The Case Analysis Of Ourpalm Co Ltd's Continuous Merger And Acquisition

With the deepening reform of our country market economy system,economic development faces significant strategic transformation and the background of the "new normal",the company in order to seize market opportunities,integration of industry resources,expand their scale,lower operating costs,a large number of m&a activities.At present,companies in addition to a number of mergers and acquisitions activity,also present a fast frequency and large scale of new features,the game industry belongs to the emerging cultural industries,with light assets,rapid development,pay attention to the characteristics of technological innovation,in recent years,the game industry m&a happened frequently,study its m&a theory has important significance for enriching the existing m&a.In view of this,this article selects the online game industry in the implementation of a typical representative of continuous acquisition palm boring technology co.,LTD.,in the form of case study,the problems existed in the continuous source of mergers and acquisitions,risk,and mergers and acquisitions performance analysis,provided the ideas and Suggestions for our country enterprise mergers and acquisitions,in order to promote the development of m&a in China.This paper is divided into six parts: in the first part,the introduction mainly introduces the research background,purpose and significance of the paper,and reviews the relevant research literature.In the second part,the definition of continuous m&a and the relevant theories and methods used in this paper are introduced.In the third part of the continuous acquisition case introduction,mainly introduces the five companies involved in mergers and acquisitions,continuous acquisition of the basic situation of the background,motivation,and shown in the form of form the continuous acquisition of specific transaction process;In the fourth part,the performance analysis of continuous m&a by zhonghua technology is mainly carried out from three aspects: market performance,financial performance and synergistic effect.In the fifth part,the problems and risks in the continuous m&a of zhonghequ science and technology are analyzed.Rely on performance commitment to achieve profit growth;Did not mention the impairment of goodwill,there is risk of violation;Lock-up expiration of three years,reducing their holdings of cash,shareholders also analyzed before and after m&a and exist in the process of the main risk: strategic choice analysis,industrial risk,target enterprise valuation risk,financial risk,integration risk and risk of goodwill;In the sixth part of the case analysis inspiration and Suggestions,the paper mainly elaborates the conclusions of the analysis and the relevant Suggestions.Based on palm boring technology co.,LTD.,continuous merger cases were analyzed,and found that continuous acquisition that market performance decline after rising first,and the financial synergy,management synergy,management synergy,and points out existing problems and risks in the continuous acquisition,to solve these problems and risks,and puts forward four Suggestions to enterprise's continuous m&a: asset value is a reasonable assessment,timely provision goodwill;Second,reduce the dependence of target companies and actively seek their own development;Third,actively innovate payment methods and reduce financing risks.Fourth,strengthen the prevention and control of merger and acquisition risks,and establish and improve the internal control mechanism.