The Research On M&A Performance Of SANY And Putzmeister

In 2015,because of the environment improvement of the domestic M&A and the strategy of the economic restructuring and corporation going abroad,domestic M&A and cross-border M&A have all contributed to the growth.With the development of secondary market and the acceleration of industrial integration,more and more companies are expected of adding market value and performance growth through mergers and acquisitions.In theory,enterprise mergers and acquisitions may generate two economic effects.Frist one is that the enterprises can enhance market power and improve the market price through mergers and acquisitions.The second one is that M&A may improve the enterprise's efficiency and reduce the cost.Two effects both can improve the corporate performance and increase the stock price of the company.From the empirical point of view,enterprise large-scale merger and acquisition activity rise lately in Chinese capital market and the research on the relationship between capital market mergers and acquisitions and corporate performance is still in the initial stage.Under this background,this paper which is based on the case study of Sany acquired Putzmeister,analyze the company M&A performance issue of this case and the conclusion can be used for reference to Chinese manufacturing enterprises.In this paper,the author use both financial index method and case study method to analyze the M&A performance between the acquisition of Sany and Putzmeister.In addition,the author analyze the nonfinancial indicators as well as the key factors which impact of mergers and acquisitions and summarize the conclusions finally.At the same time,the author propose the suggestions,which can be used for reference to Chinese manufacturing enterprises.