Absorb The Merger Of The Performance Evaluation Of Enterprise Merger And Risk Response

In recent years, with the acceleration of international economic integration,enterprise competition is increasingly fierce, enterprise want to survive in the fiercecompetition in the development, it is necessary to provide the capital expansion,mergers as a capital is an effective means of rapid expansion has been widely used.Global within the scope of the fifth wave of mergers and acquisitions, combinationhas become the inevitable trend of the development of the enterprise merger tocombine each other using the good assets, achieve the goal of market development.Current ongoing adjustment of industrial structure in our country, with thedevelopment of economic globalization and the growing process of market opening,China’s increasingly involved with the international economy, various forms ofbusiness combination is also more and more. Since1997, the speed of merger,acquisition and reorganization, business combination become the main way ofresource allocation in the market. At the same time, we noticed that, although thetheoretical research of thought through the enterprise merger can improve businessperformance, but in fact, mergers and acquisitions are not successful. Enterprisemerger of listed company performance is improved, and the mergers and acquisitionsenterprise financial performance such as specific performance, the mergers andacquisitions theory and practice is of great significance.In this paper, the eastern airlines Shanghai airlines is absorbed this case "a weakjoint is analyzed, and the usual combination is different, the two companies are infinancial difficulties, facing delisting risk, through the joint, reduce internalcompetition, reduce costs, strive for the survival and development in the dilemma.To analyze the motivation of enterprise merger, process and risk, behavior of a seriesof mergers and acquisitions financial performance and non-financial performancecomparison before and after the analysis, evaluation of the performance of the merger case, and summing up the experience of the mergers and acquisitionsbehavior, strategic provide enlightenment to our country enterprise merger of listedcompanies.The content of the thesis mainly includes five chapters: The first chapter mainlydiscusses the research background, research significance, thesis structure framework,research methods and mergers and acquisitions performance study at home andabroad were reviewed. The second chapter mainly discusses enterprise merger theory,the performance evaluation theory and mergers and acquisitions performanceevaluation methods, including evaluation method based on the securities market,accounting method and qualitative evaluation methods. The third chapter mainly hascarried on the background of China Eastern and Shanghai airlines merger casesanalysis, dynamics analysis, the specific process and the combining process of therisk. The fourth chapter in view of the enterprise in the process of merging themarket risk, system risk, integration risk and financial risk analysis, find out thecountermeasures. The fifth chapter through the analysis of the financial index of sixyears long-term financial performance comparison before and after the merger,financial index to reflect the performance of enterprises in the past; At the same time,through the market share, customer satisfaction, and the flight punctualitynon-financial indicators to analyze merger performance.Finally based on the analysis of both financial and non-financial results it isconcluded that China Eastern airlines Shanghai airlines merger and acquisition ofgenerally speaking is more successful, can improve the merge their overallperformance, make both sides of the profit ability, debt paying ability, operationability, development ability are improved, but needs to be improved in some detailshas not yet perfect, for example, China Eastern airlines customer complaintssignificantly increased after2010. Some optimization is obtained by conclusion ofM&A performance, designed to be used for reference in mergers and acquisitions of enterprises can be in later days. Due to time constraints, writing an article is not for alonger period of financial data, so there are some limitations.