Technology Merger, Synergy Effect And Enhance The Independent Innovation Capability Of Enterprises

Technology mergers and acquisitions(M&A)are acquisition activities to enhance the internal technological innovation ability of enterprises by acquiring external technological resources,which is an important way to enhance the independent innovation ability of enterprises.Researches show that the synergistic effect of Technology M&A is the key to enhance the independent innovation ability of enterprises.Based on Grand-Blue Environment Co.,Ltd.(hereinafter referred to as Grand-Blue Environment)as an example,the author uses Synergy Theory to analyze the mechanism of M&A to enhance enterprises’ independent innovation ability.Through the comparative analysis of two acquisitions("Acquisition of C&G China successfully promoted its independent innovation ability" and "The acquisition of Gas Development did not enhance its independent innovation ability"),this dissertation shows the differences of management synergy effect,financial synergy effect and operation synergy effect between the two acquisitions,and then discusses the reasons for the differences and analyzes the effects on the innovation power,performance and input.Moreover,the author constructs the impact path model of M&A system type,payment methods and industry attributes of enhancing enterprises’ independent innovation capability.This paper finds that:(1)the type of M&A system is an important factor for management synergy.Compared with government-led Technology M&A,market-led Technology M&A is more conducive to the emergence of management synergies,improving the motivation of enterprise innovation,then improving the ability of enterprise independent innovation.(2)Industry attribute is important factor for business synergies.Compared with cross-industry Technology M&A,no cross-industry M&A is more conducive to business synergies,improving the efficiency of enterprise innovation,then improving the ability of enterprise independent innovation.(3)The payment method of M&A is an important factor for financial synergy.Compared with the single "cash" payment method,the "cash + shares" payment method is more conducive to generate financial synergy effects,improve enterprise innovation investment,then improve enterprise independent innovation ability.The main innovation of this paper is that,the author describes the main characteristics of M&A from three dimensions,i.e."the type of M&A system,industry attributes,payment method",and clarifies the corresponding relationship and mechanism between M&A and "management synergy,financial synergy,business synergy".Second,the work clarifies the path of synergy effect to enhance the independent innovation ability of enterprises,and takes management synergy,financial synergy and business synergy as motivation force,innovation input and efficiency,respectively.At last,the work lists quantitative analysis.