| Merger and acquisition is a method that the enterprise to take a variety of ways to control and influence of the target enterprise,enhance the competitive advantage of the enterprise,realize of enterprise value increment.Merger and acquisition can improve the enterprise resource utilization rate,improve the company’s management status,it is one of the important ways of external expansion and growth of enterprises.In recent years,the ceramic sanitary ware industry has entered a period of rapid development.The explosive growth of the sales volume of fine decoration houses has also played a great role in promoting the sales of ceramic sanitary ware products.However,the development status of the industry shows that there are many problems,such as uneven geographical distribution of enterprises in the industry,most of which are concentrated in the southern coastal provinces,low investment in product research and development and environmental protection,insufficient product innovation ability,excess capacity of low-end products,fierce market competition and so on.In order to get rid of the dilemma of "big market,small business",some enterprises begin to transform and integrate through merger and acquisition activities,Some enterprises enhance market competitiveness and expand industrial scale through successful merger and acquisition activities,while some enterprises are eliminated by the market due to insufficient preparation in the early stage or failure of integration in the late stage.How to effectively enhance enterprise value through M&A has become an urgent problem to be solved at present.In this paper,the cross-regional merger and acquisition case of DOJJ is taken as the research object,under the guidance of basic concepts and relevant theories at home and abroad,combined with the national industrial policy and industry development background,this paper uses case analysis method and the combination of quantitative and qualitative analysis method to analyze the operating conditions of both companies and the motivation of merger and acquisition.From financial,non-financial,capital market performance and valuation and other perspectives to study the actual impact of the merger on DOJJ.The research results show that the acquisition brings the company high-end production technology,high-quality talents and new main products,which brings a new sales channel for the company.After the acquisition,Dio Home has opened the middle and high-end product market and enhanced the industry competitiveness and brand awareness of the company.The comprehensive financial performance of DOJJ has also been greatly improved due to the participation of OSN.In the capital markets,investors have welcomed the merger,and shareholders’ equity and corporate valuation have also improved.Finally,through the summary of the success of DOJJ acquisition experience:choose a right company as the target company,use the right payment methods to avoid control.It is hoped that through the theoretical and empirical study of this case,some experience and inspiration can be provided for the successful development of mergers and acquisitions of other companies in the industry... |
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