Analysis On The Motivation And Performance Of Fuling Zhacai Mergering Hui Tong Food

After the reform of the economic system,influenced by market economy and the free flow of capital,mergers and acquisitions(M&A)have been increasingly used in the process of expansion and development of enterprises.In particular,since the beginning of the 21 st century,the wave of M&A in China has continued to rise.From domestic M&A to cross-border M&A,from traditional industry M&A to emerging industry M&A,from M&A in the same industry to cross-industry M&A,the number of corporate M&A s has increased year by year.The purpose of M&A is also varied: some for the needs of corporate capital expansion,some are required for the strategic transformation of the company,while others are for improving the competitiveness of the company in the industry.The first chapter is the introduction.This chapter introduces the background and significance of the article research,the framework and method of research,the main content of the study,and the innovation of this article.The second chapter is the theoretical basis and literature review of M&A.It defines the core concepts,and analyzes the motivation theory of M&A,including economies of scale theory,market power theory,and synergy effects theory.Then this chapter briefly describes the research results of domestic and foreign scholars on M&A performance and introduces the research methods used in this paper..The third chapter introduces Fuling Zhacai case,including its motivation and influences.First it introduces the specific process of mergers and acquisitions,uses SWOT analysis to make an introduction of both sides in this M&A,and then it analyzes the motivation of Fuling Zhacai to merger Huitong food industry,and finally it analyzes the results of mergers and acquisitions.The fourth chapter is about the performance analysis of this merger and acquisition.A variety of methods have been used to analyze this M&A performanceEvent study is used to analyze the short-term performance changes,while ratio analyses is applied to evaluate the long-term performance changes after Fuling Zhacai picking and acquisition of Huitong food industry,and whether this M&A brings value to Fuling Zhacai is evaluated based on the method of economic value added.Moreover,DEA evaluation method is used to exam traditional performance indicators.The fifth chapter concludes this case and provides some suggestions.Through the above research,following conclusions are drawn:(1)M&A have achieved good synergy;(2)M&As have effectively increased the market competitiveness of Fuling Zhacai;(3)M&A is an important means for enterprises to quickly break the ceiling and enhance brand value.(4)M&A has achieved a good market response.