An Analysis Of The Motivation And Performance Of The Xunxing M&A The Jiazhilian

In recent years,the domestic economy as a whole has maintained a relatively rapid development,but industrial upgrading,Internet impact and other factors still make the traditional industries face greater pressure of industrial transformation,more and more traditional industries begin to try to enhance market competitiveness through mergers and acquisitions.As a rapidly developing emerging industry,Internet enterprises have become the favorite of M& A market because of their high-quality talent team,rapid resource integration ability,high-speed growth performance level and many other factors.However,because of the great differences between the Internet industry and traditional industries,Internet M & A also has great risks.At the same time,because the Internet industry is mostly asset light enterprises,this also makes the Internet M& a more premium or even the highest premium M & A.Research on the motivation and performance of Internet M & A is helpful to explore the causes of high premium of Internet M & A and scientifically evaluate the performance of the target of Internet M & A.This paper takes the Xunxing M&A the Jiazhilian as the research object,based on the in-depth study of various classic M & A motivation theories,using PEST model,concludes that the motivation of the M & A is to fully obtain the preferential policies of e-commerce industry and speed up its own transformation and upgrading in the political aspect,to speed up the development of green economy and conform to economic globalization in the economic aspect,and to adapt to the public's mutual trust in the social aspect The networking enterprises pay more attention to the market and have a preference for environmental protection of green economy.In terms of technology,they want to learn the respect of price chain,talent atmosphere and big data application experience.At the same time,Xunxing also hopes to seek diversified development and enhance market value through this merger and acquisition.In the study of the Jiazhilian of the target,this paper also analyzes the price of the last additional issue before the merger and the value-added rate of Internet M & A near the merger through the chain of consideration,and concludes that the consideration of this M & A is still in a reasonable range.In the performance study,this paper finds that Xunxing shares have significantly improved the daily excess return and cumulative excess return in the ultra-short term of the merger of Jiazhilian,which really improves the market value of the enterprise.At the same time,it uses the accounting index analysis method to analyze the impact of Sino US trade war on Jiazhilian.Although the performance commitment failed,this paper thinks that the M & A has improved the gross profit rate level,operation ability level and innovation ability level of the Xunxing.This paper also thinks that the research of M & A performance reveals that the adoption of all cash acquisition in the M & A makes the debt paying ability index worse and the integration after M & A unfavorable.As well as through the comprehensive performance evaluation of the research object.Based on the research object of the Xunxing M & A the Jiazhilian,this paper discusses the valuation complexity and integration difficulty of cross industry M & A of Internet enterprises,and puts forward some suggestions for Internet M & A: 1.Carefully select the M & A object before M & A,make clear the purpose of M & A,and quantify the risk level of M & A and the anti-risk ability and level of both sides Worry.2.We choose diversified valuation models and present the results in the form of reasonable intervals.3.We should pay attention to the mechanism design in the process of integration,and consider stopping loss in time when the long-term integration is unfavorable.