Research On The Performance Of The Whole Industry Chain M&A Of Laser Enterprises In China

China’s laser industry started late,but with the rapid development of China’s equipment manufacturing industry,China’s laser industry has developed rapidly in recent years.Due to the gradual maturity of technology and the continuous expansion of application market in the downstream of the industrial chain,China’s laser industry has also entered a period of rapid development,with the market scale growing day by day and huge potential in the domestic market.Mergers and acquisitions as an important way of the development of enterprise,the purpose is to improve enterprise competitiveness.As a laser equipment manufacturing industry,Han’s Laser has made many mergers and acquisitions after going public,and laid out the whole industrial chain to enhance its competitiveness.Han’s Laser is not only the first enterprise in the laser industry,but also the pioneer in the M&A of the whole industry chain in this industry.Therefore,this paper takes Han’s Laser as the research object,introduces the M&A process of the whole industry chain from 2011 to 2016,analyzes the motivation of the M&A of the whole industry chain and the M&A performance of the company in this stage,so as to provide useful guidance for laser enterprises,guide them to determine the implementation path of this strategy,and provide certain reference value and reference role for the M&A of the whole industry chain in the future.In this paper,the performance of the whole industry chain merger and acquisition of the laser industry is measured by short-term performance and long-term performance.Short-term performance is measured by the event study method,and long-term performance is analyzed by a combination of financial index and non-financial index.Long-term performance uses financial indicators that can reflect economic benefits while conforming to the characteristics of the industry,including profitability analysis,operation ability analysis,debt paying ability analysis and growth ability analysisAs for the performance analysis results of mergers and acquisitions in the whole industry chain,from the results of the event research method,the excess rate of return and the excess progressive rate of return of Han’s Laser mergers and acquisitions show strong volatility,which is because the actual rate of return of Han’s Laser mergers and acquisitions in the event window fluctuates greatly.From the analysis results of long-term financial performance,it can be seen that the positive influence of merger and acquisition on the overall financial performance of Han’s Laser continues to rise,and the company also actively improves the ability of various aspects of non-financial indicators in the whole industrial chain merger and acquisition process.On the whole,mergers and acquisitions in the whole industry chain of Han’s Laser not only have a slow rise in financial performance in the short term,but also have a positive impact on laser in the long term.The contribution of this paper is not only to expand the industrial chain to the whole industrial chain,but also to study the M&A of the whole industrial chain of laser enterprises.Previously,many scholars have done little research on the whole industry chain,and even less on the whole industry chain M&A of laser enterprises.At present,more and more enterprises begin to seek the transformation from the traditional single value chain and supply chain to the whole industrial chain.Compared with the traditional industry chain,the whole industry chain is characterized by vertical integration and diversification,which is of high research value.This paper studies the performance of M&A from the new perspective of "the whole industry chain" and takes laser enterprises as an example,providing new innovation points for the research of M&A.Finally,this paper puts forward some Suggestions for laser enterprises to merge and acquire the whole industry chain :(1)the "whole industry chain" mode cannot be simply imitated,and the enterprises involved in the industry chain should be carefully arranged and managed;(2)the reasonable use of capital operation,pay attention to risk prevention;(3)highlight synergies and give full play to the advantages of the whole industrial chain;(4)integrate resources and optimize internal management structure;(5)pay attention to talent strategy,to prevent the loss of core scientific and technological personnel.