Research On The Performance Of Hisense Video Cross-border Technology Acquisition

In order to meet the developent challenges in the ever-changing domestic and international environment,the enterprises need to continuously improve their core competitiveness,namely their own unique technical knowledge that is difficult to be copied or replaced.The 19 th national congress report clearly indicated that the heart of China’s future development gradually shifts to scientific and technological innovation,and the ability of scientific and innovative technology should become the foundation of enterprises’ future development.At the same time,the consumers in the market put forward the higher requirements of consumer upgrading,all walks of life set off the development of intelligent,high-end boom,the home appliance industry is also one of them.Many domestic home appliance companies in the context of the national policy call and industry transformation and upgrading,began to pay attention to the technological innovation to improve.However,compared with developed countries,the core technology of many domestic enterprises in China still needs to be improved,and many enterprises choose the way of cross-border technology mergers and acquisitions to help themselves to upgrade technology,improve the level of innovation,enhance market competitiveness,and thus achieve the effect of improving corporate performance.However,in cross-border technology M&A,high return rate is also accompanied by high failure rate,and many enterprises do not achieve the expected effect after cross-border technology M&A.Therefore,it is important to sum up the successful experiences of cross-border technology M&A cases,study the effects and mechanisms of cross-border technology M&A on corporate performance,and provide lessons for enterprises to improve their cross-border technology M&A performance.This paper selects a representative case of Hisense Video’s cross-border technology M&A of Toshiba TVS to investigate the impact of cross-border technology M&A on corporate innovation,finance and market performance.This paper adopts literature research method,case study method,and event study method to summarize the research results on technology M&A and corporate performance,and investigate the mechanism of Hisense’s technology M&A on its corporate performance from three levels:opportunity perception capability,resource integration capability,and organizational growth capability,and evaluate Hisense’s M&A performance from multiple perspectives of innovation,finance,and market.The study also evaluates Hisense’s M&A performance from innovation,financial and market perspectives.The study finds that: firstly,the motivation for Hisense Vision’s technology M&A is multi-faceted,mainly including acquiring technology resources to achieve innovation capability and enhancing market competitiveness to consolidate its industry position;secondly,in terms of innovation performance,Hisense Vision’s innovation input and innovation output are improved;in terms of financial performance,according to the event study method,Hisense Vision’s short-term performance is not significantly improved,while Hisense Vision’s economic value added showed an upward trend after the painful period,and various financial accounting indicators indicated its good development;in terms of market competitiveness,this cross-border technology M&A effectively improved Hisense Vision’s overseas market share and competitiveness,and the overall performance of cross-border technology M&A showed a positive effect.Finally,in the process of Hisense Vision’s cross-border technology M&A,dynamic capability and absorption capability play an important driving role,which can help the enterprise learn and absorb advantageous resources,improve its R&D level and innovation capability,and adapt to the continuous changes of the external market.