Performance Research Of Tianhua Ultra Clean M&A Yushou Medical

Since 2015,with the development of the NEEQ,a large number of NEEQ companies have become the target companies of mergers and acquisitions(M&A),but whether this kind of merger and acquisition activities can bring performance to the company is still a problem worthy of further study.Based on this,this paper analyzes Tianhua's ultra-clean merger Yushou Medical as an example.It is hoped that the research results will enrich the research on the acquisition of new three-board companies by listed companies,and also hope to acquire M&A for listed companies.The practical frontier of the New Third Board provides a scientific theoretical basis.Firstly,this paper sorts out related literatures,and also sorts out related theories.Secondly,this paper introduces the basic situation of M&A companies,M&A history and M&A motivation.Then,this paper uses the event research method to analyze the short-term performance of the merger and acquisition behavior,and calculates the short-term performance of the merger and acquisition behavior by calculating the cumulative excess return rate of the event window period.At the same time,the EVA evaluation method and the traditional accounting index method are used to analyze the long-term performance of the merger and acquisition behavior,and the long-term performance of the merger and acquisition behavior is measured by comparing the EVA value of the four years before and after the merger and the change trend of the accounting indicators.Finally,according to the merger and acquisition event,the corresponding conclusions and inspirations are obtained.The study found that M&A activity in the M&A window brought a cumulative excess return of 37.27% to the company.The EVA evaluation results show that after the implementation of the M&A the EVA value of the acquirer has dropped significantly and is negative.The results of the traditional accounting indicator method show that the company's profitability,operational capacity,and growth ability have also declined.This shows that M&A activity brings short-term performance to the acquirer.M&A does not bring long-term performance to the company during the current research period,but as the company continues to integrate,the long-term performance of the M&A for the company may be reflected in the next few years.