| The current society is rapidly developing,and artificial intelligence,network technology,and other technologies are becoming increasingly frequent and mature.These technologies have been widely used in production and operation in various industries.At the same time,an industrial revolution based on traditional manufacturing and oriented towards "intelligent manufacturing" is widely promoted globally.In 2015,China announced a major strategy of "Made in China 2025" with "intelligent manufacturing" as the direction of manufacturing transformation,calling on domestic manufacturing enterprises to actively move closer to "intelligent manufacturing".In addition,overseas mergers and acquisitions by domestic enterprises aimed at acquiring advanced technological knowledge of the target enterprise are in full swing.Based on the above background,this paper uses the literature research method,case study method,event study method and Data envelopment analysis method to analyze the performance effect of overseas continuous mergers and acquisitions of Nanjing Aston Automation Co.,Ltd.,the leading enterprise in the industrial robot industry.As for the performance analysis of the overseas continuous M&A of Easton,this paper is mainly divided into four parts: The first part is to analyze the changes in the market share price before and after the implementation of the overseas continuous M&A by using the event study method;The second part uses the DEA analysis model to study its input-output efficiency;The third part analyzes the four major capabilities based on traditional financial indicators;The fourth part analyzes and studies the performance of non-financial indicators such as research and development investment,number of research and development personnel,and composition of operating income based on the characteristics of industrial robot enterprises.The research shows that: firstly,the performance of financial indicators of the four major capabilities of Aston’s overseas continuous mergers and acquisitions is not good in the short term,and it remains to be observed in the long term.Secondly,after the implementation of overseas continuous mergers and acquisitions,the level of innovation and research and development of Aston has improved.Through the integration of the technological resources of the acquiree,Aston’s own innovation ability has been promoted.Secondly,the performance of other non-financial indicators of Aston is fairly good,with the stock market having a relatively small positive reaction to the overseas mergers and acquisitions announced by Aston in the short term.In the years immediately following the merger and acquisition year,DEA has shown a strong effectiveness,and its share of overseas market shares and the share of revenue from industrial robots and intelligent manufacturing systems have shown a trend of increasing year by year,And the growth rate is very significant.Finally,this article draws three inspirations: First,after overseas mergers and acquisitions,merged enterprises should attach importance to integration work;Secondly,enterprises need to prevent the risks that may arise from overseas continuous mergers and acquisitions;Third,when conducting overseas continuous mergers and acquisitions,horizontal mergers and acquisitions should be adopted. |
