The Integration Strategy Of Technology Acquisitive Overseas M&A And Its Impact On M&A Performance

With the development of economy and the deepening of globalization degree,in recent years overseas mergers and acquisitions is boundless in China.Among them,due to the shortage of advanced technology and the impact of the financial crisis in China,Chinese enterprises always implement technological cross-border mergers and acquisitions for transformation and upgrading of technology.However,the integration process of technology acquired cross-border mergers and acquisitions is more complex and difficult than those that aimed at obtaining market and marketing channels,and the failure of the most technology acquired cross-border mergers and acquisitions are due to the integration failure after mergers and acquisitions.both here and abroad scholars have conducted many researches on the performance of mergers and acquisitions.Although different conclusions have been drawn,they all agree that integration is the key factor affecting the performance of mergers and acquisitions.However,the impact of resource relation between the two companies will have a certain degree influence in the performance of mergers and acquisitions and integration strategy,especially for the technology acquired cross-border mergers and acquisitions,which choose the important resource of technology as the target,resource relation and integration strategy produced significant influence on the performance of mergers and acquisitions.Based on the resource relevance,this paper,starting from the resource characteristics of technology acquired mergers and acquisitions,combines it with the integration strategy of mergers and acquisitions,conducts research on the performance of cross-border mergers and acquisitions,which can enrich the theoretical research of cross-border mergers and acquisitions strategy.First of all,this paper analyzes the impact of integration strategy on the performance of technology acquisition transnational mergers and acquisitions,and constructs a theoretical analysis framework.In addition,because of the higher requirements for the integration of resources in the transnational merger and acquisition,in this type of cross-border mergers and acquisitions,the link of resources will affect the integration strategy and impact on the performance of mergers and acquisitions.Then this paper combines the interaction of the two aspects of integration strategy(including integration degree and integration model)and resource linkage(resource similarity and resource complementarity),and discusses the integration strategy of resource linkage and the impact on the performance of enterprise merger and acquisition.Secondly,in the empirical study,this paper selects the transnational merger and acquisition of Chinese enterprise technology acquisition between January 1,2009 and December 2014,and uses factor analysis in the financial index method to measure the performance of technology acquisition transnational merger and acquisition,and uses the fixed panel effect to study the degree of integration and integration.The influence of the difference of mode on the performance of enterprise merger and acquisition.Further,based on the resource characteristics of technology acquisition type M & A,this paper combines the similarity and complementarity of resources,and studies its impact on integration and integration model and its impact on the performance of M & A.Through empirical test and correlation analysis,this paper comes to the following conclusions:(1)While ignoring the mutual influence of resource linkage and integration strategy,the deeper integration is beneficial to the improvement of the performance of technology acquisition overseas mergers and acquisitions.On the other hand,the performance of merger and acquisition will not be significantly affected by the integration model.(2)from the point of view of resource connection,in the case of strong resource complementarity,the M&A enterprises adopt the deep integration degree without changing the management level of the acquirer,can promote the performance of mergers and acquisitions.In the case of strong resource similarity,using new management to carry out the preliminary integration is more conducive to the improvement of M&A performance.