Analysis Of The Causes, Characteristics And Performance Of Retail Industry Mergers And Acquisitions

Since2001the number of China’s retail industry showing rapidly growth in mergers and acquisitions, the number of M&A from5in2001to37in2010, which has an increasing nearly7times. Considering the number of M&A increasing so rapidly, this paper analyzes the motivation of retail M&A, the feature of M&A and the performance of M&A. To the motivation of M&A, this paper analyzes from two aspects:external condition and internal drive. External condition includes two aspects: market environment and policy environment; to the internal drive, we from the point of enterprise, we analyze this issue from economic dimension, the strategic dimension and operation dimension. We analyze the characteristics of M&A from the general, the behavior and the structure. Elaborate the general of M&A from the number of deals and the growth rate of retail M&A. Through the industry of M&A, the means and the mainly body behavior of M&A, we analyze the behavior characteristics of retail M&A; we elaborate the structure and the characteristics of the retail M&A from the regional and industrial structure. This paper select Wangfujing department store mergers and acquisitions Chang’An market for study, according to DuPont financial analysis system, using principal component analysis, obtaining three conclusions through analysis the change of financial indicators before and after the M&A.:1,The growth of the factor before and after M&A present N-type changes in profitability operation and the ability of debt.2.The race of resources integration and the ability of solvency play an important role in short-term M&A performance.3.The profitability and the operation ability is essential to long-term M&A performance. For retail industry mergers and acquisitions of the problems existing in the analysis, respectively, put forward reasonable suggestions from three aspects, the behavior of the government and the construction of the soft environment, the direction of the M&A, how to advance the M&A performance, provide reference for promoting the healthy development of mergers and acquisitions in China’s retail industry...