| Absolutely,in the context of supply-side reforms,the development of traditional industries has become increasingly difficult.At the same time,in the "13th Five-Year Plan" informatization plan,China clearly emphasized the importance of the Internet,the development of new Internet technologies and the promotion of Internet consumption,making the development of the Internet in this field of public attention.As an important part of the Internet industry,the online game industry is also increasingly prosperous.Since 2010,the number and amount of mergers and acquisitions of Chinese enterprises have been increasing,merger and acquisition activities have become increasingly active.For enterprises experiencing development bottlenecks,entering the online gaming industry through mergers and acquisitions can quickly cross industry barriers,improve profitability,and realize the needs of enterprise transformation.On the basis of consulting a large number of M & A cases,this article selects Century Huatong’s 2014 M & A case as the research object.First of all,this article makes an in-depth study on the motivation of the case company’s choice of cross-industry merger and acquisition of online game industry from traditional manufacturing industry.Secondly,the event research method and the financial research method are used as the research basis to analyze the performance after the merger;the non-financial research method is used to supplement the performance analysis after the merger;and finally the quantitative analysis of the synergy effect of the post-merger enterprise.The analysis shows that from the perspective of market performance,CAR and BHAR in the post-merger market have generated significantly positive excess returns;From the perspective of financial performance,the performance of the four major financial ratios has improved significantly in the mid-to-post-merger period.For the long-term period after the M & A,EVA showed a trend of rising first and then falling;From the perspective of non-financial performance,the strategic objectives after M & A have all been completed.Based on the above analysis,this article mainly draws the following three conclusions: First,Century Huatong’s M&A case in 2014 was successful;second,the efficiency of both parties has been significantly improved after the merger;third,the dual main business model has better achieved enterprise development.Finally,this article combines the characteristics of the case and the conclusion of the article,and puts forward corresponding suggestions for the characteristics of cross-industry mergers and acquisitions.This paper hopes that the analysis of this case can provide a certain reference for understanding the cross-industry mergers and acquisitions of listed companies entering the online game industry,and also provide case references for the study of cross-industry mergers and acquisitions in China’s current situation. |
