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| M&A Technical Disparity, Financing Constraints and Business Transformation of the New Generation of Information Technology Enterprise |
| Wang Wei,Li Hongyang |
| ((School of Economics and Management, Qiqihar University, Qiqihar 161006, China) |
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Abstract Taking the tech M&A of the new generation of information technology listed companies in Shanghai and Shenzhen A shares from 2013 to 2017 as the research sample, based on the empirical test of the relationship of technical disparity to degree of business transformation and to business transformation strategic, we further studied the regulating effect of the financing constraints on the above relationships. Research result shows that: the technical disparity of M&A parties has positive impact on the degree of business transformation of acquirer enterprise; the tendency of technical disparity to the business transformation decision of the acquirer is step-by-step business transformation strategy, delayed business transformation strategy and direct business transformation strategy from large to small; financing constraints negatively moderates the relationship between technical disparity and degree of business transformation, but financing constraints positively moderates the relationship between technical disparity and the tendency of business transformation decision. That is to say, under the low financing constraint level, the M&A acquirer's transformation decision-making tendency is from large to small: direct business transformation strategy, delayed business transformation strategy and step-by-step business transformation strategy.
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Received: 22 October 2019
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