Research On The Motivation,mode And Performance Of Overseas M&A Of Intelligent Manufacturing Enterprises

The new development pattern under the "double cycle" requires the domestic market as the main market to promote the transformation and upgrading of the manufacturing industry.In terms of intelligent manufacturing industry,there are dual opportunities of import substitution and demand growth,which can play a far-reaching leading role in the development of the industry.In the field of intelligent manufacturing,many core technologies cannot be obtained through short-term research and development.Therefore,overseas M&A may be an important way to break through the blockade of core technologies.At the same time,the overseas M&A is also the embodiment of using the "external circulation" to promote the "internal circulation".On the one hand,the domestic intelligent manufacturing is the main area of supply side structural reform,and prospect is good,on the other hand,given that the trade impact of unilateralism and protectionism,China’s enterprises overseas mergers and acquisitions more focus in the field of intelligent,therefore,made by overseas mergers and acquisitions of domestic intelligent manufacturing industry consolidation opportunity more.However,this development strategy of "outside promoting inside" still has some risks stemming from overseas technology restrictions on China.Under the background of the development of this industry,it is of practical significance to discuss the particularity of the motivations of cross-border M&A in intelligent manufacturing industry,analyze the choice of M&A methods and evaluate the performance of cross-border M&A.Firstly,this study summarizes the motivations and influencing factors of cross-border M&A performance of enterprises,providing a theoretical basis for subsequent analysis.Then it analyzes the development trend of Cross-border M&A of Chinese enterprises,and then introduces typical cross-border M&A cases of intelligent manufacturing industry to analyze the motivation and methods of M&A.In the performance analysis of M&A cases,the event study method,factor analysis method and other methods are used to evaluate the short-term and long-term performance after M&A.Finally,the paper puts forward the corresponding thinking and suggestions based on the case.The results are as follows :(1)the motivations of intelligent manufacturing enterprises’ M&A include acquiring overseas markets and strategic assets,making up technological disadvantages,and improving R&D capabilities.(2)Intelligent manufacturing enterprises are expected to integrate overseas resources and technologies smoothly and improve corporate performance through successful overseas mergers and acquisitions.At the same time,it is helpful to increase independent output to replace imports and promote enterprise transformation and upgrading to adapt to the strategy of internal circulation;(3)When intelligent manufacturing enterprises choose overseas M&A,they should make clear the motivation of M&A,and attach importance to the evaluation and response of M&A risks caused by the selection of M&A methods and high investment in M&A.Further,the research suggests :(1)for intelligent manufacturing enterprises,it is necessary to choose the right object of acquisition,focus on improving innovation ability,rational allocation of international resources;(2)For the industry,take the initiative to adapt to the reform and improve the added value of the industry;(3)For the regulatory authorities,improve the financial platform and optimize the supervision of the payment method of M&A.Currently,there is a lack of research on cross-border mergers and acquisitions in this industry.This paper analyzes the motivation and performance of overseas mergers and acquisitions of intelligent manufacturing enterprises by selecting specific cases and combining with the new background of overseas mergers and acquisitions and the "double cycle" development strategy.Through the above research,it is expected to provide reference for intelligent manufacturing enterprises to formulate and implement overseas M&A strategy under the current situation.