The Research On M&A Performance Evaluation Of YH Company

With the vigorous development of the socialist market economy and the establishment and improvement of the order of the market economy,it provides a fertile soil for the development and growth of the M&A activities of listed enterprises in China.Enterprise merger and acquisition is an efficient way to reallocate and optimize resources in the capital market.It is also a response to the national call for "less bankruptcy liquidation,more merger and acquisition reorganization" system reform.In today's economic globalization and information resources,mergers and acquisitions are playing an increasingly important role in the growth of enterprises,and their effects have become the focus of many people's attention.YH enterprise,as the strongest regional liquor enterprise in JS province,is the mainstay of the "S wine" sector.It lists on the SHENZHEN Stock Exchange in 2009.Under the situation of "internal troubles and foreign invasion",it initiated the merger and acquisition to SG liquor industry and assumed the important mission of revitalizing JS wine.Although this is a merger and acquisition event happened 10 years ago,but from today to examine this merger and acquisition activity,can bring us a lot of enlightenment.Starting from the era characteristics of the liquor industry,this paper introduces the basic situation,motivation and influencing factors of the enterprises of both sides before the merger and acquisition.In addition,it makes a comprehensive evaluation of the merger and acquisition activities through the event study method,abrupt progression method and non-financial index method.The results show that: from the perspective of the event research method based on stock fluctuations,the daily excess return rate and the cumulative excess return rate both lead the industry index and SHENZHEN Stock Exchange market index A,and the result shows that the performance of this M&A case is positive.In the financial performance analysis,the abrupt progression method uses to construct the performance evaluation model of the liquor industry and calculate the M&A performance of YH enterprises.In the analysis of non-financial performance,performance evaluation carries out from three aspects: market power,product coordination and policy coordination to review the development of YH in the past decade.Finally,it concludes that the merger event has improved the enterprise value of YH.