A Study On The Integration Of Input-Based And Outputbased Cross-Border Mergers And Acquisitions Based On Synergistic Effets

With the deepening and development of China’s opening-up policy,enterprises are engaged in the development of economic integration in order to acquire technology,seize the market and their own long-term development.Cross-border M&A is a common way for enterprises to enter the international market.The advantage of M&A is that it can achieve resource allocation and organizational structure upgrade changes in a short period of time.The development of China’s sporting goods industry is relatively late,so there are relatively few cases of cross-border mergers and acquisitions in the sporting goods industry,and there are even fewer companies that can successfully merge and acquire synergistic effects.Among them,ANTA successfully acquired FILA by "import" M&A(ANTA acquired the trademark operation rights of FILA in China and Singapore,for the sake of convenience and simplicity,hereinafter referred to as "ANTA M&A of FILA")and "export" M&A.For the sake of convenience and simplicity,hereinafter referred to as "ANTA’s acquisition of FILA")and the successful acquisition of Amer Sport by way of "exportoriented" M&A are typical.The preliminary study found that ANTA’s two acquisitions did not achieve short-term synergy effects,but both achieved long-term synergy effects.After reviewing the relevant theories and summarizing some domestic and foreign scholars’ studies,we found that most scholars have seldom explored the reasons behind this phenomenon.Therefore,this paper explores the integration paths of ANTA’s two M&As and finds that M&A integration is the fundamental way to achieve longterm synergies.It is concluded that firstly,M&A has a negative impact on short-term performance,secondly,effective integration after M&A affects long-term synergies,and in addition,the brand differentiation layout formed during M&A can also promote long-term synergies.Finally the article provides theoretical references and useful insights for listed companies wanting to obtain synergistic effects from cross-border M&As.