The Research On Financial Integration Issues Of TZWH’s Acquisition Of YAWL

2015 is a merger and acquisition year.This year,China’s M&A market has lasts hot trend from 2014.Under the reform of state-owned enterprises and the policy of stimulating the M&A of enterprises,China’s enterprises M&A activity amount and transaction scale created a new record after 2014.According to relevant data,in 2015,China’s M&A market completed 6,269 deals,with year-on-year growth of 54.3%,the total value of which is 2.8395 trillion yuan,with year-on-year growth of 16.6%.The number of deals and the amount of value both break the historical record.For enterprises,the motivation of M&A is the nature of profit-seeking and the initiative under the pressure of competition.Enterprises seeking to expand face the choice of internal expansion or external development through M&A.Internal expansion often goes through a process of slowness and uncertainty,while external development through M&A can quickly reach the expected goal although brings all kinds of uncertainty.Therefore,integration after M&A,especially financial integration,is very important for M&A.In this paper,we take the aqucisition of TZWH and YAWLas the research object.Firstly,we introduce the background and purpose of this M&A event,transaction plan,and integration process.Then we analyze the financial integration issues faced with TZWH and YAWL after the M&A event and the countermeasures in the process of financial integration.On this basis,this paperenlightens us bypointing out strengthening the process control of research and development,improving the incentive strength of core technical staff,optimizing the mechanism revenue recognition principle,enhancing the overall competitive advantage of the intangible assets,intensifing the management of account receivable and reinforcing the operating efficiency of the existing capital.The main contribution of this article:through to the research of TZWH and YAWL financial integration after M&A,the article analyzes new pattern and content of Internet industry financial integration after M&A,and combining with case analysis,provides practical reference for enterprise financial integration after M&A.