Study On The Financial Performance Of Enterprises In The Vertical Merger From The Perspective Of Supply Chain Integration

With the rapid development of social economy and the capital market has become increasingly active, enterprise mergers and acquisitions has become a common and important economic phenomenon. For the reasons, enterprise mergers and acquisitions can provide opportunities to expand business, enhance the core competitiveness of the supply chain, realize the centralized enterprise scale and capital, so as to achieve the enterprise external growth and realization of enterprise supply chain integration strategy. Supply chain integration as the central link of merger integration, plays an important role in the mergers and acquisitions. This paper is from a financial perspective, studies on the enterprises in the supply chain integration from the perspective of vertical merger financial performance, analysis the relationship between supply chain integration and vertical merger financial performance, and gives advices about enhancing the financial performance of mergers and acquisitions, hoping for vertical merger enterprise management supply chain integration to provide reference.This paper mainly includes the following five parts:the first chapter is the introduction part, mainly explains the research background and significance, the domestic and foreign research review, research ideas and frameworks, research methods and main contributions; the second chapter is the definition and theoretical basis, mainly to define the vertical merger, supply chain integration, the concept of financial performance, and elaborates on the relevant theoretical basis, lay a theoretical basis for this article; the third chapter is mainly from the vertical merger mode, the width of the supply chain integration and the relationship between supply chain integration and financial performance, summarizes the mutual influence mechanism of vertical mergers and acquisitions and the integration of supply chain; the fourth chapter is mainly from the profitability, solvency, operation ability and growth ability, four dimensions of a total of eight indicators of the financial performance evaluation system, to defines the related variables and establishes the regression model; the fifth chapter selects the vertical merger events from the corporations of the Shanghai Stock Exchange and the Shenzhen Stock Exchange in 2002-2012 ten years as the overall sample, a total of 229 listing corporations as research sample, with the acquisition of before and after incremental data and the cross section data as the research object, using SPSS 22.0 to do the factor analysis and multiple linear regression analysis, and to make an empirical analysis of the relationship between supply chain integration and vertical merger financial performance. The empirical results show that, in the background of vertical mergers and acquisitions, supply chain integration is closely associated with the vertical merger financial performance. Among them, internal integration and financial performance of vertical merger is positively related; supplier integration and the financial performance of vertical merger is also positively correlated; no significant correlation is between the integration of customer and financial performance of corporate mergers and acquisitions. Through the analysis of empirical results, the article starting from the perspective of supply chain integration at the end of this paper, suggestions are given to enhance the financial performance of vertical merger, hoping to provide reference basis of the supply chain integration for the management of the vertical merger corporatioa...