A Study of Impact of Technology-oriented MAs on Firms Performance

摘要

Technology-oriented M&A is a combination of connotation development with external growth, which receiving increasing attention from enterprises. Taking 185 technology-oriented M&As of Chinese listed companies ranging from 2002 to 2004, the empirical research shows that the acquiring firms' performance of technology-captured M&As decrease in short-term, however, technology-upgraded M&As and technology- complemented M&As have prominent effect on the operating performance. And we also show that there is a significant impact of the non-traded shares proportion, ownership concentration, and retained earnings per share, firm size on firms' performance.