| With the acceleration of economic globalization and the improvement of marketization and internationalization of enterprises,transnational mergers and acquisitions have become a new direction of Chinese enterprise.In order to respond to the call of the country and accelerate the implementation of the"go global" strategy,more enterprises intend to use capital to exchange for foreign advanced technology through cross-border mergers and acquisitions,so as to achieve high-quality development of enterprises.However,through mergers and acquisitions activities,whether the enterprise can get the enhancement of competitiveness,whether the enterprise value is still unknown.In fact,the development of transnational mergers and acquisitions is not only a major opportunity for enterprises,but also a very big challenge for enterprises.With the increase of m&a activities of domestic enterprises,people also realize that m&a is a double-edged sword.It is of great practical significance for domestic enterprises to further realize the strategy of"going out"by learning the successful experience of other enterprises in m&a and further learning and controlling the risks in m&a activities.By studying and analyzing the performance of enterprises’ transnational mergers and acquisitions,it can provide references for enterprises’ future mergers and acquisitions activities and improve the success rate of domestic enterprises’ transnational mergers and acquisitions.This paper is divided into six parts.The first part mainly describes the research background and significance of this paper,reviews the literature on the principles and performance of m&a,and expounds the research content,research ideas and innovation points of this paper.The second part is the concept overview part,mainly elaborates the relevant concepts of mergers and acquisitions,mergers and acquisitions motivation and enterprise mergers and acquisitions performance evaluation method;The third part firstly introduces the two sides and the process of merger and acquisition,and then analyzes the motivation and integration measures of merger and acquisition.The fourth part mainly analyzes the financial performance and non-financial performance of enterprises from m&a.The fifth part describes the experience of ZD company’s acquisition of TFH company;The sixth part summarizes the performance change of ZD company and the research prospect and deficiency of TFH company.On the basis of sorting out the characteristics,driving factors and performance studies of mergers and acquisitions and other domestic and overseas literatures,this paper takes TFH,a typical transnational merger and acquisition of ZD company in 2017,as an example,and focuses on the analysis of the motivation and performance of mergers and acquisitions to test whether mergers and acquisitions can bring new value to ZD company.Through the research and evaluation of the changes of ZD company before and after the merger and acquisition through the methods of financial indicators and non-financial indicators,the conclusion is drawn that the merger and acquisition of TFH company has brought certain positive effects to ZD company.At the same time through the acquisition and integration of the merger before and after the implementation of measures analysis summary,found that enterprises still has some defects in the process of merger and acquisition,analyses the experience and deficiency,in order to lh-zd company after m&a activities,and other private enterprises cross-border m&a in our country has a guiding significance. |
