The Impact Of Cross Ownership Technology M&A On Financing Constraints And Performance

On the one hand,with the deepening of the market economy,the development of enterprises continues to improve based on the continuous promotion of government policies.However,under the current basic economic system in China,the results of all kinds of evaluation indicators show that the current development of enterprises is in a very unbalanced stage.In order to effectively alleviate the adverse effects of this problem,the government vigorously promotes the mixed reform of enterprise system,so as to effectively improve the survival status of enterprises.On the other hand,the development of enterprises not only relies on external policies as support,but also needs their own continuous industrial upgrading and technological progress.At the level of technological progress,the knowledge stock has a relatively limited positive effect on technological upgrading,and technology M&A is an effective way for enterprises to acquire external knowledge quickly.Up to now,Chinese enterprises have carried out a large number of domestic or overseas M&A transactions relying on their own base advantages,which has laid a capital foundation for their own development.In addition,there are a large number of private enterprises in our country,which have been at a disadvantage in development,and are facing serious financing constraints,which greatly limits their scale expansion.The mixed transformation of enterprises brings opportunities for these private enterprises to reverse the unfavorable situation.Cross ownership M&A has become the first choice for some private enterprises in investment and transaction: M&A with state-owned enterprises,absorb advanced management experience of state-owned enterprises and make use of their capital attraction advantages to alleviate their own financing constraints to the greatest extent,so as to create capital conditions and excellent environment for better production and upgrading.Based on this important background,this paper organically combines the related concepts of cross ownership M&A and technology M&A,analyzes the theme of cross ownership technology M&A,and mainly discusses the choice of cross ownership technology M&A: a mode and the effect of cross ownership technology M&A on enterprise financing constraints and enterprise performance.The specific contents are as follows:After effectively combing the relevant literature,this paper reviews the relevant research,analyzes its limitations and extends the research theme of this paper.As the main part of the analysis,the third to fifth chapters carry on the research on different aspects of cross ownership technology M&A.In the third chapter,we use the evolutionary game model to analyze the choice behavior of cross ownership technology M&A model;The fourth chapter constructs a specific financing constraint model by using the context model,and uses the model to analyze the specific role of cross ownership technology M&A on enterprise financing constraints;The fifth chapter constructs a specific performance model by using the related concepts of knowledge Ohm’s law,and then analyzes the impact of cross ownership technology M&A on enterprise performance;In the last part of the three chapters,numerical simulation tools are used to verify the relevant conclusions.The purpose of this paper is to explore the specific effects of cross ownership technology M&A on corporate financing constraints and corporate performance.Through the analysis of this paper,the conclusions are as follows:(1)the choice of the specific mode of cross ownership technology M&A is conditional and not biased;(2)Cross ownership M&A can weaken or restrain the financing constraints of enterprises;(3)Cross ownership technology M&A can improve the performance of enterprises.The conclusion provides theoretical support for enterprises to carry out relevant M&A transactions.