Research On Synergistic Effect Of Enterprise M&A Integration

In 2008,just after 30 years of reform and opening up,China's economy has developed at a high speed.At the same time,it has also grown up with a large number of powerful enterprises represented by state-owned enterprises.These enterprises are based on the domestic market and are eager to "go global" and"improve global comprehensive competitiveness." ".In 2008,when the world economic crisis broke out,a large number of enterprises were operating hard,and global companies experienced lower valuations.With the decline in the value of overseas outstanding companies,it has brought rare opportunities for domestic enterprises to expand their markets and scales through cross-border mergers and acquisitions.Domestic companies have seized the window of low valuation and implemented cross-border mergers and acquisitions for overseas high-quality enterprises.Large buyers in overseas markets have acquired a large number of high-quality assets from overseas.After the wave of overseas acquisitions,how to effectively integrate and manage these overseas assets and integrate them into the existing group structure,and the synergy effect of mergers and acquisitions has become a major problem facing many enterprises.Since 2015,the Party Central Committee and the State Council have successively issued a series of documents such as "Guiding Opinions on Deepening the Reform of State-Owned Enterprises" and "Several Opinions of the State Council on Reforming and Perfecting the Management System of State-Owned Assets".The document encourages state-owned enterprises to actively implement reforms and improve them.The state-owned assets management system,improve the modern enterprise system,improve the allocation of state-owned capital and operational efficiency;the document clearly states that “increase the reform of the corporate system at the group level and create the conditions for overall listing through effective integration”,thedocument is introduced to promote the optimization of state-owned capital.The reorganization pointed out the direction.As an effective way for the expansion of enterprises,overseas mergers and acquisitions are widely used by enterprises in various countries.However,from the history of cross-border mergers and acquisitions of Chinese enterprises in the past,the cases of failures abound,especially in the integration,the lack of experience;the lack of estimation of political and cultural differences;the lack of integrated scientific planning for mergers and acquisitions,etc.These problems have become the main reason for the failure of cross-border mergers and acquisitions.Therefore,through the analysis of the integration methods of the typical cases in the past,it is particularly important to improve the integration ability of M&A in the general sense.Wanhua Group is a typical enterprise “going out” strategy,with the purpose of overseas mergers and acquisitions to enhance global competitiveness,through effective phased integration and overall corporate listing,to achieve successful reforms and improve the state-owned asset management system.After the cross-border merger and acquisition of Wanhua,this paper will carry out research on the overall listing after two stages of mergers and acquisitions.On the one hand,using case analysis method,based on this case,we will discuss the realization of the overall synergy effect of Wanhua in two stages,and each one by one.The method of phase integration focuses on analysis and summary;on the other hand,through event research method,financial index analysis method,performance analysis method based on M&A motivation,qualitative analysis of the two stages of merger and acquisition integration results,and then integration of mergers and acquisitions The method makes a summary of the general meaning level,and strives to help the similar enterprises in resource integration.Through the case study,the two-stage integration measures are summarized.Focusing on the topic of “integration”,this paper separately integrates from cross-border mergers and acquisitions;2 through the integration of major assets reorganization into the internal structure of the enterprise,each of which has five points of experience..Finally,combined with the characteristics of this case,from the macro-policy level,it gives its own three suggestions around the growth of the enterprise and the development of the capital market: First,actively guidecross-border mergers and acquisitions to help enterprises leapfrog development;second,let enterprises develop with capital To guide enterprises and markets to nourish each other and benefit each other;the third is to strengthen multi-level market construction so that more enterprises can enjoy the benefits brought by the capital market.