Research On The Improvement Of Enterprise Performance Under The Perspective Of Cross Industry Life Cycle Mergers And Acquisitions

China is under at an important stage of economic transformation,industrial innovation,the concept of "Internet plus" came into being.The "Internet plus" action plan promote the Internet,cloud computing,big data,networking and modern manufacturing industry combination,promote the healthy development of e-commerce,the Internet industry and Internet finance.At the same time,the concept lead enterprises to expand the international market." But traditional retails meet enormous challenges during this period.In 2015,so many department stores closed.It is the key point that how to realize the strategic transformation and development trend for traditional department store,when traditional department stores suffered winter conditions.On the one hand,the Internet industry mergers and acquisitions is quite lively.On the other hand,the rapid development of the Internet industry benefit from the concept of"Internet plus" and financial support from government.This means that the Internet industry play an important role in pushing the economic restructuring,while providing a new idea for the development of traditional industries.This paper combined normative research and case study,referring to the M&A theory,Industry Life Cycle Theory,Contingency Theory and The Theory of Competitive Advantage.Take the example of acquisitions between Ali and YinTai,researching how to improve performance.Explore and construct a model about how to improve performance through crossing industry life cycle of acquisitions.Then,establish the evaluation methods of M&A performance based on the model,deepen and enrich the life cycle of cross industry mergers and acquisitions theoretical significance and practical value.The innovation of this paper is as follows:firstly,taking the performance improvement of the M&A enterprises in the recession stage as the research object,this paper constructs the analysis framework of "situation,dilemma,motivation,synergy and merger".Second,on the basis of the analysis framework,this paper establishes the performance evaluation system of M&A based on M&A synergy.This paper draws the following three conclusions:At first,the industry life cycle in the recession of the enterprises to change their predicament,improving performance through mergers and acquisitions,looking for other enterprises mainly focus on the start-up stage or growth stage.Secondly,the scientific and reasonable performance evaluation index should be based on the industry environment,combining the financial and non-financial indicators,and take the degree of M&A motivation as a standard.At last,this paper innovatively constructs the performance evaluation system of merger and acquisition in the cross industry life cycle,which makes up for the defects of the event study and the evaluation index of financial research.