Research On The Performance Of DSBJ Continuous M&A Under The Background Of Manufacturing Transformation And Upgrading

After years of development,China's manufacturing industry with a scale advantage is in a critical period of becoming stronger and stronger.It is extremely urgent to make up for the shortcomings and realize the transformation and upgrading.At the same time,as the capital market is becoming more and more sophisticated,the state has gradually implemented policies and measures to encourage some manufacturing industries to increase industry concentration and achieve high-quality development through mergers and acquisitions.Against this background,manufacturing companies such as DSBJ have achieved breakthrough development by means of intensive and linked M & A strategies,and their M & A behavior has shown a trend of continuous M & A.Because the continuous mergers and acquisitions of manufacturing enterprises are affected by their own personalized characteristics,it is difficult to use unified standards to judge their success or failure.It is of great practical significance to discuss the performance evaluation and its influencing factors of continuous mergers and acquisitions in the context of manufacturing transformation and upgrading through micro-cases.This article focuses on the micro subject of DSBJ,takes its continuous M & A cases in 2014-2018 as the starting point,analyzes the continuous M & A behavior and its implementation effect of DSBJ with the goal of transformation and upgrading by using the method of literature research and case study,and tests whether the continuous M & A can create value for DSBJ.First,it reviews the relevant domestic and foreign literature on corporate M & A performance,continuous M & A motivation and the impact of continuous M & A on corporate performance,and makes a basic explanation of related theories of continuous M & A.Secondly,the background of DSBJ M & A is discussed from the industry level and the company itself.The development path of M & A is summarized,and the motivation of continuous M & A is analyzed on this basis.Thirdly,using the event research method,financial indicator analysis method,and non-financial indicator analysis method to evaluate the performance changes of DSBJ before and after continuous M & A,it was confirmed that continuous M & A brought positive effects to DSBJ,and summarized the reasons for the positive effects.Finally,the research results of this case are expanded,and it is expected to provide reference for other metal products companies other than DSBJ to promote transformation and upgrading through continuous M & A.The case analysis shows that DSBJ has basically achieved the goals of business transformation and product upgrading through continuous M & A,and the M & A performance has generally met expectations.The reason for the effectiveness of DSBJ continuous M & A is to make a reasonable M & A strategy,carefully select the target of M & A,comprehensively and multi-dimensional coordinated integration,and endogenous and epitaxial coordinated development.Qualified manufacturing enterprises,especially metal products enterprises,can selectively initiate M & A activities based on their own main business,control the financial risks in the process of M & A,pay attention to the comprehensive integration after M & A,and accelerate the pace of transformation and upgrading.