Evaluation Of The Financial Synergistic Effect Of Yili’s Cross-border Merger With Westland And Study On The Countermeasures To Improve It

In recent years,with the implementation of the national "going out" strategy,many domestic companies have begun to plan to enter overseas,explore overseas markets and carry out cross-border mergers and acquisitions.For transnational mergers and acquisitions,whether the synergy effect can be generated after the merger is a key factor to measure its effect,and the financial synergy effect is of great significance to the evaluation of the merger results.In addition,due to the improvement of people’s consumption level and the continuous improvement of quality of life,the demand for milk products is also more and more large.However,this also makes domestic dairy enterprises face more fierce competition,many enterprises have to make cross-border acquisitions to adapt to the national policy and enhance their competitiveness.Therefore,this thesis takes Yili Dairy’s cross-border merger with Westland as an example to make an in-depth and detailed analysis of whether it will produce better financial synergies,in order to provide inspiration for similar mergers and acquisitions in the future.In this thesis,the main contents are: first,ask questions,what is the financial synergies,how to evaluate financial synergies,the cross-border m&a financial synergies,in which how to play a better financial synergies,and yili company as the research target,for its research background and significance,summarized the research achievements of other scholars before.Secondly through theoretical analysis,defines the cross-border m&a financial synergies between enterprises,this thesis expounds the coordination theory,free cash flow hypothesis theory,signaling theory and the theory of tax the four basic theory,key has been clear about the meaning of cross-border m&a financial synergies,manifestation and influence factors,and based on this general financial index as evaluation method,Select the corresponding financial indicators to construct the financial synergy effect evaluation system,which provides sufficient support for the subsequent case study;Then,it briefly summarizes the general situation,reasons and process of the two parties in the transnational merger and acquisition case.Then the problems are analyzed,and the improved system framework is used to evaluate the financial synergy effect of the cross-border merger.It is found that the merger does not bring a strong financial synergy effect,but there is a negative negative financial synergy effect,and the reasons are deeply analyzed.Then it is to solve the problems.According to the analysis and evaluation above,as well as the problems and reasons of the financial coordination of this cross-border merger and acquisition,it puts forward some targeted suggestions.Finally,we draw the corresponding enlightenment and conclusion according to the situation of this case,in order to provide reference for the transnational merger and acquisition of other companies in the same industry in China.