in the information technology industry,and the merger and Acquisition makes the performance of enterprises grow.Based on whether control is transferred or not,it is concluded that the AAR and CAR of the control transferring M & A show an increasing trend and higher growth than that of the industry,which shows that the transfer of control rights improves the performance of the mergers and acquisitions enterprises and industries.The AAR and car of the mergers and acquisitions enterprises which have not changed control rights have not showed obvious trend change,which indicates that the influence of the unchanged merger and acquisition enterprises on the performance of enterprises and industry is not significant.The Heckman model shows that the research cost,the relative amount,the flow ratio,the asset-liability ratio,the total liabilities and the earnings per share have a significant impact on M&A performance.Among them,the relative amount has positive effect on the M & A performance.It,research and development expenses,liquidity ratio,asset liability ratio and earnings per share,is not conducive to the improvement of M&A performance.