Research On The Performance Of Internet Enterprise Technology M&A Based On DEA-Malmquist Index

With the development of information technology and market competition intensifying,the current enterprise take the technical innovation as the foundation of enterprise survival and development is the enterprise of a consensus.In recent years,by this way of technology M&A to acquire technical resources and enhance the capacity of core technology,more and more get the favour of enterprise,andseeking development through technology M&A.Internet enterprises is a typical technology enterprises that technology driven,to improve enterprise competitiveness,many domestic Internet companies transfer the strategic focus to the field of technology M&A,mergers and acquisitions cases a spurt of growth.Internet enterprise of technology mergers and acquisitions,however,is not necessarily can bringbenefit growth,and even bring decline in operating profit,and market share decline phenomenon.Even so,the technology of mergers and acquisitions is still the Internet companies have to practice step.Scholars at home and abroad of Internet enterprise technology M&A is still a big gap between research and practice,this article from the perspective of Internet companies,try using DEA-Malmquist evaluat the performance of enterprise technology M&A,to find weak links of technology M&A activities,which provide some guidances and advices to business decisions.Based on Chinese Internet companies as the research object,this paper first know about the research frontiers of technology M&A through sorting out the current existing literature at home and abroad,mainly from the motives,patterns,performance of technology M&A three aspects research status starting with.Second,onthe existing research results of scholars,discusses technology M&A related theory,including M&A motivation theory,M&A modes,etc,at the same time defining the relevant concepts,to grasp the research focus and direction.once again,this paper uses DEA-Malmquist index method to make the M&A performance eval-uation of Internet enterprise,take financial data in 2015 of a total of 79 Internet enterprise technology M&A in 2010-2015 as sample data,using the literature reference method and exploratory factor analysis method to build DEA index system.Finally,this paper put the a total of four inspection cycle 15 Internet companies that happened Technology M&A in 2014 as a decision-making unit DUM,respectively from the profit ability,debt paying ability,operation ability,development ability four aspects to analysis and explain total factor productivity,technical progress and technical efficiency index.This article main research conclusions are:(1)through the technology can effectively improve enterprise's profit ability,debt paying ability,operation ability and development ability.(2)Before technology M&A,the Internet enterprise common production efficiency needs further improve.(3)In the short term,the larger the technology M&A in Internet enterprise's profit ability and debt paying ability raise,and with the passage of time,the smaller in the promotion of enterprise operating capacity.(4)Technology M&A helps to achieve economies of scale.