Research On M&A Performance Of Internet Listed Companies By The Case Of Group 58

With the rapid development of the Internet industry,mergers and acquisitions has become a hot topic in recent years.Many Internet companies integrate high-quality resources,expand the company scale and increase the company's competitiveness through mergers and acquisitions,a common operation mode in the capital market.WUBA is one of the representatives of Internet enterprises.In 2015,WUBA successively acquired anjuke,chinahr and its main competitor ganji,which is one of the representatives of Internet mergers and acquisitions in recent years.Based on the business situation of WUBA in the five years before and after m&a,this study mainly used the synergistic effect analysis and EVA evaluation index method to study the m&a performance of WUBA and made an objective on it.This study introduces the enterprise profile and m&a process of WUBA,and finds and summarizes the specific m&a motivation of WUBA.Built on EVA theory,EVA values and EVA evaluation indexes of WUBA from 2012 to 2017 were calculated.Combined with the synergistic effect theory of m&a,m&a performance was evaluated from three aspects,namely,operation synergistic effect,financial synergistic effect and management synergistic effect,and then conclusions were drawn and enlightenment were drawn.Through analysis,WUBA did achieve certain synergistic effect in the early stage of merger and acquisition,EVA value increased,capital investment returned considerable,and merger and acquisition transaction created good value for shareholders.However,there are some problems in the integration of resources after the merger and acquisition.The enterprise fails to make timely transformation by using the market and resources brought by the merger and acquisition,and its development shows a trend of slowing down.Based on the research on the m&a performance of WUBA,this paper summarizes three aspects that Internet enterprises should pay attention to in the process of m&a,which are as follows: First,Internet enterprises should make clear the motivation of m&a,and reasonably select m&a targets in combination with their own development strategies;Secondly,Internet enterprises should choose appropriate means of payment to reduce the financial risks brought by mergers and acquisitions.Thirdly,Internet enterprises should conduct post-merger resource integration based on market and user orientation.