Research On The Motivation And Performance Of Cross Industry Merger Of High-tech Enterprises

With the coming of reform and opening up,the change of market economy system,and the continuous change and development of economic environment of china.On the one hand,with the improvement of the capital market economic system,enterprises have been more healthy development;on the other hand,due to the impact of the global economic tide,high-tech enterprises are facing extremely fierce industry competition because of the faster updating speed of products.Therefore,how to realize the sustainable development of enterprises has become a problem that many high-tech enterprises need to face,and merger is a good choice.In recent years,in the same industry,merger is emerging in an endless stream,at the same time,cross industry merger is also more and more appearing in vision of everyone.Merger in the same industry can often make the enterprises of both sides achieve the purpose of strong alliance.However,in recent years,cross industry merger has been chosen by more and more listed companies.Mainly lies in: cross industry merger can enable enterprises to quickly open up new businesses and enter new industries,so as to effectively expand the scale,save costs,shorten time,and improve the success rate of expansion and development.Generally speaking,cross industry merger is mostly carried out by enterprises with low similarity of main business,but it also makes enterprises face greater integration difficulty and risk after the implementation of merger.Then,after the cross industry merger,the performance and success of the enterprise are the problems to be analyzed in this paper.At present,domestic scholars mainly focus on empirical research on enterprise merger and acquisition,and mainly analyze and demonstrate the wealth effect brought by horizontal,vertical and mixed merger and acquisition.However,there are few researches on cross industry merger and acquisition,especially the cross industry merger and acquisition of high-tech enterprises.Based on this phenomenon,this paper selects the case of the old high-tech enterprise,Shangfeng High-tech cross industry merger of new high-tech enterprise,Yuxing Technology,to comb the whole process of the cross industry merger of Shangfeng High-tech by combining theory with case,and analyze the reasons for its success.This paper first combs the literature at home and abroad from two aspects: the motivation of cross industry merger and the performance of cross industry merger.On this basis,select the old high-tech enterprise Shangfeng High-tech merger newhigh-tech enterprise Yuxing Technology as the research object,briefly introduce the situation of both sides of the merger enterprise and the process of merger,then analyze the motivation of merger,and then carry out merger performance evaluation from the financial index analysis and non-financial index analysis.In the process of evaluating performance,not only This paper analyzes the performance of Shangfeng High-tech before and after merger vertically in time,and compares it with the overall situation of the same industry horizontally,so as to make the analysis more comprehensive,accurate and persuasive.Finally,the paper summarizes the conclusion of the case of the cross industry merger of Shangfeng High-tech,and puts forward some suggestions,which can provide experience and enlightenment for the cross industry merger of enterprises,especially for the cross industry merger of high-tech enterprises.