Motivation And Performance Analysis Of Successive Acquisitions Of JINJISNG SHARE Under Multiple-Effect

With the continuous development of China's m&a market,the m&a behaviors of listed companies show new characteristics,and the number of consecutive m&a events increases significantly.Compared with single m&a,continuous m&a is affected by market competition,corporate financial status and the performance of previous m&a,so it cannot be explained and analyzed simply by applying existing m&a theories.Listed companies will be affected by multiple effects when conducting continuous mergers and acquisitions.This paper takes jinjiang stock as the research object to study the motivation and performance of continuous mergers and acquisitions under multiple effects,so as to obtain relevant enlightenment of continuous mergers and acquisitions of jinjiang stock.There are six chapters in this paper.The first chapter is the introduction,which mainly introduces the research background,research purpose and research significance,and explains the research content and research method of this paper.The second chapter is the theoretical basis and literature review,explaining the concepts of group effect,synergistic effect and learning effect,and reviewing the literature from the general application of the three effects and the application in enterprise mergers and acquisitions.The third chapter is the case introduction.Based on the introduction and analysis of the m&a market,hotel industry background and company situation,it describes the implementation of continuous m&a of jinjiang shares.The fourth chapter is the motivation analysis of the continuous m&a of jinjiang shares from the same group effect and synergy effect.The fifth chapter is the performance analysis of the continuous merger and acquisition of jinjiang shares.In the market performance analysis,the analysis method of the cumulative excess return rate and the excess return rate of purchase and holding is used.In the financial performance analysis,the characteristic indicators of the industry,income structure,financial ratio,cash flow and the prospect of continuous merger and acquisition are analyzed.The sixth chapter is the research conclusion and case enlightenment.Combining with the content of the previous chapter,the author analyzes and summarizes the conclusions of this paper,and then draws the case enlightenment,so as to give relevant Suggestions to enterprises that hope to achieve value improvement through merger and acquisition.