Research On Performance Of Cross-Industry Mergers And Acquisitions Based On Synergistic Effect

Nowadays,China's economic development has reached a new historical stage.The term "new normal" proposed by President Xi Jinping has highly summarized the current economic development situation in China.Under such a background,China has ushered in the wave of industrial transformation and upgrading.Cross border mergers and acquisitions have become an important means of strategic transformation of traditional industries in China.There are many successful and failed cases,reflecting cross-border mergers and acquisitions,which also bring risks to enterprises.Scholars at home and abroad have done a lot of research on mergers and acquisitions,but the results have different opinions.For the domestic M & A research started relatively late,is mainly a combination of China characteristics based on foreign research achievements on economy and extension,and an empirical study on the macro level,and the microscopic study on the business case is relatively small,especially for the micro performance of cross-border mergers and acquisitions of small,mainly because of the cross-border mergers and acquisitions has never like nearly three years to become the mainstream of the domestic capital market.At present,the domestic M & A market is booming.There are also some bad phenomena.For example,there is a trend in the choice of M & A target.When the short term performance of M & A is not up to expectations,it will immediately resell the target.These phenomena,on the one hand,reflect the inherent risk of crossborder mergers and acquisitions.On the other hand,it also reflects that the M & A side has no reasonable consideration in choosing the M & A industry,and has not made enough financial preparation before merger,and the integration of the target companies after M & A is not in place.Aiming at the above problems,the paper of Zhejiang century Hua tong Group Limited by Share Ltd(hereinafter referred to as the "Shi Ji Hua Tong",stock code 002602),cross-border mergers and acquisitions Tian You Ruan Jian and Qi Ku Wang Luo(all game companies)the analysis of typical cases,starting from the background and motivation of mergers and acquisitions,mergers and acquisitions through the establishment of performance evaluation system of cross-border synergies as the core the performance evaluation of the contribution,after the merger,in order to provide a reference for similar enterprises in the development and integration of mergers and acquisitions after the.This article is mainly divided into the following three parts:The first part is introduction and literature review.The background,purpose and significance,specific methods,contents and innovations of the research are systematically expounded,and the previous researches in cross-border mergers and acquisitions,synergy and performance evaluation are reviewed and summarized.The second part is the theoretical basis and analysis and the summary of the status of performance evaluation.First,the concept of cross-border M & A is defined.Secondly,cross-border mergers and acquisitions are analyzed by related theories.Finally,the existing performance evaluation methods are reviewed and summarized.The third part is a case analysis.The main contents include: first,from the two aspects of policy and industry,the century Hua tong cross-border mergers and acquisitions background analysis;secondly,analysis of the financial data before the acquisition of China century based on the M & A;thirdly,based on the theories of synergy,combining the characteristics of cross-border mergers and acquisitions,from the external and internal market performance synergistic effect in two established cross-border mergers and acquisitions performance evaluation system;finally,using the established evaluation system to analyze the China century after the merger,the cross-border mergers and acquisitions is conducive to the growth performance and synergistic effect conclusion,and from resource integration before the industry selection and the merger puts forward suggestions on similar enterprises.The innovation of this paper is for cross-border mergers and acquisitions,from the micro level,from the pre merger industry selection to the post merger resource integration application method,and based on the synergy effect,a performance evaluation system suitable for cross-border mergers and acquisitions is established.The deficiency of this paper is to analyze only a single case and have some limitations.