The Case Study Of Enterprise Cross-border M&A Financial Resource Integration

Compared with domestic mergers and acquisitions,cross-border M&A can better exploit the international market and improve enterprise competitiveness,at the same time,it is more complex and faced with bigger risk.The basis of transnational M&A success is to integrate the enterprise financial resources effectively.Based on the study of the basic theory of financial resources integration,this paper used Furui company merged France Echosens S.A.S company as a study case,and firstly analyzed the background and direction of integration after the Merger and Acquisition(M&A).Secondly,this paper evaluated the financial performance of the M&A according to its five-year financial data,finally put forward the problems and reasons existing in the M&A,and put forward valuable suggestions and comments to other enterprises.The study results show that the measures of integration after the M&A include perfecting the financial management system,pushing out the employee stock incentive plan,bringing the strategic investors to optimize equity structure,optimizing and integrating the assets and liabilities,especially intangible assets,broadening the investment horizon to realize the market globalization.Then this paper deeply analyzed the financial performance after the M&A,and found that Furui's earning power get promotion,debt paying ability perform stable and excellent,development ability and operation capacity still fluctuate but improved slightly.As a whole,the M&A and integration of this case produced preliminary results and improved the operating conditions of Furui company,but it have not achieved completely the financial integration effect.This paper also found that the existing problems between the integration includes weak parataxis between the technical capacity,imperfection of the main business structure,difficulties of oversea financing in subsidiary etc.The reasons behind these includes the survey and preparation before the M&A are inadequate and lack of microcosmic strategic planning.This paper used the case analysis method to fill the new details into the study of integration method after the M&A.It has the enlightenment significance in improving the efficiency of financial integration after M&A.