| 2016 is a year of rapid growth in overseas mergers and acquisitions of Chinese companies.More and more private enterprises are active in the wave of cross-border mergers and acquisitions,and most of these private enterprises are small and medium-sized enterprises.Cross-border M&A is a shortcut for SMEs to break through scale restrictions and grow rapidly.However,due to the financial constraints of SMEs and the lack of overseas experience,the effect of overseas mergers and acquisitions is often difficult to achieve.This thesis analyzes the case of Maxwell's wine industry's overseas mergers and acquisitions by analyzing the case of Maxwell's Maxwell Winery's “Maxwell”,which is the case of Qinghai Mutual Alum Wine Co.,Ltd.(referred to as “Qingqing Liquor”).The reason for this kind of performance is to give other private SMEs a corresponding enlightenment.The performance studied in this paper includes the short-term trading performance and longterm financial performance of the acquisition of Maxwell.Through the event research method,the short-term trading performance of Qingshang Liquor Merger and Acquisition Maxwell was studied.The long-term business performance of the merger was evaluated through accounting index analysis combined with principal component analysis.The comprehensive evaluation of M&A effect was considered,and the merger did not create value at present.In combination with the development history of Qingqing Liquor after overseas mergers and acquisitions,the reasons for the failure of this merger and acquisition were explored.This thesis analyzes M&A performance from multiple perspectives,combines shortterm and long-term performance analysis,and quantifies financial indicator analysis methods to provide reference for M&A performance evaluation of other companies.In combination with mergers and acquisitions before mergers and acquisitions,the risks that may arise after mergers and acquisitions provide advice to other SMEs for overseas mergers and acquisitions. |
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