Study On The Motivation And Performance Of Vertical Merger And Acquisition Of Black Sesame

With the vigorous development of social economy and the increasing level of people's consumption,there are higher requirements for the choice of food,and the development of food industry is rapid.It is the general trend for food enterprises to extend the industrial chain,expand the scale of enterprises and improve the industrial concentration through vertical M & A.At the same time,because of people's loyalty to food brands,it is easier for the dominant brands to gain a larger market share.The path mode of extension expansion through integration and acquisition will become a major strategic choice for leading enterprises,and will also change the industry competition pattern.In this context,this paper selects the example of southern black sesame Group Co.,Ltd.merging with Shanghai Lido e-commerce Co.,Ltd.,a food e-commerce company.Firstly,it introduces the general situation and operation situation of black sesame before the vertical merger and analyzes the implementation path of the vertical merger and acquisition,including the selection of merger target,merger price and payment method,profit commitment and other vertical mergers and acquisitions Purchase key events;then use the vertical M & a theory,combined with black sesame's financial report and announcement,analyze the M & a motivation of black sesame's M & A from the perspective of industry development and enterprise development;then,based on the transaction cost theory,analyze the synergy effect brought by the M & a,respectively use the event research method and financial index analysis method to analyze the M & A of black sesame This paper analyzes the financial performance of black sesame by using the company's potential development ability,market share,strategic objectives and other indicators to make a supplementary analysis of the non-financial performance of black sesame.According to the research and analysis of this paper,the implementation of vertical M & A of black sesame is conducive to the improvement and improvement of the company's financial performance to a certain extent.According to the results of the comprehensive financial performance analysis,although the financial,operational and management synergies of the vertical M & A of black sesame have been reflected,they have not been sustained.It shows that black sesame did not do well in the integration after M & A.From the perspective of market reaction,it also shows that investors have insufficient confidence in it.However,from the perspective of non-financial performance analysis,vertical M & A makes the company achieve its strategic objectives,and the market share of products gradually increases,playing a certain degree of synergy.It shows that through vertical M & A of e-commerce enterprises in the food industry,enterprises can quickly establish online sales channels,improve their sales methods through online and offline cooperation,improve their market share,and then achieve the effect of expanding brand influence.