本文是一篇金融学论文，本研究旨在揭示中国国内高技术并购市场的最新趋势，从2008年开始，中国的财政改革旨在促进技术创新的进步。在概述企业战略动机的理论背景下，选择并购规模作为因变量mergers:fast growth协同效应，改善企业管理和税收优惠。并购重组是评估过程的一部分，所得税是税务规划师关注的焦点之一。此外，还加入了金融市场变量，以评估其对信息技术行业并购趋势的影响。中国在资本和融资方面的巨大优势以及对全球并购技术交易的偏好，促使我们在国家层面和选定的行业类型上进一步研究这些趋势的潜在因素。
CHAPTER 1: INTRODUCTION
1.1 The background of the study
If the 90s were characterized by the emergence of cross-border mergers andacquisitions (M&A) activities as a result of global financial market development andrelated investment opportunities, the 20s are diverging towards a digital race wherecompanies are pressured by the constantly evolving industry landscape. As a result, anincreasing number of enterprises are allocating 25%-50% of their invested capital totechnologies belonging to other companies (di Giovanni, 2005; EY, 2019). They aimat cultivating future opportunity in this fast-developing digital landscape. Theseinvestments are commonly held through direct acquisitions and joint ventures oralliances (Desai & Hines Jr., 1999). The former is mostly driven by companies’ purposeof acquiring new technologies or engaging with new production capabilities orinnovative start-ups. This transitory route is accelerating companies’ growth in theirdigital and strategic agendas. Besides enterprises are circumventing barriers throughmerges and acquisitions as by doing so they are able to quickly respond to hurdles aswell as diversify their portfolios.
On the geographic point of view of cross-border deals, the new trend is theemerging M&A flow between Europe and Asia. In China, top investor and destinationis China itself whereas the top sectors are: life sciences, media and entertainment andtechnology (Deloitte, 2017; EY, 2019). On the market and political uncertainty side,the M&A market resiliently continued to show relatively positive numbers. Despitethe global macroeconomic turmoil, in 2018 global M&A deal volume declined but theirvalue surged in the first quarter slowing down in the last three quarters of the same year.The M&A market resiliency mostly concerns the valuation multiples which is reflectedin the increasing number of expensive targets compared to the 90s or the years after the2007 financial crisis. The main reason behind such investors’ confidence is the urge toimprove companies’ digitalization as well as easy access to funding (BCG, 2018; BCG,2019). The recovery started two years after the crisis and subsequent M&A downturn.
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1.2 Statement of research problem
The information technology and software application industry is case of our study.According to the BCG 2017’s report this specific industry attracts buyers willing to (i)expand customers’ reach; (ii) improve core business by adding new product features(iii) invest private capital given its promising economic characteristics. In this light thisresearch opens a case on Chinese domestic M&A to investigate the drivers thatcontributed to the recent innovative developments for this specific industry. Reasonbeing is also because direct acquisitions are found to be one of the quickest way ofacquiring new technologies and thus rapidly respond to changes in the market. Hence,following the Chinese Standardized Industry Classification (SIF), the trends in M&Aactivity for the information transmission, software and information technology servicessubsets will be empirically tested - in Chinese 信息传输、软件和信息技术服务业.
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CHAPTER 2: LITERATURE REVIEW
2.1 The macroeconomic background & M&A landscape
China’s opening up since 1978 and its yearly averaged 10% GDP have led the nationto by classified today as a middle-income country (The World Bank Group, 2020).Gross Domestic Product per capita in China has been showing increasing numbers.However, even though GDP has been increasing at a constant rate, GDP per capitaremains lower than other countries as their population number brings down the ratio.Chinese economic growth has been characterized by an e
