Research On The Choice Of Target Enterprises For Strategic M&A In China's Logistics Enterprises

With the rapid development of China's economy,the local logistics industry has officially entered a new wave of mergers and acquisitions.At present,China's logistics industry has the characteristics of small scale,scattered network and weak competitiveness.According to relevant statistics,the concentration of CR10 in China's logistics industry is less than 5% in 2018,while the concentration of CR10 in the US logistics and transportation industry has exceeded 70%,which also shows that there is still much room for improvement in the concentration of China's logistics industry.The experience of Chinese and foreign enterprises shows that logistics companies must seek development and expand their scale.Only when enterprises become industry leaders can they suppress competitors and obtain excess profits.Most logistics companies can quickly gain market share and improve network coverage.The most direct and effective way of merger is usually adopted.Therefore,the high-frequency M&A activities that have occurred in China's logistics industry in recent years are actually the products of industry concentration.China's corporate M&A activities started late.In recent years,with the increasingly active capital market,the frequency and scale of domestic M&A has also shown an increasing development trend.At the same time,enterprises continue to explore and sum up experience in practice,making them more rational in selecting M&A targets.How companies choose M&A targets and how to choose the right targets will play a key role in the success of the entire M&A.In fact,the company has excellent M&A capabilities,which is also the embodiment of its core competitiveness.Throughout the domestic and foreign research materials and literature,most of the research on M&A focuses on the financial aspect or the post-merger integration,and there are few systematic studies related to the target selection of M&A.Based on this,combined with the trend of M&A of logistics enterprises in China in recent years,this paper will start from the perspective of strategic M&A,how to choose the target enterprise as the research object,mainly study the related theories such as strategic management,core competitiveness theory,enterprise merger,etc.Summarize and summarize the typical M&A cases,establish application models and case applications in the past few years,and provide reference for China's logistics enterprises in the decision-making of the M&A process to promote the overall effect of the M&A.The innovation of this paper is: Firstly,the author has checked a large amount of data and found that the cases used in the literature researching the subject have been transactions that occurred many years ago,and the mergers and acquisitions of logistics in China for strategic purposes occurred in the past five years.Therefore,this paper will focus on the inductive analysis of typical cases occurring in the past five years,summarizing the main factors affecting the choice of strategic enterprises in China's logistics enterprises,and collecting examples for the application model.Secondly,using the relevant theories of corporate strategy,internal and external environmental analysis,combined with the previously influencing factors to create a model of target enterprise selection,and then using the analytic hierarchy process to make the best choice among multiple target enterprises.