Research On The Economic Consequences Of Ziguang’s Technology M&A Of H3C

In order to meet the needs of industrial upgrading,supply side reform,demand side management and high-quality opening to the outside world,our government has issued a series of policies conducive to enterprise M&A.in addition,with the rapid development of China’s M&A market and the improvement of enterprises’ own M&A ability in recent years,domestic investment M&A has increased rapidly.In 2021,the number of M&A transactions in China reached a record high.In various industries,technology-based enterprises continue to become the focus of investment and M&A.Therefore,the research on the economic consequences of M&A of high-tech enterprises has certain practical significance.In order to study the economic consequences of technology M&A of high-tech enterprises and the reasons for such results,this paper selects Ziguang’s technology M&A of H3 C for a case study.Firstly,it summarizes the M&A situation of Chinese enterprises in recent years,refers to the literature related to technology M&A and economic consequences,defines the relevant concepts,expounds the theory on which this paper is based and the evaluation method of economic consequences.Secondly,it introduces the case of Ziguang’s technology M&A of H3 C,which is carried out successively from three stages:the motivation of M&A,the process of M&A and the integration of M&A.Then,it analyzes the economic consequences of Ziguang’s technology M&A of H3 C,one by one from the market level,financial level and innovation level.Among them,the event research method is used to analyze the market performance,the vertical self comparison and horizontal industry comparison are used to analyze the financial performance,and the previous evaluation system is used to analyze the innovation performance.So far,the reasons for the positive economic consequences can be summarized.Finally,the reason is related to the full text,from which we can get the Enlightenment of this paper.The study found that the technology M&A of H3 C significantly improved the short-term market performance of Ziguang,significantly enhanced the long-term profitability of Ziguang,and rapidly improved the R&D and innovation level of Ziguang.At the same time,it summarizes the enlightenment brought by this technology M&A to high-tech enterprises,which are to reasonably select the target enterprise and carry out accurate valuation,adopt appropriate financing and payment methods as appropriate,go hand in hand with endogenous growth and epitaxial development,quickly change the role of enterprises after M&A,and provide guidance for the path of technology M&A throughout the process,It is hoped that it can provide experience reference and path guidance for effective technology M&A of high-tech enterprises in the future.