A Study On The Value Of Mergers And Acquisitions In The Industrial Chain Of Listed Companies In China

China's capital market is growing day by day.Our economy is now in the stage of reducing speed and improving quality,and the financial supervision is becoming stricter.In this process,some enterprises are eliminated.In 2018,the concept of "industrial chain" was frequently put forward.Enterprises are committed to seeking new development and breakthroughs as well as increasing market share.Mergers and acquisitions in the industrial chain is a good way or enterprises to realize value added.Holitech is a typical enterprise which develops and grows through mergers and acquisitions in the industrial chain.Through its horizontal,vertical and mixed layout of industrial chain M&A,the synergy effect is achieved,and the value of the enterprise is greatly enhanced.The significance of this study lies in the detailed introduction and in-depth analysis of the typical case of mergers and acquisitions of Holitech Industrial Chain,which can provide some reference for other enterprises seeking development.Besides taking case analysis as the main line,this paper also applies a combination of qualitative and quantitative methods.Firstly,it introduces the theoretical basis of M&A in industry chain,and analyses the current situation and existing problems of M&A in electronic components industry chain.Secondly,it introduces the process of mergers and acquisitions in Holitech industrial chain,and analyses it from different perspectives,such as horizontal,vertical and mixed perspectives.Then this paper analyzes the effect of M&A in Holitech industrial chain from the aspects of synergy effect,cost control,enterprise value and so on.Finally it summarizes the whole case and puts forward reasonable suggestions.Through in-depth analysis,this paper draws the following conclusions: Firstly,Holitech effectively chooses suitable M&A targets according to its own development needs.Secondly,reasonable and clear M&A in industrial chain can have a positive impact on enterprises and enhance their value.Thirdly,after the completion of M&A in the industrial chain,we need to further manage the enterprise,to strengthen the integration of internal resources so as to maximize the interests of enterprises.At the same time,it gives reasonable suggestions to Chinese enterprises: Core main business is always the first essential element,while clear strategic layout is still the key point.Careful selection of M&A objectives,effective enhancement of internal integration and reasonable implementation of M&A in industrial chain can increase the value of enterprises.The innovation points of this paper are as follows: Firstly,the selection of enterprises in electronic components industry as the research object is in line with the current hot topic.The events of 5G and ZTE in 2018 made people realize the importance of core technology.Enterprises need to strengthen their main business and enhance their core competitiveness to remain strong.Secondly,the case selected in this paper is representative.Since its listing,Holitech has devoted itself to the layout of M&A in the industrial chain and has achieved obvious effect.Thus it can be used as a typical case to study and summarize.The shortcoming of this paper is that enterprises in different industries are not selected to conduct a large sample study on the impact of industrial chain M&A.Besides,when calculating enterprise value,in order to facilitate calculation,some data was simplified and processed,which may produce errors.