高新技术企业并购研究--基于战略目标

摘要

Recently the world has entered a new era of technological competition, the state of the global technical resources and the R&D system as well as the accelerated pace of technological change has altered the original way of industrial competition. The technological competition supported by the speed has become the mainstream. Acquiring technical advantages through M&A has turned into a new option. The high-tech enterprises have been the focus of global M&A market because of their high growth and expected profitability. Company may radically ensure that the target's strategy matches with theirs by choosing acquisition targets based on the company's strategy. The paper explores the characteristics and laws of the high-tech industry's development, finding that a large number of M&A transactions happened between high-tech enterprises and technology-based small businesses which determined by the law of development of high-tech industry. The essence of high-tech M&A is talent acquisition and M&A in various stages has different motives and target. The paper offers references and inspirations to M&A target selection of high-tech enterprises in China by studying the M&A strategy and target selection of Cisco.%目前全球已进入一个新的技术竞争时代，全球技术资源状态与研发体系以及技术变更速度的加快已经改变了原来的产业竞争方式，以速度为支撑的技术竞争已经成为主流，通过并购获得技术优势成为新的选择。高新技术企业凭借其高成长性和未来预期的高收益性目前已成为全球并购市场的焦点。企业基于战略来选择并购目标可以从根本上保证目标企业与自己的战略匹配。文章对高新技术行业发展的特点与规律进行研究，发现高新技术企业广泛大量并购技术型小企业是由高新技术行业的发展规律决定的，高新技术企业收购的实质是收购人才，在不同发展阶段其并购的动因与目标也不同。通过对思科的并购战略及并购目标选择规律进行研究，以期为我国高新技术企业并购目标选择提供借鉴与启示。