Performance Research On Aier Eye M&A

With the emergence of the sixth wave of world M&A,the number and amount of M&A in various countries around the world have continued to increase,which has become the way for most companies to complete rapid expansion.The survey results show that during the year of 2017,the number of M&A was 4,175,and the amount was as high as 1.62 trillion yuan.Compared with the previous year,the number of transactions in 2017 decreased,but the number of M&A increased to the second highest in history.The mentioned changes indicate that the number of M&A in domestic listed companies has increased significantly with shorter internal time which shows that corporate M&A have produced continuity.Therefore,the research on the continuous M&A behavior of listed companies in the domestic capital market shows great significance.With the development and changes of the times,people have increasingly demand for specialty hospitals.With the promotion of a series of favorable policies of the government,Aier eye seizes the opportunity and continues to M&A,becoming the world's largest ophthalmology service group.The thesis is divided into six chapters.The first chapter mainly elaborates the background of M&A.This chapter gives a brief overview of the company,industry background,and trading environment studied in this thesis.It also includes the rapid development of "listed companies+PE" M&A funds and the requirements of listed companies themselves.The second chapter mainly introduces the operation mode of M&A which mainly introduces M&A events,fund establishment,investment management and decision-making,and exit channels.The third chapter mainly analyzes the operation risks of industrial M&A funds which analyzes the operational risks of Air Eye in mergers and acquisitions,and identifies and controls the conflicts of interest between PE institutions and listed companies.Moreover,it identifies and controls the valuation risk,payment risk,and integration risk of the target company.Chapter 4 conducted an empirical analysis using the fundamental analysis method and DuPont analysis method.Through a series of data support analysis,Aier Eye continuous M&A behavior was carried out for the group's own profitability,debt solvency,operating ability,and development ability.A detailed analysis revealed that Aier Eye has significantly improved the group's effectiveness through M&A.Chapter five further analyzes the stock price and scale efficiency of Air Eye by the event research method and the DEA analysis method,which illustrates that the method of increasing performance through M&A is effective,but there are also great hidden dangers.Chapter 6 is a case revelation.Through risk analysis and empirical analysis,it has been found that continuous M&A will have potential security risks.Therefore,the following suggestions are proposed,including strengthening risk prevention and control,improving company management capabilities,balancing long-term and short-term interests,nurturing Quality M&A goals and improving the company's goodwill.