The Research On The Performance Evaluation Of Shuanghui's Cross-Border Mergers And Acquisitions

In order to further optimize the structure of resources,and strengthen the communication and cooperation with international market in nowadays rapid changes of economic globalization,to carry out the international strategy of' walking out',therefore,cross-border merger and acquisition now has become an important channel to obtain advantage resources for Chinese enterprises.At the age of post-economic-crisis,the large-scale adjustment of industrial structure under the economic globalization both provided a good opportunity for cross-border m&a of Chinese enterprises.In the first quarter of 2016,China has become the largest multinational m&a country in the world.However,transnational m&a are not simple transactions,the real test is what after the transaction completed,weather its successful or not,it depends on the evaluation and research of m&a performance.Lots of enterprises desperate to bite off more than they can chew ended up not well,as lack of related m&a experience and not fully understand the international market.The main point of this thesis is about:how to evaluate the performance of Chinese enterprises' cross-border m&a;what are the factors and how these factors make influences;ways to make our Chinese enterprises to be successful in cross-border m&a in the future.First of all,this thesis sort out the domestic and foreign reference literature related to cross-border mergers and acquisitions for enterprises,summarizes the motivation of cross-border m&a,the influences on enterprise operating performance and enterprise performance evaluation methods of transnational m&a.Then,the relevant principles of economics to the enterprise transnational m&a performance is analyzed,starting from the concept of m&a performance,the thesis expounds the function of m&a motivation analysis on m&a performance,and the analysis of the effects of cross-border m&a performance.Separately make the use of financial and non-financial analysis to construct the enterprise performance evaluation system of cross-border m&a,respectively from the perspective of long-term performance and short-term performance,make a transverse comparison using ShuangHui Group financial statement data of past few years,and the vertical comparison based on same industry average is carried out meanwhile.After the analysis of ShuangHui Group merger and acquisition SmithField,it can be seen that,from a financial perspective,ShuangHui Group has a good short-term performance,nevertheless,the long-term performance is ideal,in particular,with the poor solvency,which can be a great burden on the future development of enterprise.However,from the non-financial perspective,it is satisfying for the m&a performance of the ShuangHui Group.Finally,through the analysis of the experiences and lessons of the ShuangHui Group before and after mergers and acquisitions,with the consideration of the characteristics of China enterprises,put forward suggestions for Chinese enterprises cross-border mergers and acquisitions respectively from the perspective of financial performance,enterprise management and policy environment,and to improve the m&a performance of domestic enterprises in the future cross-border m&a.