Research On The Continuous Acquisition Performance Of BlueFocus

In recent years,China's m&a market has witnessed rapid development,with increasingly frequent m&a transactions between enterprises and an increasing number of m&a transactions,from 294 in 2009 to 2,584 in 2018.This is due to our country's economy is in transition to accelerate the upgrading of stage,the enterprise cannot rely on endogenous growth way of development,so enterprises denotative expansion high demand,more and more enterprises realize their transformation and upgrading by means of merger and acquisition,and with the continuous development of mergers and acquisitions,corporate mergers and acquisitions between no longer limited to a single acquisition,continuous acquisition phenomenon more and more common.But through to our country enterprise m&a performance study found that the performance of the enterprise merger and acquisition of did not improve,this is mainly due to the principal-agent problems and managers overconfidence,allow managers to ignore the interests of shareholders,with self-interest blindly some mergers and acquisitions,and not in a timely manner after the merger integration makes the corporate performance is not ideal.At present,the research on the performance of enterprise mergers and acquisitions is basically big data analysis,and the analysis on the motivation of enterprise mergers and acquisitions and the influencing factors of merger and acquisition performance is relatively broad,and there are few studies on specific case companies,especially the case companies with continuous mergers and acquisitions.In view of this,this paper selected BlueFocus,a representative company in the marketing communication industry,as a case study to further study the performance of enterprises in continuous mergers and acquisitions.In the marketing communication industry where the case company blue cursor is located,mergers and acquisitions have become the norm in the industry due to the characteristics of its own industry.By analyzing the process of continuous merger and acquisition of BlueFocus since its listing,it is found that its merger and acquisition activities show obvious phased characteristics and are closely related to the company's development strategy.According to the characteristics of its m&a activities,the paper summarizes the motivation of corporate m&a and the factors affecting the latter m&a performance.Using event study method and financial index method are analyzed from the points of view of long-term and short-term two performance after m&a,the study found that the company through the years frequent mergers and acquisitions,although the company expanded scale,market position for promotion,but due to the unreasonable acquisition way,subsequent integration reasons such as continuous merger makes the company's overall performance is not ideal,sequela,there have been some m&a risk problem is outstanding,m&a synergy didn't meet expectations.Through the analysis of the case study in this paper,some research implications of the declining performance of the continuous m&a of blue cursor are obtained: the m&a needs to develop good strategies,and the follow-up resource integration and long-term sustainable development of the enterprise should be paid attention to after the m&a.To be specific,firstly,choose the object of merger reasonably and avoid blind merger;Second,the fair use of the agreement,the agreement to play a positive role in incentives;Third,innovate payment methods and financing methods to reduce financial and control risks arising from unreasonable payment consideration.Fourth,strengthen the integration of resources after merger and acquisition,so as to give full play to the expected synergies.