IT行业并购风险与绩效研究.docVIP

PAGE PAGE 32 IT行业并购风险与绩效研究 摘要： 21世纪，在科技狂潮的席卷之下，IT行业并购以独特的姿态闯入人们的视野，并购的数量和规模都经历了以前所未有的增长，越来越多具有竞争力的科技公司试图通过并购来建立自己的商业版图。以并购的方式获取目标公司的科技或人才，确实可以使得并购企业得到成长和创新。然而，行业并购的高失败率也揭示着IT行业并购正在面临着风险与挑战。 本文首先回顾了并购的风险与绩效的相关概念以及相关的研究成果，然后以此为理论基础，通过科技巨头谷歌并购Nest公司的案例，分别从并购公司和目标公司的角度分析科技行业并购多元化的动因，揭露了并购双方可能面临的不同于传统并购的政治、经济、文化方面的风险。最后，从科技企业以技术和人才为中心的特点出发，建立了包含财务指标和非财务指标的新的评价体系，更加客观地考察企业的并购绩效。在此基础上，笔者对如何应对并购风险、提高并购绩效提出了自己的见解与建议，为IT企业实施成功的并购提供参考。 关键词：IT并购；并购动因；并购风险；并购绩效 risk and performance of MA in IT industry Abstract: In the twenty-first century, along with the scientific and technological tide, there comes the surge of IT mergers and acquisitions, which is experiencing unprecedented growth in both quantity and scale. It shocks people in an unexpected way .More and more competitive technology companies try to establish their own business landscape by mergers and acquisitions. This paper reviews the concept of risk and performance of mergers and acquisitions as well as related research results. Based on those theoretical framework, technology giant Googles acquisition of Nest is chose as a typical case to help us analyze the multiple motivation of M A in technology industry from perspective of both buyers and sellers, and then reveals the possible risks of political, economic and cultural aspects which are different from the traditional ones. Finally, considering the technology-first and talent-oriented features of technology enterprise, a new evaluation system containing financial and non-financial indicators is established, to examine the performance of mergers and acquisitions more objectively. On this basis, suggestions of dealing with risks and improving performance are put forward as a reference for IT companies to implement successful acquisitions. Keywords: IT acquisitions；acquisition risk；acquisition performance；acquisition motivation 一、绪论 (一)研究背景及意义 科技革命的浪潮下，互联网和电子科技产品正在以前所未有的速度渗透进人们的生活。与此同时，以美国硅谷、印度班加罗尔以及北京中关村为代表的科技创新基地每年都爆发性地涌现出新兴科技企业以及最前沿的科技产品，颠覆着人们的想象，改变着人们的生活。 在这样的发