Research On The Performance Evaluation Of Cross-border Mergers And Acquisitions Of Borsod Chem By Wanhua Industrial

With the continuous improvement of China's social and economic development and the further deepening of the reform and opening,Chinese enterprises are more and more inclined to use cross-border mergers and acquisitions in the process of overseas strategic expansion and seize more overseas market share.At the same time,Under the new economic situation,Chinese enterprises also need to keep pace with the development of the times and actively participate into the teams of overseas mergers and acquisitions with the consideration of their own actual situations if they want to continue to expand its core competitive advantages and broaden their global market.The mergers and acquisitions case of Hungary BorsodChem company being merged by China Wanhua Industrial company is successful and typical.Carrying out a comprehensive cross-border mergers and acquisitions of BorsodChem by Wanhua Industrial,not only can effectively provide scholars with new thinking and reference,also can provide important implications for the Chinese chemical enterprises improve their performance in transnational mergers and acquisitions in the future.Based on the motivation theory of cross-border mergers and acquisitions and performance evaluation method of cross-border mergers and acquisitions,this paper gives a detailed exposition of the process of BorsodChem being merged by Wanhua,and reveals the merging motivation of Wanhua Industrial.On this basis,it selects the appropriate performance evaluation indexes,which includes four aspects of finance,management,operation,and marketing,analyzes the change of performance before and after mergers and acquisitions,concluded that the performance change of Wanhua industry is not obvious,and the solvency and profitability decrease in the short term.Based on the analysis of the causes of the problem,the paper puts forward some suggestions of paying attention to the solvency,strengthening the cash management,reducing the ratio of debt and strengthening the integration after merging,also analyzes the enlightenment of the transnational merger of Wanhua industry to the other enterprises in China.