| In recent years,with the promulgation and implementation of a series of favorable national policies,the gradual deepening of the country’s reform and opening up,and the rapid development of economic globalization,the market economy system has become more perfect and mature,which has promoted the progress of enterprises,and the development of high-tech enterprises has also shown a good trend.High-tech innovation has a promoting effect on the development of the country,so the development of high-tech enterprises has been focused on and supported by the state,but the rapid changes in the market,the uncertainty of technological research and development of high-tech enterprises,the slow speed of production products and the speed of market upgrading,are all constraints to the development of high-tech enterprises.Therefore,in order to avoid such a dilemma and grasp the development opportunity,many high-tech enterprises have upgraded their own technology,research and development and broadened their business fields through mergers and acquisitions.With the more mature Internet technology and the country’s increasing attention to universal medical care,smart medical care has gradually become a hot field,many hightech enterprises have poured into the field,the most way is mergers and acquisitions,but not all enterprises through mergers and acquisitions can successfully enter an emerging field,after entering the field of enterprise performance will not necessarily improve,so the main research of this paper is how the performance of high-tech enterprises before and after mergers and acquisitions changes and whether to successfully achieve performance improvement.Rongke Technology is currently a good development in the field of smart healthcare,and it is a typical example of entering the field of smart healthcare through continuous mergers and acquisitions,so this paper takes Rongke Technology as the analysis object to conduct a detailed study on the motivation and performance of continuous M&A events carried out by enterprises from 2013 to 2021.After expounding the current situation of the development and mergers and acquisitions of high-tech enterprises,the continuous mergers and acquisitions of Rongke Technology were sorted out,and the motives of continuous mergers and acquisitions were analyzed from both internal and external aspects.Then,the short-term performance changes and market responses of enterprises were analyzed and evaluated by applying the event research method,and then the long-term performance changes of enterprises were comprehensively evaluated by using financial index analysis method,EVA analysis method,non-financial index analysis method and quality analysis method.Finally,some suggestions are put forward for the continuous mergers and acquisitions of other enterprises in the industry.Through research and analysis,this paper draws the following conclusions:(1)The mergers and acquisitions that occurred by Rongke Technology during the period from 2013 to 2021 were mainly vertical mergers and acquisitions,mainly to achieve the company’s own strategic transformation,broaden the company’s business field,and form technological research and development advantages.(2)The results of the event research method show that the two mergers and acquisitions of Shanghai Mijian have caused positive repercussions in the market,but the market has reacted negatively to the mergers and acquisitions of Shanghai Jinchuang.(3)The comprehensive analysis of the long-term performance of the enterprise shows that the mergers and acquisitions of Shanghai Mijian,China Shihan and Jinchuang Information have enhanced the development and profitability of the enterprise.Through the analysis of Rongke Technology,this paper puts forward several suggestions for high-tech enterprises to adopt continuous mergers and acquisitions in emerging fields:(1)Carefully select the M&A industry and M&A targets.(2)Strengthen the integration of resources after mergers and acquisitions.(3)Strengthen R&D capabilities and pay attention to talent training.(4)Develop a long-term strategy suitable for their own development.(5)Enterprises should continuously improve and optimize their own institutional mechanisms. |
