Research On The Management Team Integration And Performance Of Conglomerate Merger And Acquisition

As an important participant in China’s economy,the development of private listed companies is related to the development of the country and citizens.With the supply-side reform of the real estate market and the successive introduction of three red lines,many private real estate listed companies are facing the problem of transformation and upgrading.Active industrial upgrading has become the choice of many private real estate listed companies.As a typical case of conglomerate M&A transformation of private real estate listed companies,Yihua Health has significant characteristics.The analysis of its M&A and subsequent management team integration is very instructive.This paper is divided into five chapters.The first chapter is the introduction.Introduce the background and significance,ideas and contents,methods,main contributions and shortcomings of the study.The second chapter is literature review.Differentiate and analyze enterprise conglomerate M&A,team management integration,and M&A performance analysis,and define the team management integration in this paper,and review the literature on enterprise conglomerate M&A and enterprise M&A integration at home and abroad.The third chapter is theoretical analysis.Explain the principal-agent theory,signal transmission theory and synergy theory.The fourth chapter is case analysis.This paper introduces the M&A motivation,M&A transformation process and management team integration process of Yihua Health’s acquisition of Zhongankang,Dazi Selekang,and Aiyuan.After analyzing the problems of the integrated management team of Yihua Health,only financial support and development suggestions were available,and the business of the three subsidiaries was not really integrated,and there was market manipulation.The main methods to evaluate performance are accounting research method and long-term event research method.Evaluate the performance of Yihua Health conglomerate M&A through the changes of accounting indicators and the feedback of the capital market.The fifth chapter is the research conclusion and prospect,and the first section is the research conclusion,including the summary of the results and reasons of the merger and acquisition of Yihua Health;The second section looks forward to the next research direction based on the analysis of the limitations of this paper.The main contributions of this paper include the following two points.First,it contributed to a typical case of conglomerate M&A transformation of private real estate.Yihua Health did not integrate its management team after the merger,which is rare in reality.Second,in terms of research methods,the accounting research method was adopted to objectively reveal the financial crisis faced by Yihua Health.The long-term event research method was adopted to eliminate the disturbance of industry development,reflect the evaluation of the capital market on the integration of the company’s management team,and evaluate the performance of the integration of the management team more scientifically.