The Impact Of Technology M&A On The Performance Of Acquiring Firms: Empirical Evidence From Chinese Growth Enterprise Market

• Main Authors: Ying Zhang, 張穎
• Other Authors: 邱顯比
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/hmw969

碩士 === 國立臺灣大學 === 財務金融學研究所 === 105 === In recent years, China''s M&A market has become active, in addition to the background of economic restructuring, national policies also support the M&A behavior of listed companies. According to some data, technology M&A has become one of the ways for high-tech enterprises to obtain external advanced technology to promote themselves in Chinese Growth Enterprise Market. It can be said that study the impact of technology M&A on corporate performance is practical significance. Based on the technology M&A cases of Chinese Growth Enterprise Market, this paper explores whether M&A influences corporate performance, including financial capability and technical ability. In order to explore the influencing factors of technology M&A performance, this paper further analyzes the factors such as the relatedness of knowledge base, absolute size of acquired knowledge base, free cash flow and R&D expenditure. According to the results of the regression analysis, technology M&A not only can bring economic benefits, but also improve the technical capacity of enterprises. In the aspect of influencing factors, the relatedness of knowledge base, absolute size of acquired knowledge base and the free cash flow have a significant influence on technology M&A performance.