Research On The Performance Of Contiunous Mergers And Acquisition Of Leyard

With the cont:inuous improvement of China's capital market,more and more enterprises achieve rapid development through mergers and acquisitions.There were 4,446 domestic mergers and acquisitions in 2013,compared with 9,839 in 2017.Transactions also jumped to $67.1 billion from $23.84 billion.While the number of mergers and acquisitions keeps increasing,the phenomenon of multiple mergers and acquisitions in a single enterprise during a period also attracts attention.Different from single m&a,there is a certain relationship between single m&a in continuous m&a.The continuous mergers and acquisitions of enterprises are often out of a strategic need.Continuous m&a research focuses on m&a performance.The existing research mainly focuses on analyzing the market reaction of each m&a activity through large sample demonstration.Due to the industry and methods studied by various scholars,their conclusions are different to some extent.Comparatively speaking,there are few case studies on continuous m&a performance.This paper takes LEYARD as the research object,and the case company has carried out a series of planned m&a activities under the guidance of its strategy.This paper firstly sorts out the existing literature and theories,and analyzes and summarizes the previous research results.Then this paper analyzes the motivation of continuous m&a from the perspective of value chain and synergistic effect,and analyzes various aspects of continuous m&a integration and the implementation effect of continuous m&a.Finally,analyze the financial performance of continuous m&a.In terms of financial performance of continuous m&a,considering that continuous m&a is a long-term strategic behavior of enterprises,this paper focuses on evaluating the long-term financial performance of continuous m&a.Through the analysis of financial indicators and factor analysis,the comparative analysis and evaluation of enterprise financial performance are carried out.The data involved in the research are mainly from the database of flush flush.The following conclusions are drawn from the research:(1)the most fundamental motivation of continuous m&a is to achieve corporate strategy.(2)continuous merger and acquisition adjusted the product structure of the enterprise,completed the business layout of the enterprise,and assisted the realization of the development strategy of the enterprise from 2013 to 2015.(3)continuous mergers and acquisitions have brought about the improvement of financial performance of enterprises.Possible contributions are:first,enrich existing research.The existing researches mainly focus on the market response of continuous m&a,and there are few researches on long-term performance.Second,from the perspective of corporate strategy,analyze the case of continuous m&a.Existing studies usually only consider the merger and acquisition behavior itself,and rarely analyze it from the perspective of corporate strategy.