| M & A can not only improve the business performance of the enterprise itself,but also realize the coordination and reorganization of high-quality resources,have great significance and effect on the growth of the industry and the market,and is the only way for the development of the company and the whole industry.Since 2010,the real estate industry has formed a strong wave of M & A.For real estate enterprises,mergers and acquisitions can obtain capital,land and other important operating and production resources,realize the strategic layout of enterprises,for eliminate the influence of peer competition on enterprises.Vanke,as a leader in the real estate industry,spent 55.1 billion yuan to acquire Guangxin Asset Package for the acquisition.The case has certain representativeness and research value.Under this background,this article first elaborates the real estate enterprise M&A policy and the background.Then the case of Vanke’s acquisition of Guangxin Asset Package is analyzed.After analyzing Vanke’s M&A motivation according to its development strategy,it successively uses event research method to analyze short-term M&A performance,and uses financial indicators and non-financial indicators to study long-term M&A performance.Finally,some suggestions to improve the M&A performance of China’s real estate enterprises at the micro and macro levels are given.It is concluded that Vanke’s acquisition of Guangxin Asset Package is mainly motivated by acquisition of land resources.When analyzing the performance of mergers and acquisitions,for short-term merger and acquisition performance,this paper regards the acquisition announcement day as the window day,and takes 10 trading days before and after the window day,totaling 21 trading days as the event window period.Take a total of 100 trading days from the 110 trading days before the announcement to the 11 trading days before the announcement as the estimation window.After calculating the cumulative excess return rate,it is found that the merger has brought positive benefits to shareholders.The market attitude towards the merger is positive,and the final cumulative excess return rate has reached 16.30%.As for the long-term performance of M & A,this thesis analyzes the financial indicators andnon-financial indicators respectively.For the former,this paper selects the four abilities of the enterprise,namely,operation,debt paying,profit making and growth,and analyzes them with the help of changes in indicators per share.The financial performance brought about by the merger is positive.Although the debt paying ability is reduced,the growth ability is significantly enhanced,and the situation of each share index also shows good changes.Non-financial indicators of mergers and acquisitions performance analysis selected strategic objectives,potential development capabilities,synergies and dividend policies and stock prices to analyze the four aspects.After analysis,it is concluded that the merger and acquisition has achieved Vanke’s strategic objectives well.The resources in Guangxin’s asset portfolio have good potential development ability.The merger and acquisition has produced positive management synergy effect and operation synergy effect,which has also caused Vanke’s share price to rise.Therefore,Vanke’s acquisition was a success.The analysis shows that there are two main reasons for success.First,the target selection is appropriate and the matching degree is high.Second,financial risks should be properly controlled.After research,this paper puts forward suggestions to improve the performance of real estate mergers and acquisitions,including four micro-level suggestions such as attaching importance to the matching before mergers and acquisitions,selecting appropriate targets,and three macro-level suggestions such as improving the laws and regulations of real estate mergers and acquisitions. |
