Analysis On The Motivation And Performance Of Cross-border M ＆ A In China’s Sporting Goods Industry ——Taking Anta Sports As An Example

At present,China’s sporting goods industry is in the process of rapid development.The policy encouragement for cross-border mergers and acquisitions of sporting goods companies is constantly increasing,and the number of participants in physical exercise is increasing.Under the favorable policy and the trend of the industry,more and more sporting goods companies hope to help their own development through cross-border mergers and acquisitions.However,reviewing the past mergers and acquisitions of sporting goods companies,most of the mergers and acquisitions did not bring positive effects to the companies.What kind of M＆A motives do Chinese sporting goods companies have when they conduct cross-border mergers and acquisitions? And how well is the motivation realized? these issues are worth our exploration and research.This paper takes Anta Sports’ acquisition of FILA’s management rights in China as the research object.With the help of the theory of cross-border M ＆ a motivation and the concept of cross-border M ＆ a performance,this paper analyzes the overall M ＆ a status and industry M ＆ a motivation of the sporting goods industry,refines the external and internal motivation of M ＆ A in Anta’s acquisition of FILA,and establishes M ＆ a performance evaluation system based on M ＆ a motivation in three aspects: short-term transaction performance,long-term financial performance and the degree of realization of M ＆ a motivation.Through the analysis of this case,it is found that in a period of time after the completion of M ＆ A,the market expectation for M ＆ A is relatively negative,and the short-term transaction performance of this M ＆ A is negative;When analyzing the long-term financial performance of M ＆ A,it is found that M ＆ A has significantly improved the profitability and development capacity of Anta,has a significant negative impact on the solvency indicators,and has a variety of impacts on the operating capacity indicators.When analyzing the realization degree of the M ＆ a motivation,it is found that the M ＆ A has improved the market share of Anta and FILA brands,increased the number of patent applications and R ＆ D investment,maintained a steady upward trend of Anta brand value,and improved the profitability in the financial performance analysis.It is concluded that the four internal M ＆ a motivation have been well realized.Through summarizing and refining the cases,this paper gives suggestions and Enlightenment on the risks before M ＆ A,the selection of M ＆ A targets and M ＆A integration for relevant enterprises in the industry.