The Analysis Of The Case Of Anta's Cross-border Acquisition Based On DEA-SFA Secondary Effect Model

In recent years,with the continuous enhancement of country's comprehensive economic strength,large domestic group companies in various industries have gradually changed their own business strategies,trying to gradually expand their sectors through cross-border mergers and acquisitions,open up international markets,and participate in international competition more conveniently to obtain more Resources.However,the "World Investment Report 2020" prepared by the United Nations Conference on Trade and Development pointed out that the international market has recently released early warning signals of the decline in the profitability of multinational companies.The main purpose of this thesis is to understand the impact of cross-border M&A on business performance through efficiency research methods,and through this research,country's future cross-border mergers and we can provide reference values for acquisition activities.From current research on cross-border M&A cases and empirical analysis some scholars believe that cross-border M&A can achieve the growth of enterprise scale and economic benefits in the short term,and in the long-term,cross-border M&A can meet the expectations of enterprises.The method used in this article is different from traditional accounting research methods.This article uses the DEA-SFA secondary relative benefit model as the performance evaluation method to conduct empirical analysis on 12 samples including Anta Group.The research case provides reference,and the case raises,analyzes,and solves problems.At the same time,this article distinguishes the performance analysis of cross-border mergers and acquisitions and ordinary mergers and acquisitions,and locks the analysis samples to the footwear and apparel companies that have conducted cross-border mergers and acquisitions.Since my country's footwear industry has few cross-border mergers and acquisitions in recent years,this article selects Anta's acquisition of Amer as the main analysis case.This case is the largest cross-border merger and acquisition case in my country's footwear industry so far.The article first introduces the overall situation,motivations,transaction background and subsequent events of the two groups;secondly,it analyzes Anta's cross-border M&A performance based on the DEA-SFA secondary relative effect model,and calculates the impact of the merger on the performance of the Anta Group based on the model.The analysis;finally concluded that cross-border mergers and acquisitions have a poor effect on the performance improvement of Anta Group,and the way of equity mergers and acquisitions has a negative impact on the effect of mergers and acquisitions;mergers and acquisitions have a negative effect on the increase of net profit and operating income.On a qualitative level,Anta Group sold a small portion of its shares at low prices after cross-border mergers and acquisitions,indicating that the sustainable development brought about by mergers and acquisitions was insufficient,and subsequent integration needs to be improved.Finally,in response to the problems raised by the above analysis,this article proposes corresponding countermeasures,including: expanding financing channels and strengthening corporate cash flow management;selecting appropriate M&A elements and strengthening subsequent integration to strengthen synergy.