Research On Jinguan Stock M & A Performance Based On Harvard Analysis Framework

In the context of rapid economic development,the traditional model of Chinese enterprises has been unable to effectively respond to the new challenges brought by the market,and many investors and enterprises have begun to change their business models to improve their competitiveness.M & A has gradually become one of the ways for enterprise development and rapid transformation.As an important support object of national energy conservation and emission reduction,new energy enterprises have become the darling of cross-border capital of all roads.The performance changes caused by their mergers and acquisitions before and after the merger have attracted wide attention from scholars.The ultimate goal of mergers and acquisitions is to expand the scale of enterprises and improve the competitiveness of enterprises.Therefore,it is especially critical to scientifically and rationally evaluate the performance of enterprises after mergers and acquisitions.This article selects Jinguan shares,which is the new energy industry chain through two cross-border mergers and acquisitions,as the research object,and uses the Harvard analysis framework to study the merger and acquisition performance of the enterprise.This article first introduces the research results on financial analysis,M & A performance,and related theories in relevant domestic and foreign literature,laying a theoretical foundation for subsequent research.Secondly,it describes and analyzes the M & A process and motivations of Jinguan shares.Using the Harvard analysis framework,analyzed the performance of Jinguan Stock systematically from four aspects: strategy,accounting and finance.The conclusions are as follows: Jinguan has achieved the goal of diversified business strategic layout through cross-industry mergers and acquisitions,and completed the strategic transformation from the main electrical equipment manufacturing to the "smart grid + new energy" dual-driven development.However,from the perspective of operating performance,cross-industry mergers and acquisitions did not improve the company's performance as expected.The short-term market response of the two mergers and acquisitions did not significantly improve compared with before the merger and acquisitions,and the merger and acquisition activities in the past two years have brought corporate financial levels.The impact is mainly negative.In the process of mergers and acquisitions,there are problems such as poor timing of mergers and acquisitions,high-value premium mergers and acquisitions resulting in huge impairment of goodwill,significant uncertainty in the performance of the target party,and the lack of full play of synergies after mergers and acquisitions.In response to the above problems,suggestions were made to reasonably choose the timing of mergers and acquisitions,accurately assess the value of the target company,value technological innovation,and reduce product costs.Finally,based on the above analysis,the lessons learned will be extended to other similar M & A cases.