A Study On The M&A Performance Of Listed Companies Of Chinese Beer Industry

M&A is an effective method for modern enterprises’ rapid expansion and an importantpart of enterprise development strategy. Enterprise managers must has profound knowledgeon M&A, especially on the motivation, the target enterprise and the choice of M&A methods.M&A not only meets the needs of the enterprise business expansion, but also achieves thescale economies, equity financing and capital market financing of enterprises. M&Aintegration is the key success factor and reliable guarantee of successful M&A. SuccessfulM&A integration can increase the synergy value of the acquirer and the acquired enterprise,as well as achieves the optimal allocation of resources and the enhancement of enterprisecompetitiveness.After three decades of reform and opening-up, the beer industry has been growing intoone of the most marketized and competitive industries in China. With the rapid developmentof Chinese beer industries, as an important form of beer enterprises’ market competition and arational and mature market behavior, M&A has been increasing. But throughout M&A casesin Chinese beer industry, there still exists large gaps in marketization, economic benefits andsocial effects compared with the developed countries. The M&A of beer industry has enteredinto the post-M&A period after having experienced several peak periods of M&A. M&A is acomplex project and is difficult to succeed without scientific theoretical guidance. Manyscholars have analyzed and demonstrated the M&A motivations, methods and performanceevaluation after M&A from different angles, but there are not enough research results whichcan provide decision-making references for Chinese beer industry decision makers in M&Apractice. Therefore, exploring how to enhance Chinese beer enterprise competitiveness andimprove M&A performance of beer industry through the M&A and the subsequent integratedmanagement of leading enterprise Tsingtao Beer has an important practical significance.Firstly this thesis describes the basic theories of M&A and M&A integration briefly, thenanalyzes and compare Tsingtao Beer enterprise with other enterprises on the process andcharacteristic of M&A. Based on the above research, motivations, the target enterprise and thechoice of methods of Tsingtao Beer M&A are analyzed further. From the perspective ofimplementation effect, the thesis evaluates M&A performance comprehensively usingfinancial and non-financial indicators and analyzes the main factors influencing M&Aperformance. On the basis of summarizing the experience and inspiration of Tsingtao BeerM&A and M&A integration strategy, from the micro and macro aspects, activecountermeasures and suggestions of improving M&A performance of Chinese beerenterprises have been put forward in order to enhance and consolidate M&A performanceby the integrated management strategy, organization, finance, marketing and cultural of microlevel.