Value Creation And Risk Analysis Of Oversea M&A

In recent years,Chinese economy continues to develop steadily under the circumstances of transformation and upgrading of industrial structure,along with "Stepping out" national strategy,more and more private enterprises in our country gradually began to go abroad,making oversea mergers and acquisitions aggressively.For Chinese enterprise,the core meaning of oversea M&A is the integration and configuration of domestic and international markets and resources.Looking back 40 years of reform and opening-up in our country,we have undergone three wave of mergers and acquisitions,the scale continues to expand.The subject of mergers and acquisitions also transformed from the state-owned enterprises to private enterprises,especially private manufacturing enterprises in our country.Among them,Chinese manufacturing enterprises perform actively like Ogawa,therefore,how to scientifically and objectively evaluate oversea M&A value creation and risk prevention of Chinese manufacturing has caused public concern and discussion in whole society.This thesis mainly focus on researching and analyzing the oversea M&A value creation and risk prevention of Chinese private enterprises.The author chose Ogawa company which is the leading massaging health care products in domestic and oversea markets.Taking Medisana be merged by Ogawa as the study case.This paper analyzed the financial performance and market performance of Ogawa in 2014-2016 before and after the oversea M&A,through the research we found that the oversea M&A greatly shortens the globalization process of Ogawa,enhancing its comprehensive competitiveness in the field of health industry,making up its original short board and insufficiency in health services.Thus the oversea M&A completed the eco chain of Ogawa and finished its global strategic layout.This paper provides some useful reference and experience for Chinese private enterprise in future oversea M&A.Firstly the thesis introduces Chinese oversea M&A market and realistic problems,then adopting the method of literature research analyzing motivation,value creation and the risk.Secondly analyzing the motivation of Ogawa merged Medisana and the situation in different stages.Comparing the value creation based on financial and market performance,which proving this M&A is successful with synergy effect.Finally,summarizing enlightenment of oversea M&A value creation and risk prevention by Chinese private enterprise.