Research On The Motivation And Performance Evaluation Of Continuous Cross-Border M&A Of Gan Feng Lithium

With the continuous deepening of market development,China has introduced a series of policies related to mergers and acquisitions,coupled with the strategic direction of "going global",Chinese enterprises are gradually increasing their mergers and acquisitions,and the mergers and acquisitions market has expanded from domestic to global scale.However,competition among enterprises intensifies,and single mergers and acquisitions can no longer meet their development needs.Enterprises engage in purposeful continuous mergers and acquisitions for reasons such as sustained development,transformation and upgrading,and occupying the market,resulting in a gradual increase in continuous mergers and acquisitions.At present,there is relatively more research on single mergers and acquisitions,and the research on continuous and cross-border mergers and acquisitions of enterprises is not yet mature.As a leading enterprise in China’s lithium resource industry,Ganfeng Lithium has conducted multiple cross-border mergers and acquisitions since 2015.This article takes four consecutive cross-border mergers and acquisitions of Ganfeng Lithium as the research object,studies its short-term market response to continuous mergers and acquisitions,and evaluates its long-term performance.This enriches and expands the continuous cross-border mergers and acquisitions of the lithium industry,It also has strong guidance in practice for Chinese enterprises to engage in continuous cross-border mergers and acquisitions.Firstly,by organizing relevant research literature at home and abroad,the issues that need to be addressed in this article have been identified,and the concept and impact of continuous mergers and acquisitions have been theoretically sorted out.Secondly,the research object was clarified,with four consecutive cross-border mergers and acquisitions of Ganfeng Lithium from 2015 to 2021 as the research object,and the reasons for Ganfeng Lithium’s continuous cross-border mergers and acquisitions were analyzed.Once again,its short-term market response and long-term performance were evaluated.The short-term market reaction of Ganfeng Lithium’s continuous cross-border mergers and acquisitions is studied through the event study method;A long-term performance evaluation index system for continuous cross-border mergers and acquisitions of Ganfeng Lithium Industry was constructed based on the model.The weight of the index was determined by the method,and the positive and negative ideal solutions were calculated by the method.Subsequently,the analysis and evaluation results led to the following conclusion: there was no significant increase in shareholder returns in the short term;Continuous cross-border mergers and acquisitions have a positive impact on the long-term performance of Ganfeng Lithium Industry,but M&A activities,especially cross-border M&A activities,have a long input-output time and certain risks.Finally,targeted suggestions are provided to improve the performance of Ganfeng Lithium’s continuous cross-border mergers and acquisitions.This case provides useful inspiration and experience for China’s lithium industry enterprises to engage in cross-border mergers and acquisitions.