分类号__F275.5___密级___公开__
收藏编号___________学号__190727067
学校代码10386编号_____________
(专题研究)
高新技术企业跨界并购绩效研究
——以辰安科技并购科大立安为例
研究方向：财务管理
研究生姓名：刘诗
指导教师、职称：黄莲琴教授
协助导师、职称：
所在学院：经济与管理学院
答辩委员会主席：辛林教授
二〇二二年六月
高新技术企业跨界并购绩效研究
——以辰安科技并购科大立安为例
摘要
近年来，高新技术企业在国家优惠政策的扶持下得到快速发展，但资本市场
竞争日趋激烈，高新技术企业为了获得长足发展，纷纷进行跨界并购以吸收优质
资源，高新技术企业跨界并购在我国并购市场中占据了重要位置。目前，学者主
要对传统企业跨界并购的动因、风险和绩效等问题进行研究，针对高新技术企业
跨界并购绩效研究的较少。因此，有必要针对高新技术企业跨界并购绩效进行评
价研究，促使高新技术企业以更谨慎、更客观的态度对待跨界并购，提高高新技
术企业跨界并购绩效，推动我国并购市场的有序发展。
本文采用规范研究与案例分析相结合的方法。首先，介绍了本文的研究背景、
内容和方法，阐述了研究的理论与现实意义，以及创新点；其次，概述了高新技
术企业及其跨界并购的相关概念，梳理和评述了国内外相关研究文献，为下文的
研究奠定理论基础；第三，分析了高新技术企业的发展现状、高新技术企业跨界
并购现状和高新技术企业跨界并购绩效评价现状；第四，介绍辰安科技跨界并购
科大立安的案例背景、过程及动因；第五，从实现并购协同效应的角度，利用合
成控制法和财务指标法，从经营创新协同效应、财务协同效应和管理协同效应三
个方面分析此次跨界并购的绩效；最后，基于上述分析，提出提高高新技术企业
跨界并购绩效的对策。本文的主要贡献有以下三点：
1.发现了高新技术企业跨界并购绩效评价的不足。主要表现为评价对象不
够全面、评价方法不够客观和评价内容缺乏针对性等问题。
2.评价了高新技术企业跨界并购绩效。以辰安科技跨界并购科大立安为例，
从高新技术企业特点和并购协同效应的角度构建了跨界并购绩效评价体系。运用
合成控制法分析此次跨界并购的经营创新协同效应；运用财务指标法探究跨界并
购的财务协同效应和管理协同效应。结果发现，辰安科技通过跨界并购取得节税
效应，增强了资产管理水平，减少经营费用，提升了盈利能力，具有明显的管理
协同效应；但是，跨界并购增加了辰安科技的研发风险和资本成本。
3.提出了提高高新技术企业跨界并购绩效的对策。包括基于企业长期发展
战略选择并购标的，合理评估标的企业价值以寻求合适价格收购，制定并购前期
研发规划以提升后期的研发效率，优化跨界并购双方资源整合以实现协同效应。
关键词：高新技术企业；跨界并购；绩效评价；辰安科技
I
Research on the Performance of Cross-industry
M&A of High-tech Enterprises:A Case Study of
Beijing Global Safety Technology Co.Ltd.’s
acquisition of Hefei KDLian Safety Technology Co.
Ltd.
Abstract
With the increasingly fierce competition in the capital market,more and more
high-tech enterprises tend to conduct cross-industry mergers and acquisitions and
absorb high-quality resources in order to achieve rapid development.As a result,cross-
industry M&A of high-tech enterprises has occupied an important position in my
country's M&A market.At present,scholars mainly study the motivation,risk and
performance of cross-industry mergers and acquisitions of traditional enterprises,and
there are few studies on the performance of cross-industry mergers and acquisitions of
high-tech enterprises.Therefore,it is necessary to study the performance of cross-
industry mergers and acquisitions of high-tech enterprises,which can provide reference
for the future cross-industry mergers and acquisitions of high-tech enterprises in my
country,prompt them to treat cross-industry mergers and acquisitions with a more
cautious attitude,and promote the orderly development of China’s mergers and
acquisitions market.
This article uses the method of combining normative research and case analysis.
Firstly,it introduces the research background,contents and methods of this article,and
expounds the theoretical and practical significance,and the innovations of the research.
