| Under the guidance of socialism with Chinese characteristics in the new era,China's economic development has entered a new stage.The new background of the times calls for the overall acceleration of the pace of modernization and the promotion of the building of a socialist modern power to build a modern economic operation system with Chinese characteristics to ensure steady economic growth.As an important part of national economic development,enterprises are responsible for creating tax revenue,promoting employment and promoting economic development.With the rapid development of the world economy and the further opening of international trade,the competition among multinational enterprises is becoming more and more obvious.Enterprises with obvious quality,management,cost and R & D advantages can better adapt to the rapidly changing market demand.Under the background of economic globalization,Chinese enterprises that wish to maintain competitiveness should continue to improve the operational efficiency of enterprises and gradually abandon the single development model of low output and high pollution.Therefore,it is an urgent problem to solve how to find their own position,to highlight the core competitive advantage,to integrate market resources,improve management level and find new profit growth point.In recent years,China's economy has made steady progress and the overall economy has maintained a high level of growth with the gross domestic product(GDP)repeatedly reaching to new heights.The huge Chinese market has provided a great development environment for all kinds of enterprises with the public economy as the main body.The socialist market economic system with multiple ownership economies has achieved great success.In a more open environment,many enterprises have found that they cannot achieve the expected growth targets only through their own internal development.Enterprises began to seek expansion in order to better meet the requirements of market competition.An important way of enterprise expansion is through mergers and acquisitions between enterprises.In the M & A activities,the enterprises improve the management level by exerting their core advantages and integrating the relative advantages of the target of M & A.On the one hand,it broadens the financing channels of the enterprises.On the other hand,it helps to explore the synergistic effect of M & A among enterprises.In the current trend of economic globalization,M & A has become an important financial activity.In this paper,the merger VV Food and Beverage Co.,Ltd.is the key national agricultural industrialization leading listed companies,.In order to make rational use of the company's various resources and improve the control of idle capital to ultimately achieve the value of the enterprise,after listing in 2000,a series of M & A activities were launched.This paper selected a successful M & A case to analyze and study.Jiangsu Shuanggou Liquor Co.,Ltd.,a state-funded liquor enterprise that represents the local characteristic industry was at the lowest point of value and is faced with the double pressure of weak management ability and strategic adjustment of the state-owned economy when it was acquired by VV Group..Finally,the two sides decided to conduct merger and acquisition integration in 2006 through a long period of negotiations and under the active coordination of the government functions of two places.After the merger and acquisition,the Shuanggou Liquor in crisis was alive and realized the growth of the net profit of enterprises through a series of corporate governance behavior by VV Group.In 2009,Suqian city government proposed to buy back all the shares of VV Group to own all the shares of Shuanggou Liquor.At this point,VV Group completed the investment and withdrew with huge capital gains.This paper evaluates the short-term wealth effect and long-term development performance of M & A by using the method of event research and financial index analysis respectively,after introducing the relevant information of both sides and the time node of M & A events.The analysis of the event research method shows that the stock of VV Group has a good price response in the event window period of each proclamation day and the cumulative excess yield shows an upward trend.It shows that the capital market is optimistic about the value that M & A can create in the future and brings short-term wealth to shareholders.During the period of the completion of the merger and acquisition and the implementation of the important control and management of the Shuanggou Liquor,the financial indicators of the enterprises have been steadily improved and they have been trapped in the slow development of the main business of the enterprises and the overall improvement of the financial indicators has been relatively slow.But in the end,the achievement of the positive effect brings the synergistic effect on enterprise management.Through the research of this paper,it plays an important role in promoting the development of the diversified merger and acquisition of VV Group,a leading enterprise in the soybean milk industry.Through the analysis of this typical case,it has a certain degree of enlightenment for how to carry out the corresponding M & A expansion through the capital market in the future the listed companies in China. |
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