The Motivation And Performance Analysis Of Weichai Cross-border Merger And Acquisition Of Ferretti

With the deepening of economic globalization,the trade between countries and economies becomes more and more close.Transnational mergers and acquisitions become a choice for enterprises to expand rapidly and develop by leaps and bounds.From the perspective of enterprises,successful transnational mergers and acquisitions can not only promote product specialization and improve corporate performance,but also facilitate enterprises to enter different product markets and improve management concepts,thus helping enterprises gain competitive advantages and increase market share.From the perspective of industry,it is also conducive to industrial integration,improvement of overall resource allocation efficiency,and promotion of macroeconomic transformation and upgrading.At present,Chinese enterprises have joined the ranks of transnational mergers and acquisitions,and the number and scale of transnational mergers and acquisitions have increased rapidly.But according to the Shanghai stock exchange research report shows: 63%of mergers and acquisitions not only did not achieve expected earnings but also brought losses to enterprises.Therefore,the analysis of successful cases of cross-border mergers and acquisitions has certain research significance,which can provide suggestions for cross-border mergers and acquisitions and provide cases for domestic theoretical research of mergers and acquisitions.After combing through the theory of transnational merger and acquisition,this paper adopts the method of case study to study the case of the transnational merger and acquisition of the yacht manufacturer Ferretti of Shandong Weichai.Firstly,the relevant concepts,theories and performance evaluation methods of transnational mergers and acquisitions are discussed as the theoretical basis of case study.Secondly,combining the strategic planning of Weichai,the characteristics of the yacht industry and the national macro policy environment,the author analyzed and summarized the motivation of the merger,and explained the merger case according to the key steps of the merger.Finally,short-term financial indicators and long-term financial indicators were used to evaluate the efficiency of merger and acquisition,and the excess return of 15 days before and after the announcement of merger and acquisition was taken as the short-term financial indicators,while the long-term financial indicators weremainly derived from the financial statements of the five years after the merger and acquisition of Weichai.If only financial data are taken into account,evaluation deviation may occur.Therefore,this paper also uses non-financial indicators,such as r&d ability,market share and influence,to comprehensively verify the performance of m&a.By analyzing the performance of merger and acquisition,this merger and acquisition has played a positive role in both sides of the merger and acquisition,and the enterprise value has been improved,achieving a win-win situation in the merger and acquisition.Based on the above analysis of transnational merger and acquisition case studies,this paper summarized four aspects revelation suggestion,the establishment of the m&a motivation factors is the key to implement the strategy of m&a,the success of mergers and acquisitions need meticulous and accurate due diligence,the structure design of mergers and acquisitions has decisive effect to m&a success and buyout firms to choose the suitable performance evaluation index of mergers and acquisitions.