Study On The Causes And Performance Of Cross-border M&A Of Chemical Enterprises Under The Background Of "Internet+"

At present,China’s economy has entered a new normal characterized by "medium and high speed,excellent structure".Under the complex and changeable market environment and economic conditions,a large number of traditional chemical enterprises are in a serious dilemma due to the decline of profits.At the national macro level,traditional chemical enterprises are encouraged to upgrade and transform and eliminate backward production capacity.Enterprises with strong strength can consider cross region,cross industry and cross ownership mergers and acquisitions,especially encourage integration with Internet enterprises.Against this background,Guangdong Rongtai launched a strategic transformation based on the "Internet+" strategy.In 2015,it was successful in cross-border mergers and acquisitions,a well-known Internet company Forest Eternal.After several years of integration and development,Guangdong Rongtai’s cross-border M&A has achieved initial results.Taking Rongtai as an example,this thesis analyzes the motivation and performance of cross-border M&A,in order to provide a useful reference for the transformation and upgrading of traditional chemical enterprises in China.Firstly,this thesis reviews the domestic and foreign research literature on the influencing factors and performance of cross-border M&A,clarifies the existing research context,and expounds the theoretical basis of economies of scale theory,market power theory,diversification theory and synergy effect theory.Secondly,from the perspective of the nature of the main body of the merger,the characteristics of the target enterprises,and the scale of mergers and acquisitions,the current situation of the merger and acquisition of China’s traditional chemical enterprises under the background of "Internet plus" is analyzed.Then,taking Guangdong Rongtai’s merger and acquisition of Forest Eternal as an example,this thesis introduces the whole process of the merger and acquisition,analyzes the motivation of Guangdong Rongtai’s merger and acquisition,and comprehensively uses the event study method,financial index method and economic value-added method to analyze the market reaction,financial performance and comprehensive performance of the merger and acquisition.It is found that the main motivations of cross-border M&A of Guangdong Rongtai Internet enterprises include realizing strategic transformation,implementing diversified development,improving enterprise profits and increasing enterprise value;cross-border M&A has a positive impact on the company’s operation and financial synergy in that year,but it shows a downward trend after M&A,but it is generally better than that before M&A After M&A,the company’s profitability has been greatly improved,and on the basis of maintaining the stable development of the original main business,it has formed a pattern of parallel development of two main businesses,basically achieving the goal of M&A.Finally,it summarizes the research conclusions,and puts forward the corresponding countermeasures and suggestions from the aspects of optimizing the cross-border M&A behavior of Chinese traditional chemical enterprises and improving the M&A performance.