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本文以联想集团并购IBM的全球个人电脑业务为例,通过对并购历程股价变动及对财务报告的研发费用和专利权及技术的分析,研究创新(专利权及技术、研发费用)对并购绩效的影响。研究发现:在并购过程中,联想集团的绩效并不理想,这是因为IBM专利权及技术还未发挥作用;在并购之后不久,IBM专利权及技术开始发挥作用,联想集团经营状况转好,股价回升;IBM的先进技术在带动联想集团的长期发展上发挥了重要作用,体现了良好长期并购绩效。
This article takes IBM’s acquisition of IBM’s global personal computer business as an example. Through the analysis of changes in share prices and the research and development costs and patents and technologies of financial reports during the M & A process, this paper studies the impact of innovation (patent rights and technology and R & D expenses) on M & A performance influences. The study found that in the process of mergers and acquisitions, Lenovo Group’s performance is not ideal, because IBM patents and technologies have not played a role; shortly after the merger and acquisition, IBM patents and technologies began to play a role, Lenovo Group operating conditions to get better, Stock prices rise; IBM’s advanced technology in driving the long-term development of Lenovo Group has played an important role, reflecting the good long-term M & A performance.