A Case Study On Horizontal Merger Motivation And M&a Performance Evaluation Of Sf-express Co.,LTD

With the continuous development of e-commerce,E-commerce creates shopping festivals to stimulate consumption and release demand,China has become the largest express market in the world,and the strategic position of express industry in the national economy is increasingly prominent.The express industry should seize this historical opportunity accurately,expand the scale with the help of capital strength,use modern management system to improve efficiency,and strive to improve the core competitiveness of enterprises in the process of development.As the most famous express delivery company in China,the domestic market has achieved high profits in the business market with standardized,efficient and high-quality services.After the successful backdoor listing in 2017,the merger and acquisition of DHL supply chain(Hong Kong)Co.,Ltd.,DHL logistics(Beijing)Co.,Ltd.,which is the business part of DHL in China,was completed in 2018.This historic transaction makes the supply chain of SF DHL have a strong advantage in China and promotes the vigorous development of China's express industry.This paper studies the horizontal M&A strategy of SF-EXPRESS holding.Based on the theory of M&A motivation and the announcement of M&A of SF-EXPRESS holding,it summarizes the motivation of implementing the horizontal M&A strategy of SF-EXPRESS holding,that is,to realize the synergy effect,the development of market power,the complementarity of high-quality assets such as industrial organization and technology brand,and the recognition of capital market,which is embodied in the promotion of earning ability and the promotion of economic growth The reduction of operating cost,the enhancement of operation efficiency,the increase of market share,the improvement of R&D capability,the increase of brand value and the increase of shareholders' income.Then,according to the M&A motivation and the existing M&A motivation theory,this paper constructs M&A performance evaluation system based on M&A motivation.With the help of the evaluation system,this paper evaluates the M&A performance of SF-EXPRESS before and after the implementation of horizontal M&A strategy by using the methods of business performance comparison and event study,and evaluates the M&A performance of SF-EXPRESS from the perspective of profitability,growth ability,operating cost,operating efficiency,market share,technology brand,etc It is concluded from the perspective of shareholder income that the horizontal M&A strategy has a positive impact on the M&A performance of SF,especially on the profitability improvement and cost saving of the main business,and on the market share of SF.After the implementation of the horizontal M&A strategy,SF's overseas business development shows a good growth,and its brand is SF's value tends to be better.The capital market is optimistic about the horizontal M&A activities of SF.Based on the calculation of car value,the M&A activities have brought certain benefits to the shareholders of SF.However,SF-EXPRESS should further do a good job in the integration work after the merger and acquisition,which makes the total assets scale of SF-EXPRESS greatly improved,and it should further improve the profitability and operation efficiency of the total assets,so as to realize the overall improvement and sustainable growth of the merger and acquisition performance.This paper hopes that through the analysis of SF's horizontal M&A strategy,it will bring certain reference significance to the logistics enterprises,especially the development strategy of express industry.