| Cross-border M&A is one of the important ways for enterprises to“go global” and realize their internationalization strategy.Under the call of national policies and the transformation and upgrading needs of enterprises,the pace of cross-border M&A is accelerating,and the number and amount of M&A transactions are constantly changing.increase.However,the performance problems after the merger and acquisition of enterprises have gradually attracted people’s general attention.This paper selects the case of M&A and purchases Smithfield,which has attracted a lot of attention,and deeply studies and analyzes the performance problems of Shuanghui after the merger.Based on the previous research situation at home and abroad,this paper firstly uses the event research method to evaluate the short-term performance of Shuanghui.By selecting the stock sample data of 140 trading days before the merger,the abnormal yield and cumulative abnormal return rate of Shuanghui are estimated,and the cumulative abnormal return is found.The rate was 6.5%,and the conclusion that M&A increased the wealth value of Shuanghui shareholders.Secondly,in terms of long-term performance,unlike the single research method of scholars in the past,this paper combines two methods,combining financial indicator method with non-financial indicator method toconstruct a four-dimensional performance evaluation model,from finance,customer,internal process,learning and innovation.This paper analyzes the operation of Shuanghui M&A and concludes that the performance has been improved and the M&A has been successful.Finally,summarize the successful experience of Shuanghui M&A and draw relevant inspiration.It is believed that when conducting cross-border mergers and acquisitions in China,food companies should also pay attention to their own development strategies,M&A objectives,payment methods and integration. |
