Research On M & A Performance Between Yanghe And Shuanggou

In the four decades of reform and opening,baijiu industry has been growing for the highest degree of marketization and the most competitive industry.With the rapid development,M&A as an important form of market competition and rational market behavior is increasing.But M&A is a complex project,there is no scientific theoretical guidance,it is difficult to achieve success.Although many scholars has been analyzed M&A motivation,approach and performance evaluation in different angles,but in general,providing decision in the M&A practice for baijiu industry decision-makers also less.This paper chooses baijiu industry leading enterprises Yanghe group,the first from M&A related theory analyze their motivation and subsequent management of M&A integration,and from two aspects of both short-term and long-term.Evaluation of the short-term performance research using event study,long-term performance study respectively the financial index analysis and non-financial indicators and economic added value analysis,the research results indicate that the acquisition increased business performance.Finally summarizes the factors of the success and gives advices in three aspects for other enterprises in the baijiu industry.