Research On The Acquisition Performance Of Clothing Enterprise

The clothing industry is facing greater pressure of transformation,so clothing companies need to change their development models,find new development opportunities and profit growth points.At the same time,China’s acquisition market is developing rapidly,and acquisition is becoming an important means for clothing companies to seek new breakthroughs.Whether the performance improvement has been achieved after the acquisition is an important criterion for judging the success or failure of the acquisition.Most of the literature believes that acquisition can bring short-term market performance improvement to enterprises,but scholars have not yet reached a consensus on the long-term performance of acquisition.So,there is still room for further exploration.At present,the case studies of acquisition performance mainly focus on popular industries such as the Internet,real estate,medicine,automobiles,and home appliances.There is less literature on the clothing industry,which can enrich the literature in this regard.In terms of research methods,the previous literature mainly uses the financial index method when evaluating the performance of acquisition,so the results may be incomplete.This thesis adopts diversified performance evaluation methods to carry out research,so there may be certain innovations in the combination of research methods.HLA is a representative enterprise in China’s clothing industry.This thesis uses theoretical analysis and case analysis to study the case of HLA’s acquisition of YEEHOO,and finally draws conclusions and enlightenment.In the theoretical analysis part,on the basis of reviewing the literature related to acquisition performance,the definition and theoretical basis of acquisition performance are sorted out and analyzed.In the case analysis part,firstly,the basic situation analysis of the case is carried out,including the basic situation of the case company,the situation of the acquisition transaction and the analysis of the acquisition motivation.Then,the performance of HLA after the acquisition is analyzed in depth,including capital market performance analysis,business performance analysis and comprehensive evaluation of acquisition performance.In the capital market performance part,the event study method is mainly used to calculate the cumulative abnormal return(CAR)and the buy-and-hold abnormal return(BHAR)of the acquisition to analyze its capital market performance.In the business performance part,the balanced scorecard and economic value-added method are used to carry out multi-dimensional analysis of acquisition performance.In further,in order to eliminate the significant impact of other factors except acquisition on business performance changes,the relevant indicators of HLA are compared and analyzed with the industry average.In the comprehensive evaluation of acquisition performance part,this thesis uses the entropy value method to comprehensively evaluate the performance of the acquisition.On the whole,HLA has achieved positive signal effect and synergy effect after the acquisition.HLA’s performance has improved and it basically realized the motivation of the acquisition.So,it is a relatively successful acquisition.The findings of this thesis are as follows.Firstly,there are signal effects in acquisition,which affect shareholder wealth.Secondly,there are synergy effects in acquisitions,which affect business performance.Thirdly,the performance evaluation of enterprise acquisition can use multiple methods at the same time.Fourthly,clothing companies can promote their development through acquisition.According to the research conclusions,the following enlightenments are obtained.Firstly,the business should grasp development opportunities through acquisition in a timely manner under the premise of strategic planning.Secondly,in order to transmit positive signals to the market,the business should pay attention to the selection of acquisition targets.Thirdly,the business should pay attention to post-acquisition integration and promote the formation of positive synergies.Fourthly,diversified evaluation methods should be used to comprehensively evaluate acquisition performance.