【作者】 李倩；

【导师】 胥朝阳；

【作者基本信息】 武汉纺织大学 ， 企业管理， 2011， 硕士

【摘要】 随着国际经济和科技的迅猛发展,技术对于企业的生存和发展起到越来越重要的作用。以获取企业技术能力为目的的并购显著增加,日益成为企业实现发展战略的重要手段。然而直到现在,无论是技术并购的理论研究还是从实证角度分析技术并购型企业的绩效及其影响因素的研究都比较少见,技术并购研究领域亟待深耕。针对技术并购中不同的并购模式和绩效问题,文章以并购及技术并购相关理论为基础,通过对近年来我国上市公司技术并购案例数据的分析,对技术并购模式及技术并购绩效进行了探讨。首先,从技术能力理论出发,归纳出技术并购的定义;梳理了技术并购发展脉络及发展阶段。其次,将技术并购模式重构为业务开拓型和行业巩固型技术,收集并分析2000 -2004年中国上市公司的技术并购案例。再次,以沪深两地2000-2004年的75起技术并购案例为样本,从并购模式切入观察主并企业绩效变化。经研究发现,不同技术并购模式下的主并企业绩效不同,长期而言,行业巩固型技术并购绩效优于业务开拓型技术并购绩效。之后的因子分析发现,主并企业绩效与技术并购模式、同属管辖、关联交易、股权集中度、总资产增长率、每股经营活动现金净流量、账面市值比等因素显著相关。上述研究,拓展了并购研究视野,丰富了企业技术并购研究成果,对企业合理选择或构建技术并购模式、控制技术并购风险、提升技术并购绩效,推动企业健康成长及优化企业技术资源配置,具有较强的现实意义。更多还原

【Abstract】 With the international economic integration process and rapid development of science and technology,it is more and more important for enterprises to emphasize technology. The acquisitions that aim obtains the technological capability show a significant increase and have gradually become an important way to realize development strategy. However, until now, it is relatively rare that the theoretical study and the empirical study from the empirical perspective to analysis performance of technology acquisition and influencing factors, technology M & A research is in urgent need. This essay focuses on technological M&A’s mode and performance issues, through case studies listed companies’data, study technological M&A mode and performance. Through a series of studies, this essay makes main conclusions as follows.First of all, this essay analyses constituent elements of enterprise technology and technological capability, after the definition of the technology acquisition.Secondly, this essay classifies technological M&A as the business-expanding technology acquisition and the consolidation technology acquisition. And then collects and analyses the technological M&A cases occurred in 2002-2004.Thirdly, this essay collects 75 cases in 2000-2004 in Shanghai and Shenzhen stock markets and studies their performance in mode vision. The observation finds different technology acquisition mode has different effect on M&A performance, the business-expanding technology acquisition has certain result in a short time while the consolidation technology acquisition performance has a short-term dropping, but a long going up steadily, and the results also shows that there is a significant relation among the technology acquisition mode, whether in identical administrative division, relation deal , ownership concentration, growth rate of total assets, net cash flow from operating activities per share,book-to-market ratios and M&A performance.The research mentioned above has strong practical significance. In one hand,the study has developed the acquisition vision of research field and enriched the enterprise technology acquisition research results. In the other hand, the research has positive influence on the enterprise reasonable choice or the construction technology acquisition pattern, the control of technology acquisition risk and the lift of M&A performance. It will not only promote the enterprise healthy development but also optimize the enterprise technology resource disposition.更多还原