| In recent years,the real estate industry has experienced a rapid development trend.However,due to rising housing prices,the government has strengthened macroeconomic regulation and control,coupled with the tightening of the shacking monetization and the change in land transfer methods,which has made the Chinese real estate industry face a series of difficulties such as land acquisition and lack of funds,which has increased the industry.The degree of competition,housing companies are seeking transformation.Wenlv Real Estate is under the control of the state’s macro-control,with stable cash flow and the potential for asset upgrading.With the changes in market demand and the regulation of policies,the future of CITIC Real Estate will become the next investment hotspot.Therefore,the above-mentioned reasons have promoted the merger and acquisition process in the real estate industry,triggering a new wave of mergers and acquisitions.In addition,the real estate industry can acquire important resources such as land through mergers and acquisitions,so as to achieve rapid expansion,accelerate transformation,increase market share and enhance competitiveness.In general,the choice of evaluating M&A performance methods affects the results of M&A performance studies to a certain extent.The article will use the event research method and accounting research method to study the company’s M&A performance,and take the real estate industry to create a case of China’s M&A Wanda Ctrip project as a specific research object,analyze the development status of China’s real estate industry and the motivation of Sunac M&A.The merger and acquisition behavior of Sunac and the objective evaluation of the performance of Sunac M&A.It is expected to evaluate whether the merger and acquisition performance of Sunac is in line with its M&A objectives and development strategy,and provide a multi-dimensional performance evaluation method for future M&A activities.This paper finds: First,through the short-term performance evaluation method of the event research method,when the event window period of the market and real estate industry is [-10,+10] and the event window period is [-60,+60],It can be seen that AR and CAR are greater than the level before mergers and acquisitions.The market believes that mergers and acquisitions can bring wealth effects to shareholders,increase the value of enterprises,and later need to strengthen integration and give full play to synergies.Second,the merger and acquisition case for enterprises Long-term performance has a positive effect.From the financial dimension,the change of profitability index indicates that Sunac’s M&A activity has a certain positive impact on its profitability;2 The overall operational capability index shows a downward trend,indicating that the company’s total assets and inventory are caused by asset consolidation and sales scale.The number of turnovers was affected and improved in the later period;3 the solvency ratio indicator showed a downward trend,and the asset-liability ratio decreased first and then increased,indicating that the short-term solvency of the company after the merger was negatively affected;4 the growth ability index rose after the merger,indicating the company With the synergy effect,resource complementarity and sales growth have been realized.Third,Sunac M&A also plays a positive role in the non-financial dimension.From the non-financial indicators,it can be seen that at the customer level and internal operation level,the company is constantly improving.At the same time,M&A activities have enabled Sunac to enhance its brand value,complement the advantages of different businesses and improve its competitiveness.Based on the above analysis,this paper provides some suggestions for M&A activities: clear acquisition strategy,choose correct acquisition target;fully integrate after merger and acquisition;broaden financing channels to ensure healthy flow of funds. |
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