| The automation equipment manufacturing industry is a key development industry for China to achieve the goal of a manufacturing powerhouse,and its development level has a significant impact on Chinese industrial production level.In order to accelerate the development level of the automation equipment manufacturing industry,in recent years,relevant state departments have successively introduced many policies,such as "Made in China 2025","Intelligent Manufacturing Development Plan(2016-2020)",and "13th Five-Year" National Strategic Emerging "Industrial Development Plan",etc.,provide strong policy support for the development of Chinese automation equipment manufacturing industry.In the context of the strong support of national policies,automation equipment manufacturing companies are accelerating the pace of development.As an effective way of market resource allocation and reorganization,mergers and acquisitions have become an important way for automation equipment manufacturers to achieve development.At present,the business scale of Chinese listed companies continues to expand in the context of the continuous improvement of the country's economic level,and the transaction scale of the merger and reorganization market has also increased.The transaction value of the merger and reorganization market in my country has reached 7,621.808 billion yuan in 2017.However,in 2018,affected by factors such as financial deleveraging,bond defaults,U.S.dollar interest rate hikes,and the Sino-US trade war,the transaction enthusiasm of Chinese M&A market dropped sharply,and the transaction amount of M&A and restructuring decreased by 38.34% compared with 2017.In order to achieve an increase in economic vitality and reverse the decline in the market for mergers and acquisitions,the China Securities Regulatory Commission has successively introduced a series of policies to encourage marketoriented mergers and acquisitions from multiple dimensions including refinancing,information disclosure and financing tool innovation.Among them,piloting targeted convertible bonds as a payment method for mergers and acquisitions is an important measure.The introduction of directional convertible bonds has enriched the types of payment methods for mergers and acquisitions in China and made up for the shortcomings of cash payment and share-based payment.Therefore,in the context of the state's support for the development of the automation equipment manufacturing industry and the introduction of new mergers and acquisitions and reorganization of payment methods to the market,it is of practical significance to explore the motivation and performance of corporate mergers and acquisitions.This article selects the automation equipment manufacturing industry's Saiteng and the acquisition of Lingou Technology in the same industry as a case analysis.The first part starts from the background that the Securities Regulatory Commission encourages listed companies to issue directional convertible bonds as a payment tool in mergers and acquisitions and reorganizes,and clarifies the research background and significance of the article.After a literature review of the motivation and performance of corporate mergers and acquisitions,the research ideas,research methods,research content and basic framework of this article are introduced.In the second part,after sorting out the definition,types and motivations of corporate mergers and acquisitions,it introduces the evaluation methods and related theoretical foundations of corporate mergers and acquisitions performance.The third part introduces the case of Saiteng's acquisition of Lingou Technology,and in turn introduces the basic situation of both parties to the transaction,the background and process of the merger,and analyzes the motivation of Saiteng's acquisition of Lingou Technology.The fourth part combines financial data and nonfinancial data to analyze the impact of the main financial indicators and non-financial indicators after the merger of Saiteng,and draws the conclusion of this article.The fifth part summarizes the enlightenment based on the final conclusion,and puts forward some suggestions for corporate mergers and acquisitions.This article uses theoretical analysis and case analysis to explore the performance of corporate mergers and acquisitions and analyze its motivations.Based on the summary and combing of domestic and foreign literature,this article analyzes the theory based on capital structure theory,synergy theory,and core competence theory.It believes that the automation equipment industry has a bright future,the state encourages the issuance of directional convertible bonds for mergers and acquisitions,and diversifies customer concentration risks.Obtaining the synergies of mergers and acquisitions is the motivation behind the acquisition of Lingou Technology by Saiteng.Through the analysis of the performance of Saiteng's acquisition of Lingou Technology,it is found that the acquisition of Saiteng has achieved the purpose of expanding market channels,improving R&D capabilities and attracting professional and technical talents by releasing synergy effects and increasing brand influence,which is in line with the strategic goal of Saiteng.At the same time,Saiteng's financial status has also maintained good,operating capacity and profitability have remained stable,solvency has been weakened but still maintained at a reasonable level,and the overall strength has been improved.As the first company to use directional convertible bonds for mergers and acquisitions,Saiteng can understand the characteristics of directional convertible bonds and their impact on the performance of the acquirer by analyzing the case,so as to help companies choose the payment that suits their own circumstances during the merger process tools,and provide reference for other companies that intend to use directional convertible bonds for mergers and acquisitions in the design of merger plans.Through the analysis of the case,this article draws the following conclusions:(1)Saiteng achieve the purpose of merger and acquisition with lower cost and risk;(2)The acquisition of Lingou Technology has improved the performance of Saiteng;(3)Perfect M&A plan is the guarantee for a successful merger.The case of Saiteng's acquisition of Lingou Technology also brings us some enlightenment: companies should choose highquality acquisition targets,make full use of various policies issued by the state,and formulate appropriate acquisition plans.In addition,the government should strive to improve the level of marketization and legalization of mergers and acquisitions and reorganization,and through system construction,give full play to the advantages of mergers and acquisitions and reorganization to promote the healthy and orderly development of the capital market. |
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