Secondly,it outlines the related concepts of cross-industry mergers and acquisitions of
high-tech enterprises,and summarizes and makes a comment on the related literature
research at home and abroad,which lay a theoretical foundation for the following
research.Thirdly,it analyzes the current status of high-tech enterprises,cross-industry
M&A of high-tech enterprises and the performance evaluation of cross-industry M&A
of high-tech enterprises.Fourthly,it introduces the background,process and motivation
of Beijing Global Safety Technology Co.Ltd.’s acquisition of Hefei KDLian Safety
Technology Co.Ltd.Fifthly,from the perspective of realizing synergies,it uses the
synthetic control method and the financial index method to analyze the performance of
this cross-industry M&A from three aspects of operating synergy,financial synergy and
management synergy.Finally,it puts forward some suggestions to improve the
II
performance of cross-industry M&A of high-tech enterprises.The main contributions
of the research results of this article are as follows:
1.Finding deficiencies in the performance evaluation of cross-industry M&A of
high-tech enterprises.At present,the performance evaluation of cross-industry M&A
of high-tech enterprises mainly has the problems that the evaluation objects are not
comprehensive enough,the evaluation methods are not objective enough and the
evaluation content lacks pertinence.
2.Evaluating the cross-industry M&A performance of high-tech enterprises.This
article takes Beijing Global Safety Technology Co.Ltd.’s acquisition of Hefei KDLian
Safety Technology Co.Ltd.as the research object and establishes the M&A
performance evaluation system from the perspective of realizing synergies.It uses the
synthetic control method to analyze operating synergy of this cross-industry M&A,and
uses the financial index method to analyze financial synergy and management synergy
of this cross-industry M&A.The study found that Beijing Global Safety Technology
Co.Ltd.has achieved tax-saving effect,enhanced the level of asset management,
reduced operating costs,improved profitability and formed obvious management
synergy effect through the cross-industry M&A;however,the cross-industry M&A has
increased the R&D risk and capital cost of Beijing Global Safety Technology Co.Ltd.
3.Putting forward some suggestions to improve the performance of cross-industry
M&A of high-tech enterprises.The specific suggestions are as follows:select the target
of M&A based on the long-term development strategy,reasonably evaluate the value
of the target enterprise and acquire at an appropriate price,make a complete R&D plan
in the early stage to improve the efficiency of R&D in the later stage,and implement
resource integration to achieve synergies.
Key Words:High-tech enterprises;Cross-industry M&A;
Performance evaluation;Beijing Global Safety Technology Co.
Ltd.
III
目录
第一章绪论...............................................................................................1
1.1研究背景...........................................................................................1
1.2研究意义...........................................................................................2
1.3研究内容与框架...............................................................................3
1.4研究方法...........................................................................................5
1.5研究创新点.......................................................................................5
第二章相关概念界定与文献综述..........................................................7
2.1跨界并购简述...................................................................................7
2.2高新技术企业跨界并购概述..........................................................8
2.3高新技术企业跨界并购绩效的概念与评价方法........................12
2.4相关理论基础.................................................................................14
2.5国内外研究文献综述.....................................................................16
2.6本章小结.........................................................................................23
第三章高新技术企业跨界并购及其绩效评价现状............................25
3.1高新技术企业的发展现状............................................................25
3.2高新技术企业跨界并购现状分析................................................28
3.3高新技术企业跨界并购绩效评价现状分析................................30
3.4本章小结.........................................................................................31
第四章辰安科技跨界并购科大立安案例介绍....................................32
4.1辰安科技和科大立安公司简介....................................................32
4.2辰安科技跨界并购科大立安的背景与过程................................33
4.3辰安科技跨界并购科大立安的动因............................................35
4.4本章小结.........................................................................................36
第五章辰安科技跨界并购科大立安绩效评价分析............................37
5.1高新技术企业跨界并购绩效评价体系的构建............................37
5.2基于合成控制法的经营创新协同效应分析................................38
5.3基于财务指标法的财务协同效应分析........................................53
5.4基于财务指标法的管理协同效应分析........................................56
5.5本章小结.........................................................................................61
第六章提高高新技术企业跨界并购绩效的对策................................62
6.1基于高新技术企业长期发展战略选择跨界并购标的................62
6.2合理评估标的企业价值以合适价格收购....................................62
6.3制定跨界并购前期的研发规划以提升研发效率........................63
6.4优化并购资源整合以实现协同效应............................................63