Research On The M&A Performance Of New Retail Enterprises From The Perspective Of Value Chain

Driven by science and technology,economy and society are developing continuously,and many new business operation modes are born.The development of Internet technology has produced e-commerce and other online sales enterprises,which has a certain impact on the traditional retail industry.Therefore,many traditional retail enterprises carry out strategic transformation and turn to new retail enterprises.For the new retail enterprises,their sales channels take into account both online and offline,perfect enterprise value chain is particularly important.Logistics,sales and service capabilities become the core capabilities of enterprise development,and the strategic choice of enterprises promotes a series of M & A activities.Therefore,This paper selects Suning's acquisition of Tiantian express as a case study,and makes a systematic study of the short-term and medium-term performance before and after the M & A,so as to analyze whether the vertical M & A along the value chain is conducive to the development and operation of enterprises.It is of practical significance to study the strategic significance of value chain M & A for Suning's development and put forward suggestions for the M & A development of other new retail enterprises.In the research of M & A performance of new retail enterprises,we mainly adopt the research methods of combination of theory and case,combination of qualitative and quantitative,combination of micro and macro.At the first,this paper combs and summarizes the relevant literature of M & A performance,value chain,value chain integration,and this paper summarizes the relevant theories.Secondly,in the investigation and summary of the current situation and characteristics of M & A of new retail enterprises in China on the basis of this theories,the paper analyzes the performance of Suning's acquisition of Tiantian express event.In order to highlight the effectiveness of M & A and the strategic value of the value chain M & A,this paper studies the changes of stock value,financial indicators and non-financial indicators.In the aspect of stock value,the cumulative excess return of the enterprise within two days after M & A shows obvious signs of rising,while the cumulative excess return of the whole window period decreases,which shows that value chain M& A pays more attention to the strategic value of the enterprise and pays more attention to the medium and long-term performance;in the aspect of financial indicators,the company has different degrees of profitability,operation ability,debt paying ability and development ability In terms of non-financial indicators,the company has a positive development in logistics system construction,value chain management,supply chain management,etc.It also shows that M & A based on value chain has a positive effect on new retail enterprises and can bring better performance.At the same time,this paper also puts forward some suggestions related to M & A integration,hoping to provide corresponding help for the healthy development of newretail enterprises.