| In recent years,China is in the stage of economic structural transformation.Under the new policies,the development of science and technology innovation enterprises has also ushered in opportunities for development.At the same time,various contradictions and constraints have been accumulated,so its future development There are also challenges,and M&A activity is becoming more active.Based on the theory of M&A motivation,this paper includes the theory of mergers and acquisitions,the theory of synergy and the theory of market power.According to the current situation of mergers and acquisitions among technology-based enterprises,the method of multi-case analysis is used to acquire Suohao Yiming and Alibaba.Maps,Nanfeng shares acquired ZTE equipment in three cases,and explored the similarities of their M&A motives including:(1)expanding business scale and leveraging operational synergies;(2)saving development time for strategic layout;(3)Improve profitability;(4)Gain key technologies and talents,improve market competitiveness and pursue higher industry status.Based on the above motivations,this paper combines the performance evaluation method with the combination of financial indicators and non-financial indicators to construct a new evaluation system.From the perspectives of operational efficiency,profitability,growth ability,market share,etc.,the conclusion is reached:In terms of the effect indicators,the sales expense ratios of the three case companies all declined,and the decline rate was different.At least one of the total asset turnover rate or the current asset turnover rate was improved;in terms of saving development time,the development time was shortened.Or directly obtain the product or technology so that no additional research and development time is required,and the number of new products is also increased.In terms of profitability and growth ability,the relevant indicators of the three case companies have risen and decreased,among which Anke Bio is similar because of product types.There is no transformation problem involved,profitability is growing well,and profitability is increasing year by year.However,Alibaba and Nanfeng shares have fallen in the first year after the merger,and the profit level is greatly affected by other factors.Completion of the ability to acquire M&A Ideal;in improving market competitiveness,the company’s main business scale of three cases of growth in both market share has increased.In summary,M&A activities have had a certain positive impact in seeking synergies,saving R&D time and improving market competitiveness.However,the motives for improving profitability are low,and basically fail to meet expectations.Increased profitability and growth ability.Under the comprehensive analysis of the three cases,it is expected to provide a certain reference for the M&A activities of technological innovation enterprises. |
