Research On Long-term And Short-term Performance After Technological M&A Based On Internal And External Collaborative Innovation

With the continuous change of market environment and the increasing market competition,enterprises are facing more and more pressure of technological innovation in the context of the shortening of technology life cycle and the diversification of technology.Therefore,enterprises began to seek external technological innovation,and technology mergers and acquisitions became the preferred way for enterprises to acquire external technologies.However,there are great risks in mergers and acquisitions,and the uncertainty of technology makes them face greater risks.Many enterprises in China are faced with failure in several years after technology merger and acquisition.Therefore,it is important to study some typical cases of technology merger and acquisition to analyze the factors of success or failure.The enterprise selected in this paper is a listed company in the Electronics manufacturing industry under this background.As a listed company in the consumer electronics manufacturing industry,Fenda tech company has formed its own research and development team and has certain endogenous innovation ability.After a long period of endogenous development and merger and acquisition,this company is relatively representative.The failure case has the warning and the reference significance to other companies.From the perspective of internal collaborative innovation elements and external collaborative innovation main bodies,this paper analyzes and studies the case of Fenda' s acquisition of OPD.From the perspective of internal and external collaborative innovation development,this paper analyzes the internal reasons for the rapid growth of Fenda's performance in the short term and the poor performance in the long term.In this paper,the literature of domestic and foreign collaborative innovation and technology merger and acquisition is firstly sorted out with the method of combining theory and case.On this basis,the case of Fenda technology acquisition of OPD is divided into short-term and long-term stages.From the perspective of internal collaborative innovation elements and external collaborative innovation main bodies,this paper makes an in-depth study on the long and short phases of technology M&A cases.For the short-term performance after technology acquisition,this paper uses the event study method to evaluate.For the long-term performance,the financial index analysis method and non-financial index analysis method are used to evaluate.Finally,at the level of internal and external collaborative innovation,it summarizes the reasons for the failure of the case of Fenda and puts forward countermeasures and suggestions.It is suggested that enterprises attach importance to the innovation synergy strength of internal and external factors after technology acquisition.It is necessary to pay attention to the diversification of cooperation between enterprises and external entities.The strategic objectives of the enterprise should be consistent with those of the external subjects.Only in this way can the enterprise obtain good internal and external coordination for a long time after technology acquisition.Finally,enterprises can improve their core competitiveness.