Research On The Evaluation Of Enterprise’s Technological Development Strategy

Since the 21 st century,with the development of big data,cloud computing,Internet and other information technologies,artificial intelligence technology has developed rapidly,greatly crossed the "technological gap" between science and application,and ushered in a new climax of explosive growth.At present,major countries in the world have formulated artificial intelligence development strategies to promote sustainable economic development.China’s artificial intelligence industry is in the first echelon in the world.Not only has the academic research level and core technology reserve reached the top level in the world,but also has an increasingly perfect market environment,which is enough to meet the market expansion needs of this new industry and create new industrial opportunities.Based on this,the article takes the five M & A events of i FLYTEK,a leading enterprise in the artificial intelligence industry,as the research object,and explores the impact of i FLYTEK’s continuous M & A on enterprise value by analyzing its continuous M & A performance.On the basis of combing domestic and foreign literature,this paper analyzes the synergy effect,economies of scale and other theories.Taking the continuous M & A of i FLYTEK as the research object,this paper briefly introduces the specific process,motivation and characteristics of i FLYTEK’s continuous M & A.After reasonably determining the window period,the paper calculates the excess return and cumulative excess return by using the event research method,Evaluate the short-term market performance of the company’s continuous mergers and acquisitions;Under the guidance of synergy theory,the financial index method is used to analyze the long-term financial performance of i FLYTEK,and the financial index analysis method is used to evaluate the operation synergy,management synergy and financial synergy of i FLYTEK;EVA index analysis method is used to supplement the long-term financial performance evaluation to reflect the asset use efficiency of enterprises;In terms of non-financial performance,i FLYTEK was evaluated in terms of market share,innovation ability and staff structure.Finally,according to the analysis results of i FLYTEK’s continuous M & A performance,the following suggestions are given: in order to ensure the M & A effect,enterprises should continuously improve the managers’ cognitive level,accumulate relevant experience,and guard against the occurrence of managers’ overconfidence;Choose a reasonable payment method to ensure the liquidity of funds and reduce financial risks;Fully grasp the changes of environmental development and look for new profit growth points;Reasonably control the continuous M & A premium,prevent the occurrence of excessive premium and reduce the risk of goodwill impairment;Improve the integration ability after continuous mergers and acquisitions.The continuous M & A strategy adopted by enterprises in the development process can effectively shorten the process of business expansion,but a comprehensive M & A plan should be formulated to give full play to the best advantages of M& A.It is hoped that this paper can provide valuable reference for other enterprises.