The Research Of The Performance Of That Shanghai Friendship Group Incorporated Company Merger Shanghai Bailian Group Co.,Ltd. Based On Motivation Test

In recent years, in order to adjust and optimize the economic structure and change the mode of development, the state has put forward a series of policies to support the mergers and acquisitions between circulation enterprises. This paper choose the representative case that Shanghai Friendship Group Incorporated Company(SFGIC) merger Shanghai Bailian Group Co., Ltd. as the study object, researching the motivation and the effect of horizontal mergers and acquisitions in state owned circulation industry group. This study not only provides a reference value for the same cases, also provides a new idea -- Combining the motivation of M & A to evaluate the performance of M & A and to test the realization of M&A motivation.This paper first outlines the research background and significance, illustrates the research objectives, content, technology roadmap and methods, and systematically combed the literature related to performance of M &A e at home and abroad. Then, the paper expounds the theories of M & A, performance and motivation of M & A. Then this paper briefly introduces the background of the case that SFGIC merger Shanghai Bailian Group Co., Ltd.,and Then, combining this event and the theory of M & A, the motivation of this merger is analyzed. Next, this paper select and forecast the expected changes in some performance indicators based on the analysis of motivation. The core content of this paper is to test the performance of mergers and acquisitions and expected performance index evaluation. At first,this paper uses the study method and financial index method to evaluate the performance of M & A of SFGIC, at the same time this paper arrive at the actual change of expected index.And then compare the actual change and expected change of index to test whether the actual performance of mergers and acquisitions achieve the desired and the implementation of motivation of this merger. Finally, after the above analysis, the research conclusions are drawn, and some valuable suggestions and suggestions related to M & A are offered for SFGIC and other enterprises.The study found that this case comply with the relevant policies of Shanghai municipal government and the state, the department store and supermarket business within the group achieve the overall market. After the merger, optimistic investors think highly of the merger event in the market in a short time, so SFGIC's shareholders get positive wealth effect. The market share of SFGIC also increases, profitability and development capacity is also improved, so in the short term the merger is successful; but in the long term. M&A did not bring SFGIC with positive wealth effect. And after the integration, the market share of SFGIC declines. In addition to the solvency, other capacities are reduced, and there is no synergistic effect. Therefore, in the long run, the actual performance of mergers and acquisitions has become worse, and the intentions of mergers and acquisitions have not been fully achieved,and the integration of mergers and acquisitions has been ineffective.