Performance Research Of Listed Enterprise In Cross-industry M&A The New Third Board Company

Currently,China is in the economic structural adjustment period.The policy advocate that emerging strategic industries and traditional manufacturing industries should improve together,the informatization and traditional industries should support each other,and speed up the integration of the entity economy and modernization.Cross-industry mergers and acquisitions(M&A)is an important approach to achieve the goal of structural adjustment.Because the National Equities Exchange and Quotations(NEEQ)companies have relatively standardized management and most of them are of high quality.So,as a M&A target,they are favored by the listed companies.since 2015,the issuance audit system has become stricter,making the listing road more difficult for the New Third Board company,which boom the M&A in the NEEQ.The performance after the merger is a measurement of companies' M&A.This article chooses a specific case to research the effectiveness of this merger type,in order to enable the investors to understand this area deeply,guide them keep a rationally attitude to this type of acquisition,and enrich the research on the acquisition of the New Third Board companies.This article mainly analyzes the impact of cross-industry acquisition on the performance of listed companies.This essay sorted out the literature related to the performance research of listed companies in cross-industry M&A the New Third Board companies in recent years;introduced the theoretical basis and research methods of performance;analyzed the current situation,characteristics and driving force of this acquisition type;explained the implementation plan of M&A and it's motivation;Demonstrated the impact of cross-border acquisition on company performance from business performance contribution,short-term market reaction,EVA,financial indicators and resources integration.After all the analysis,the author generalized four approaches to improve M&A performance: First,it is important for diversification strategy to keep a reasonably scale;Second,companies should make more efforts to strengthen its product research;Third,under the dual main business strategy,it is necessary for each business to develop coordinately;Fourth,the government should strengthen policy guidance for crossindustry M&A.After a comprehensive analysis of this case,drawn the following conclusion: Firstly,the listed companies cross-industry acquire the New Third Board companies have a significant positive effect on short-term performance of the acquirer,but it's long-term performance is uncertain and needs further observation;Secondly,the traditional company cross-border acquisitions should targeted at companies of high quality;Thirdly,a reasonable acquisition plan is the key to a successful acquisition;Lastly,a suitable business strategy can keep the company alive.At present,there are few studies on the performance analysis of listed companies' crossindustry mergers and acquisitions of NEEQ enterprises.This article chooses Nanyang co.'s cross-industry acquisition of TOPSEC as the research target,in order to know the impact of this merger type on the company's operating performance.This article's main features are listed below: First,this essay clarify the relationship between acquisition practice and the company's performance from the performance contribution of each business;Second,this paper take Nanyang co.as a case and analyzes the impact of this M&A activity on the profitability of the acquirer from five aspects.Thereby,upon all the analysis this essay may makes up for the shortcomings of the existing research;on the other hand,provides a theoretical reference for the practice of this acquisition type.In addition,this study also has defects.First of all,due to the incomplete effectiveness of China's capital market,it will affect the accuracy of short-term market reactions.Then,because the financial data used to analyze the long-term performance only covered one year and three quarters,this may reduce the reference value of the conclusion.At last,the generality and applicability of the conclusions drawn from single case remains to be seen.