Zhangqu Technology Co., Ltd. Continuous M&A Performance Research

With the continuous development of China's economic globalization,the capital market is relatively mature and perfect,all kinds of enterprises make a large number of mergers and acquisitions to share better resources,expand their scale,reduce operating costs and stationed in the new market areas.At this stage,listed companies are increasingly concerned about the new way through mergers and acquisitions to reduce competitors,improve their market position,while the current M & A activities also showed a high frequency,large scale and so on.Therefore,we can not simply apply the old M & A theory to explain this new type of continuous mergers and acquisitions,so we have to start to explore the characteristics of the new era to adapt to the new M & A theory.therefore,this paper chooses the real case to analyst the typical online game industry which is facing the challenge of large-scale mergers and acquisitions,and hopes to give the answers about that question.In this paper,totally six chapters,in the first chapter,mainly introduced the background,purpose,significance,and the summary of the literature of related research.In the second chapter,it mainly introduced the related theoretical basis.In the third chapter,it mainly introduced for the behavior of the continuous m&a case.In chapter 4,mainly introduced technology effect performance after m&a,and some risks in the process of continuous acquisitions.The fifth chapter,form this case we can get any enlightenment.The sixth chapter is the conclusion of this article.In this paper,by the method of Tobin Q value,the company's market performance is analyzed,we can found that its performance showed up earlier then turn down later;On the analysis of financial performance the analysis found that the growth ability is more outstanding,and other capabilities are questionable;and the company's risk analysis found that we need major solve the problems that risks of mergers and acquisitions timely.After analysis the case,the author believes that enterprises when make a large number of mergers and acquisitions in order to improve the core competitive power as the ultimate goal,and a successful merger and acquisition activity can actually let the enterprises to realize spanning development.And after the merger integration,the related risks control is also important,there are some important factors can affect the enterprise long-term development.