The Analysis Of Enterprises Cross-border M&A Financial Performance From The Perspective Of Synergy

In recent years,with the deepening of China's opening to the outside world and strengthening of domestic enterprises' power,Chinese enterprises have become an important force in cross-border mergers and acquisitions.It is cross-border M&A that can achieve the optimal allocation of resources,help enterprises to accumulate more wealth,and effectively enhance the international competitiveness of enterprises in a relatively short period of time.Therefore more and more domestic enterprises began to look around the world and to search overseas development.Cross-border M&A have already become one of the key decisions for many enterprises to implement international strategic deployment.From the statistical data about the number of M&A and transaction amount in recent years,we can easily find that not only M&A activities of listed companies are becoming more and more frequent,but also the scale is growing.While the transactions of the real value that enterprises created are numbered,and that transactions can not be compared with the number of M&A at all.It also can be said that lots of M&A is not successful.That is why we should focus on those case.Then explore the reasons and find the way to success.This paper based on the classical theory of synergetic effect and systematic study of domestic and foreign literature,uses the method of case analysis to analyze the case of the M&A of Motorola.The thesisestablishes a comprehensive evaluation framework on the basis of the enterprise's profit capability,development capability,solvency,the level of cost management and so on,to make a specific analysis of the synergy effect of the M&A from the perspective of operating synergy,financial synergy and management synergy.Then evaluating the implementation and effect.Through the analysis of this paper,although Lenovo's acquisition of Motorola is smooth,it shows that kinds of indicators have declined from more than two years after the merger of financial indicators.M & A results are not satisfactory.Aiming at this phenomenon,the paper makes a further analysis for its poor financial performance in order that the dissertation can benefit the reader to treat the Lenovo's cross-border M&A correctly;Some suggestions are given according to the research process.For example enterprises should make clear purpose of M&A and grasp the timing of M&A.Enterprises that wish to go internationally can learn the lesson from the Lenovo.Finally we can obtain the case revelation and hope that other domestic enterprises can be harvested from the cross-border M&A with less detours.