Research On The Synergies Between YTO Express And Xianda International

With the rapid development of China's economic,financial and technological forces,as the main body of the market economy,enterprises are now facing more fierce competition.Only by improving their own capabilities and advantages,can they have more competitiveness and survive better in the market.At present,merger and acquisition has become an important way for Chinese enterprises to seek rapid growth.Merger and acquisition can enable enterprises to expand scale and optimize resource allocation in a short time.M&A plays an increasingly important role in the realization of industrial upgrading,optimization of resource allocation and response to the changing market environment of listed companies.In this case,many scholars began to study how to do a synergistic effect analysis on the merger and acquisition of enterprises.The realization of synergies is the key factor to measure the success of mergers and acquisitions.The theory of synergies provides a strong theoretical support for enterprises to adopt external development strategies.Enterprises hope to achieve resource integration with the acquired parties through mergers and acquisitions,so as to obtain synergies.Evaluation of m&a synergistic effect in different ways,the author through reading a large number of documents found four dimensions of balanced scorecard with three aspects of m&a synergy effect has a certain relationship,based on the perspective of the balanced scorecard to select indicators to evaluate whether the enterprise to achieve more accurate comprehensive m&a synergy effect,in particular,is to use the balanced scorecard financial dimension related indicators to evaluate the effect of m&a financial synergy effect,use the customer dimension related indicators to evaluate whether business synergies to achieve the desired effect,internal processes and learning and growing level of related indicators to measure whether the m&a has realized the management synergy.At present,evaluate the efficacy of the express logistics industry mergers and acquisitions literature is not much,so this article selects the express logistics industry in our country the first cross-border m&a case namely YTO Express delivery of mergers and acquisitions of international first,combining the feature of the express logistics industry,to build a set of index system based on balanced scorecard,the application of relevant indicators of the balanced scorecard to evaluate whether the mergers and acquisitions to achieve synergies.According to the analysis,firstly,the financial synergies are not well realized,because the long-term solvency is not improved,the receivables turnover is weak,the stock appreciation effect is not realized in the capital market,and the return on investment of the project is not high.Second,the operating synergies are not obvious,because from the perspective of marketing network,due to the lack of high-end aging products matching with its own airlines,Xianda international did not lead YTO Express to explore the foreign market well,resulting in the company's profitability is not significantly improved,the development ability is not bright;Third,the lack of synergies in management synergy is due to the low utilization rate and operating efficiency of its own aviation,the lack of operational cost control,and the lack of effective management cost control after the merger.In addition,the lack of strong research and development capacity,the lack of current technical services to lead YTO go global,and the lack of cultural integration.In general,YTO's acquisition of synda international failed to achieve synergies in a short period of time,which is somewhat less than expected.This paper also puts forward some specific Suggestions,hoping to facilitate the follow-up development of YTO and provide reference for more express enterprises to acquire and acquire,so as to promote the progress and development of the whole industry.