Research On The Market Value Management Effect Of Blue Focus Based On The Perspective Of M&A Investment Strategy

After the completion of the share-trading reform of listed companies started in 2005,shareholders of listed companies began to change their ideas,no longer only focus on the company's net assets and net profit,but began to turn to the more mature business philosophy of caring about the value of the company.Compared with other indicators,the market value can more accurately reflect the development stage of the company and reflect its overall value.The urgency of the listed company's market value management has gradually emerged.How to scientifically and effectively carry out market value management has become the focus of listed companies.M&A investment is one of the more effective means for listed companies to conduct market value management.These two are slowly becoming the two hot spots of concern for listed companies in China.Therefore,this article selects the Blue Focus as a research case,and studies the effect of market value management with the Blue Focus' s M&A investment strategy.By sorting out the M&A process since the listing of Blue Focus,we analyzed two M&A strategies of Blue Focus.The Blue Focus M&A strategy between 2011 and 2013 is aimed at establishing a modern communication group involving the entire industry chain of marketing communication.During 2013 and present,Blue Focus' s M&A strategy is “digital” and “international”."Towards the direction of establishing a digital intelligent marketing network with a global vision of the international marketing media group.Then select one representative M&A event from the two M&A strategies,and use CAR and BHAR to evaluate the short-term and long-term market effects respectively.Finally,the factor analysis method is used to evaluate the financial performance of two time periods using different M&A strategies.Through research,it is found that the market performance and financial performance of Blue Focus under the M&A strategy of building a marketing communication service chain are obviously better than the “digital” and “internationalized” M&A strategies.Therefore,blind mergers and acquisitions in order to expand the scale will not always be supported by investors,and may also damage the company's financial performance.It should be cautious to choose a merger and acquisition strategy suitable for the development of its own company.