The Analysis Of Synergistic Effect About Cross-industrial Mergers And Acquisitions In Chinese Listed Companies

With the global economic integration process to further accelerate the M&A(Mergers and Acquisitions) of enterprises has become an important means for industrial expansion,to achieve the Group’s strategic intent. In China’s capital market,cross-industrial M&A in recent years under the government push on industrial restructuring and M&A to become a hotspot.Foreign experience through the development of capital markets, cross-industrial M&A can be found in the enterprise has become the preferred way of diversification.This phenomenon both opportunities and challenges, in order to improve the success rate of cross-industrial M&A, the key lies in the theoretical and empirical research on the process of cross-industrial M&A synergies, achieve the purpose of the theory to guide practice.This article is based on cross-industrial M&A, to build synergies related evaluation model, cross-industrial M&A of listed companies in China to assess synergies. The article is divided into eight chapters to discuss each.The first chapter discusses the research background, significance, review of researches on cross-industrial merger synergies, research ideas, research content, research methods. This chapter is the full text of the program.The second chapter is the theoretical basis of the relevant discussion, including M&A synergies related concepts as well as three components:management synergy, operating synergy, the concept of financial synergy, and finally by classifying literature discusses research across the country lack of industry M&A research for text entry point.The third chapter is the analysis of M&A environment.First introduced the development process of M&A in the domestic capital market as the representative of the United States, followed by the size of domestic and international M&A and other aspects of comparison, point out whether our current economic system is the size and distance of the developed countries have a certain gap, and finally due to the industrial structure highly active adjustment to bring the cross-industrial M&A activity will lead to increased cross-industrial merger integration process risk assessment study for the subsequent synergy to provide support.The fourth chapter is a cross-industrial merger synergies evaluation index were analyzed. First introduced the current major synergies quantitative model type, and then summed up the realization of cross-industrial merger synergies in the process of influencing factors and corresponding implementation mechanisms. After reading a lot of literature on the basis of selected economies of scale, cost-effective, complementary advantages, market dominance in four areas of cross-industrial M&A in the index business synergies to demonstrate, select internal resources and external advantages of cross-related indicators M&A management synergies to demonstrate, finally selecting profitability, operating, debt and growth targets for M&A in the financial cross-industrial synergies to conduct feasibility studies for the establishment of the model to do the groundwork.The fifth chapter in the fourth chapter of the assessment based on the indicators selected, find the corresponding 20 cases of cross-industrial M&A data, build business synergies evaluation model based on mixed regression model, and finally the model, pointing out that the market share factors and market concentration degree of cross-industrial M&A in the main factors affecting operating synergies.Chapter VI and VII are also in the fourth chapter of the assessment on the basis of selected indicators were constructed model of logistics management model to assess synergies and financial synergies based assessment model based on double logarithmic model, and pointed across industry merger synergies in management difficult to achieve, as well as profitability and earning capacity of the positive impact on the financial synergies.Chapter VIII is about the conclusions and recommendations. Basic research on the previous chapters, summed up in the cross-industrial merger integration business process management synergy, the necessary operational synergies and financial synergy process and gives the corresponding recommendations to enable enterprises to achieve synergies in cross-industrial merger integration.