Financial Integration And Effect Evaluation Of Enterprises Under Strategic Merger And Acquisition

With the deepening of China's reform and opening up,China's market is expanding rapidly,and mergers and acquisitions are booming.But according to the research,the success rate of M&A in western developed countries is far higher than that in China.Why is there such a big gap?Looking at the overall situation of M&A,the success of M&A is closely related to the effectiveness of integration after M&A.The important link after integration is financial integration.If an enterprise can strengthen the financial integration after M&A,it will make the enterprise group optimize the financial system,improve the operating efficiency,and achieve the strategic goal of the enterprise.Therefore,enterprises must pay more attention to the related financial integration after M&A.Based on the theories of system theory,core competence theory,coordination theory and dissipative structure theory,this paper summarizes the related researches at home and abroad and reviews the literature.Due to the particularity of strategic M&A and the important position of financial management in enterprises,enterprises must take certain financial integration measures after strategic M&A.At the same time,according to the different direction of M&A,enterprises have different choice of financial integration mode,and their specific integration content and evaluation methods are different.Therefore,according to the overall framework of choosing transplant financial integration under horizontal strategic M&A and fusion financial integration under vertical strategic M&A,this paper analyzes the specific concept,application,content and effect evaluation methods of financial integration under the two modes respectively.This paper attempts to take the horizontal strategic merger and acquisition of Yashili international and vertical merger and acquisition of modern animal husbandry of Mengniu Dairy as examples.This paper analyzes the basic situation of the two M&A,the content of financial integration,and uses specific financial indicators to evaluate the effect of financial integration measures.It is found that strategic M&A and financial integration are interdependent and influence each other.After strategic M&A,enterprises must integrate the financial aspects of both sides.The development strategy attribute of an enterprise determines the mode and content of financial integration,while different financial integration measures have different implementation effects,which will directly affect the success or failure of strategic M&A.At the end of this paper,based on the comprehensive analysis of the financial integration of Mengniu Dairy industry,the corresponding conclusions are drawn,and the part that should be paid attention to after the financial integration is put forward.It is hoped that the research of this paper can give some enlightenment to the financial integration of strategic M&A in China.