Synergy Effect Analysis Of Cross-border Merger Of Listed Company

In recent years,the report of the 19 th National Congress of the Communist Party of China put forward that we should attach equal importance to high-level "Introduction" and large-scale "going out",follow the principle of economic resource sharing,strengthen opening-up cooperation,and form an open pattern of land and overseas linkage and east-west mutual aid.Cross border M & A of Chinese enterprises has become an irreversible trend.In the future,the scale of cross-border M & A of China will still increase substantially.However,with more and more mergers and acquisitions,the number of failed cases will gradually increase,and the domestic short-term may usher in a "spin off trend".The global failure rate of M & A is 70%,while in China,the failure rate is more than 80%.The failure of M & A is caused by the failure of transaction strategy and structure 20% and the failure of M & A integration 80%.Obviously,the completion of M & A is only the first step,and the subsequent integration and synergy are the most important.Compared with a single financial performance,the success of M & A can be more measured by whether the synergy effect can be achieved after the completion of M & A.This paper selects ekonres ASA as a case study.Firstly,it describes the research background and significance of the paper,and discusses the necessity of the research.Secondly,it briefly introduces the related concepts,theoretical basis and commonly used methods of cross-border M & A and synergy effect,and mainly expounds the research status of domestic and foreign scholars.Then take Qumei household’s acquisition of Ekornes ASA in May 2018 as the case study object,and select the two years before the acquisition to the present(i.e.September 2016-2019)The data and data of(month)explain the background of M & A,analyze the motivation of M & A,and summarize the integration after M & A,then use the relevant financial indicators to analyze the profitability,growth ability,long-term and short-term debt paying ability,tax saving effect,etc.before and after M & a,in order to observe whether the enterprise obtains management synergy after M & A In addition,this paper also adds the technology synergy analysis,trying to have a more comprehensive evaluation of the synergy and analyze whether the enterprise has achieved the synergy from the perspective of corporate strategic objectives.Finally,based on the analysis of the fulltext,this paper finally finds that the acquisition of ekonres ASA by Qumei home furnishings has achieved preliminary synergy effect.Through the analysis of this case,I hope to summarize the characteristics of the acquisition of manufacturing enterprises from it,and provide valuable reference for related enterprises to go abroad in the future by carrying forward the advantages and summarizing the shortcomings.The innovation of this paper is that there is less case synergy analysis of cross-border M & A of Listed Companies in home furnishing industry,and this study can supplement the research of this kind of cross-border M & A.At present,the synergy analysis of cross-border M & A is mostly from the three dimensions of business synergy,financial synergy and management synergy.This paper adds the analysis of technology synergy to explore the synergy of cross-border M & A from various perspectives as far as possible.The analysis of cross-border M & A is more empirical research on an industry.This paper focuses on the research of specific individuals in a specific industry,which is more in-depth and comprehensive.