The Case Study On QimingXingchen Acquiring WangyuXingyun

Since the 1980s, with the rapid development of world economy, European and American developed countries' enterprise caused a wave of mergers and acquisitions, spread to all walks of life. Through this strategic, enterprises achieve the goal of integrating resource and developing quickly. Therefore, decision makers on this approach to expand the scale of the enterprise more and more favor. However, merger and acquisition is a complex process, there are numerous uncertainties in the process. For some companies, the decision cannot achieve previous strategy. If you want to achieve ideal result, the enterprises must be on the target and characteristics of a full range of inspection, to its own advantages and disadvantages were compared with the advantages and disadvantages of the target enterprise, and to forecast possible problems after the merger, therefore, meaning of m&a is not a simple and crude, but a worthy of our in-depth study method. China's economy is in transition period at present, traditional industries need to cut capacity, improve the industrial concentration, in the economic structure of diminishing; Emerging industry overall proportion will be widened, but highly competitive will also encourage industry development pattern from energizes to outshine others, thus caused the Chinese m&a market activity gradually increased.Based on the analysis of the process of case, read the relevant literature, more detailed collected relevant data, using event study and financial index analysis to enterprise's short- and long-term performance is evaluated. And on both sides of enterprise financial data organizing and processing, through the comparison of financial indicators, can make evaluation of m&a performance to some extent.This article is divided into five chapters, main content is as follows:The first chapter is introduction. Mainly includes the research background and significance of this article, through the summary of the reality, expounds the necessity of the study; Followed by the research methods and content, general framework were summarized in this article and then points out the innovation and deficiency of this article.The second chapter is an overview of m&a theory. First from the academic Angle to the behavior of mergers and acquisitions in the definition, then introduces the related theory of mergers and acquisitions, and then to the academe m&a motivation theory in general.The third chapter is about the outline of m&a events. Mainly introduced the basic situation of mergers and acquisitions both sides, the other part of m&a case details.The fourth chapter is a review of the acquisition analysis. Firstly analyzed the m&a motivation, through the analysis of the core competitiveness of both sides, this paper expounds the demands on both sides of the m&a, and then analyses the merger integration effect. Then, this paper respectively using event study method and analysis method of financial indicators of short-term and long-term performance after m&a change is evaluated. In time method, combining with clean period, the data window and the CAPM, calculate the mergers and acquisitions, mergers and acquisitions of stock cumulative excess return and average cumulative excess return, and the results are the significance test, this paper expounds the influences of the m&a events to the enterprise value. In financial index analysis method, this article by collecting financial data to calculate financial indicators, from the profit ability, debt paying ability, operating ability and development ability from four aspects has carried on the overall evaluation to the company.The fifth chapter is the summary of the case analysis. According to the characteristics of the information security industry and the development present situation, points out that the information security industry manufacturers should tend to adopt horizontal m&a method, on the one hand, to improve their share, on the other hand, improve the industry concentration, promote industry development. In addition, it is pointed out that in the process of the merger and acquisition of information security industry must pay attention to the integration of human resources, because of the high-tech talent resources is the core of information industry, information industry is the first productive force. Finally, on the choice of research method, this article selects different methods for short-term and long-term performance evaluation, the result seems to be some contradictions, but considering our country securities market is not mature, the stock can not accurately reflect the value of the company, so for now, in the performance evaluation is more likely to choose financial index analysis.There were a lot of cases, the scholars also did a lot of study. But the first m&a information security market is few studies, Qimingxingchen and Wangyuxingyun, the information security market strategy development demands of numerous manufacturers into reality, in the refinement of high degree of industry, in the broad prospects for the status quo but slightly sad industry, how to break through its own development bottleneck, how to deal with aggressive foreign counterparts, the acquisition case bring practical significance is far-reaching. Because of qualifications of barriers and technical barriers, information safety service industry manufacturers motives of mergers and acquisitions is a complex, both the needs of the development of the industry also has its own desire to seek breakthrough. In this paper, there are deficiencies, comparing the traditional performance evaluation methods, in addition to the analysis of the industry as a whole strength is slightly weak.