Performance Analysis Of Mengniu M&A Yashily

From the nineteenth century to the present,mergers and acquisitions as a means of commercial game,with the development of science,the progress of social productivity and the continuous change of market economy,its characteristics have also undergone several changes.From the large-scale horizontal and vertical mergers and acquisitions in the industry,to the mixed mergers and acquisitions brought about by the rapid development of social productivity caused by the rapid advancement of science and technology,to subsequent financing mergers and acquisitions and the current global cross-border mergers and acquisitions.Although the characteristics of mergers and acquisitions are constantly changing and progressing,the fundamental motivation for mergers and acquisitions has never changed,and that is to seek the development of enterprises.In the past,we believe that through mergers and acquisitions,companies can improve the overall efficiency,can save the company's costs in market transactions,and can also increase the market share.Nowadays,we generally believe that the benefits of mergers and acquisitions to enterprises are that they can let enterprises better adapt to and keep up with the ever-changing new environment of the market economy,and become a stepping stone for enterprises to enter new markets and industries.As people deepen their research on M&A performance,they begin to realize that M&A performance is not necessarily positive.While it may bring high profits,it is accompanied by mergers and acquisitions that may cause losses to the company,that is,mergers and acquisitions are risky.The risk of mergers and acquisitions is that when a company completes a merger or acquisition,it may suffer a loss of profits.It can also be understood that the results of mergers and acquisitions are not static,and may be due to various problems such as improper corporate implementation,changes in the environment of the enterprise,policy changes,enterprise integration and improper management after the merger and acquisition,led to the failure to achieve the benefits and goals that the company hopes to bring to itself.The revenue and risk coexist after merger and acquisition,each merger has its own uniqueness,and the performance of mergers and acquisitions will be different.Mengniu's acquisition of Yashily in the context of thegovernment's merger and reorganization of the milk powder industry has become the most concerned company in the dairy industry.The performance analysis of this M&A event is expected to serve as a reference for other mergers and acquisitions inside and outside the industry and provide M&A experience.This article takes Mengniu as the research object and makes an in-depth analysis of the performance of its acquisition of Yashily.The first part starts with the background of the introduction of this thesis,further excavates the theoretical and practical significance,then summarizes the domestic and foreign related literature,points out the problems and contents that the thesis needs to research,and puts forward research methods and ideas.The second part defines and expounds the concepts of M&A and M&A performance,and puts forward the theoretical basis of M&A performance.Make a good foundation for the analysis of M&A performance.The third part elaborates the relevant overview of the case of Mengniu's acquisition of Yashily and the merger and acquisition process,introduces the main company and target company of mergers and acquisitions respectively,analyzes the situation before mergers and acquisitions and the problems encountered such as development bottlenecks and corporate shortcomings..Afterwards,according to the problems existing in the two companies and combining with the market environment,the driving factors of merger and acquisition are cost factors,policy driving and make up for the defects of the enterprise in market.The fourth part is the empirical part of Mengniu M&A Yashily's performance analysis.In the analysis of M&A performance,the accounting index method and event research method were used respectively.When assessing short-term M&A performance,the cumulative excess return rate was used as an evaluation indicator,and it was found that M&A had a negative effect on Mengniu's short-term performance.Afterwards,the company's profit,operation,debt repayment and development capabilities are separately analyzed to assess the company's long-term merger performance.At the same time,non-financial indicators were also used to analyze the performance of M&A from the perspectives of operations,customers,and innovation.The fifth part is to evaluate and summarize the results of Mengniu M&A Yashili's performance analysis according to the foregoing,and to draw the enlightenment brought by this acquisition.The fifth part is to evaluate and summarize the results of Mengniu M&A Yashily's performance analysis according to the foregoing,and to draw theenlightenment brought by this acquisition.