The Performance Analysis Of The Chinese Enterprise Apex Merger With The American Enterprise Lexmark

Mergers and acquisitions have become a shortcut for companies to rapidly expand their scale and enhance their competitiveness.With the development of China’s capital market,various types of domestic mergers and acquisitions have emerged in an endless stream,and overseas mergers and acquisitions are also increasing.In order to further accelerate the pace of Chinese enterprises’ “going out”,the state has successively introduced favorable policies to provide favorable policy support for the successful listing of overseas listed companies in China.In 2016,China’s overseas mergers and acquisitions developed in an all-round way,among which the striking “Snake swallows elephant” overseas mergers – Apex acquired Lexmark International at the end of the year.Taking this cross-border M&A as a case,this paper systematically studies the performance of M&A,aiming to sum up the lessons learned and provide constructive guidance for the future “Snake swallows elephant” mergers and acquisitions.This paper first sorts out the relevant literature on M&A performance,and builds the theoretical basis of M&A and M&A performance.Then it summarizes the characteristics of Apex’s acquisition of Lexmark International: 1.Cross-border M&A 2.Throw a sprat to catch a herring.3.Improve the industrial chain,layout Globalization;then studies the selection of the M&A performance evaluation system,and selectes a more appropriate balanced scorecard method for the characteristics of the M&A to analyze the Apex’s M&A performance.The study found that in the financial dimension,after the merger,the company performed well in terms of profitability,asset turnover and growth trend,and realized the synergy effect of mergers and acquisitions;in the customer dimension,the completion of the merger is to expand the Apex customer base.To improve brand awareness,there is a certain positive impact;in the internal operation dimension,the management level of the company has improved after mergers and acquisitions,the internal operation of the company has been smooth and stable,and the integration benefits have been realized;in the dimension of learning and growth,Lexmark International Joining has improved the quality of Apex employees and strengthened the company’s technology research and development.According to the evaluation and analysis of the Balanced Scorecard,Apex has achieved remarkable results in the acquisition of Lexmark International;the article concludes with a summary of the lessons learned from this acquisition: 1.Grasp its own capabilities and rationally select the target company;2.Strengthen collaboration and enhance integration effect;3.Sell less synergistic business to achieve the purpose of improving the company’s M&A performance.Through the performance analysis of China Apex’s acquisition of Lexmark International,the lessons of this merger and acquisition are summarized,in order to provide useful guidance for future mergers and acquisitions.