Research On Motivation And Performance Of Boying Investment M&A Steyr

Since the reform and opening up,China's development has been changing with each passing day,and Chinese enterprises are facing various challenges at the same time.In recent years,due to the emergence of business homogeneity,excess supply,enterprise group demand and other problems,enterprises began to adopt mergers and acquisitions to solve related problems or achieve their own expansion goals.In this stage of M&A,there are some successful M&A enterprises that make them bigger and stronger,and some enterprises that fail after M&A can only avoid delisting through various financial means.For these reasons,mergers and acquisitions have been the object of heated discussion by domestic scholars,what is the real motivation of mergers and acquisitions,what impact specific mergers and acquisitions will have on the performance of mergers and acquisitions and how to avoid and correct errors in mergers and acquisitions.Based on the above background and purpose,this paper chooses Boying Investment of automobile parts listed companies as the research object,and takes its case of acquisition of Steyr as the research object.Through case analysis,qualitative and quantitative analysis,comparative analysis and different research ways,this paper explores the intrinsic motivation of Boying investment in merger and acquisition,compares and analyses the real changes of Boying investment and acquisition performance before and after the merger and acquisition,and obtains the merger and acquisition The reason for the change is to provide corresponding inspiration and suggestions for the mergers and acquisitions of the same type of enterprises.Firstly,the paper collates the relevant research on M&A performance by domestic and foreign scholars,and mainly summarizes and evaluates the motivation and performance of M&A.Secondly,it defines and introduces the related concepts of mergers and acquisitions.Next,it elaborates the basic situation of Boying investment of M&A party,the basic situation of Boying investment of M&A party,the process of M&A and related content,and the related situation of Boying investment after M&A.This paper combs the specific events during the merger and acquisition period as wellas the situation of Boying investment after the merger and acquisition.After that,the motivation of Boying's merger and acquisition of Steyr is analyzed,difference between financial and non-financial norms before and after Boying's merger and acquisition are compared to study the performance of Boying's merger and acquisition.The financial performance research uses the financial ratio method and Tobin Q value method,while the non-financial performance research uses the market share of the main business of Boying Investment and the change of the number of shareholders.The final conclusion is as follows: before and after the M&A of Steyr,the four financial indicators of profit,operation,debt repayment and growth of Boying Investment have stabilized or even improved in the short term,while the latter has declined to a large extent;after the M&A,the market is optimistic about the company's value in the short term,but not in the long term.That is the result of short-term improvement of performance and long-term decline year by year.Combined with the results of M&A performance evaluation and the theoretical basis,the following enlightenments can be drawn: fully analyze whether the motivation of M&A can be realized to determine the target of M&A,pay attention to and improve the integration efficiency to improve the performance level,and pay attention to and maintain the company's market value.