Motivation And Performance Analysis Of Cross-border Mergers And Acquisitions Of SHANGHAIACECO.,LTD.

With the rapid development of China's economy and the increasingly strengthening of economic integration,the competition between domestic and foreign markets is becoming increasingly fierce.Merger and acquisition is one of the most important means for enterprises to enhance their management ability and enhance their value.More and more enterprises are trying to change their business situation by merger and acquisition,and support enterprises to open up new fields.In 2014,the state issued a series of policies to create a relaxed market environment for the cultural industry.SHANGHAIACECO.,LTD in the cross-border mergers and acquisitions era in 2014,through cross-border mergers and acquisitions,SHANGHAIACECO.,LTD embarked on a diversified development path of coal and online games,and successfully stripped of coal assets in 2015,successfully transformed into a cultural enterprise with online games as the main industry.This paper studies the performance of cross-border mergers and acquisitions of SHANGHAIACECO.,LTD,and combines the current market environment and national policies to draw inspiration and suggestions for cross-border mergers and acquisitions of cultural enterprises in traditional industries in the future.This paper first introduces the research background and significance of the paper,reviews and collates the literature on cross-border M&A at home and abroad,and elaborates on the concept of cross-border M&A,the motivation of cross-border M&A and the theory of cross-border M&A performance evaluation.Secondly,it introduces the merger cases of AIZHOU's cross-border M&A in the long-term era,including the introduction of both sides themselves and the process of M&A.In order to clearly explore the motivation of this M&A,this paper also introduces the SWOT analysis of both sides in the internal and external environment.Thirdly,using event study method,traditional financial index method,EVA research method and non-financial index method,the paper makes performance analysis from short-term and long-term,financial and non-financial perspectives,draws corresponding enlightenment and puts forward suggestions,and finally draws the conclusion of this paper.This paper considers that the performance of cross-border mergers and acquisitions is not ideal.Although the market value of enterprises and shareholders' wealth have been greatly increased in the short term after M&A,in the long run,there are still many shortcomings in operation,management and finance after M&A.Although the long-term shareholders' wealth has been improved,there are still some shortcomings.Therefore,in this study,we can see that the selection of M&A objectives,M&A methods,macro-environment of national policies and post-M&A integration are important factors affecting the success of M&A.This analysis is helpful to provide experience for other cross-border M&A cultural enterprises in traditional industries.