| The domestic seed industry is currently showing a new trend of extremely fierce competition in the market,further expansion of the scale of the seed industry and a significant increase in overall strength.As an important player in the industry,seed companies are facing the current situation where the country continues to deepen reforms in the countryside and gradually adjusts and upgrades the structure of the agricultural industry,and it is difficult to achieve long-term strategic goals and enhance their market competitiveness by merely optimising their internal operations.As a result,external expansion has gradually become an effective way for seed companies to improve their business performance and comprehensive strength.Since 2011,the seed industry in China has been active in the arena of mergers and acquisitions,and at present,the seed industry is experiencing frequent mergers and acquisitions,with the amount of transactions also maintaining a significant growth trend.Successive mergers and acquisitions are gradually becoming a trend among larger companies.In line with the guiding direction of the policy and combined with the changing market situation,the choice of successive mergers and acquisitions by these large seed companies is increasingly a hot topic of concern in the industry and is playing a realistic role in the research on the performance of successive merger and acquisition activities of seed companies.WIN-ALL HI-TECH SEED,as a leading national key enterprise in agricultural industrialisation,has maintained a stable market space for a long time,having acquired seven companies between 2016 and 2021,with more concentrated mergers and acquisitions starting in 2019.WIN-ALL HI-TECH SEED’s seed compound growth rate has continued to rise over the past three years,gradually transforming from a regional company into a The group of companies.Whether in terms of R&D,production or marketing,WIN-ALL HI-TECH SEED has achieved good results.Therefore,this thesis uses a case study approach to investigate the reasons behind WIN-ALL HI-TECH SEED’s successive M&A activities and the changes in its performance after the occurrence of successive M&As.Firstly,we summarize the development of the seed industry,and focus on the process and motivation of consecutive mergers and acquisitions of WIN-ALL HI-TECH SEED;secondly,we use economic value added to evaluate the company’s performance visually,and then adopt a research perspective based on the multidimensional evaluation idea of the balanced scorecard.The traditional balanced scorecard index system was improved to make the evaluation more comprehensive and in-depth.On the basis of this model,a multi-dimensional and multi-indicator continuous M&A performance evaluation system reflecting the synergistic effect of M&A was constructed,and the data was processed and analyzed by using principal component analysis.The study concludes that WIN-ALL HI-TECH SEED has achieved a certain degree of synergistic effect and the performance improvement is convincing.Finally,the results of the analysis were used to identify problems in the process of successive mergers and acquisitions and to make recommendations. |
