Research On The Performance And Synergistic Effect Of Sany's Cross-border M&A

With the further development of economic globalization and the rise of Chinese companies,cross-border mergers and acquisitions has become an effective way and the trend of China's enterprises to expand scale?improve the economic benefit and rapidly expand overseas market.However,how to analyze and evaluate the performance and synergistic effect of these transnational m&a is always a question worth studying.This paper,taking the acquisition between SANY and Putzmeister in Germany as an example,conducts an in-depth study on the performance and synergistic effect of the cross-border m&a.First of all,it describes the background of the merger and the situation of the two parties,then analyzes the motivation of the merger in combination with the m&a process.Secondly,it is the core of this paper,using the current main methods,such as the method of share price movements?the way of event study?cash flow method and the accounting method to evaluate the performance of the acquisition.For the accounting method,then through the selection index before and after the enterprise m&a and relevant industry data to test whether they achieve the synergies separately from the management synergy?management synergy and financial synergy three aspects;Thirdly,the EVA model was used to analyze the change trend of EVA before and after the merger and put the overall demonstration of its synergistic performance effect;Finally,through the above analysis process is mainly got the following conclusions:(1)in the short term,market share price rise obviously in a few key dates in the process of m&a,event study method also get positive announcement effect at the same time,it shows that the market for the acquisition of high attention but investor worries are also serious;(2)in the long term,by comparing the enterprise and the industry accounting indexes before and after the m&a can see,it achieves strong synergistic effect in both operational and financial aspects after m&a,asset management and cost control takes SANY a relatively long time to adjust and improve.Overall,this acquisition has a certain strategic significance,but there are still some problems in the integration after the merger and acquisition.At the same time,Some suggestions are put forward on how to improve performance and achieve synergistic effect in the cross-border m&a of China's engineering machinery industry.