| With the continuous development of Chinese capital market and the successive introduction of national policies on emerging industries,traditional industries have entered the stage of profit decline,and their goal is to make strategic adjustment to achieve new profit growth.Emerging industries are growing and expanding rapidly,but lack sufficient cash flow to support them.Under such circumstances,diversified mergers and acquisitions are gradually developed to realize diversification strategy,financial investment,backdoor listing and other reasons.However,diversified mergers and acquisitions involve mergers and acquisitions between different industries,and there are a lot of merger and acquisition risks.How to avoid the risks in the process of diversified mergers and acquisitions,improve the performance of mergers and acquisitions,and provide some experience and lessons for the subsequent diversified mergers and acquisitions in the capital market are the key issues studied in this paper.This paper uses three analysis methods: document analysis method,accounting index method and case study method.Taking the example of Chutian high speed merger and acquisition of Sanmu intelligent,combining the theory of enterprise diversification merger and acquisition,this paper firstly expounds the related concepts and theories of merger and acquisition and diversification merger,introduces the motivation of enterprise diversification merger and acquisition,the risks involved in the process of diversification merger and acquisition,and the performance evaluation method of diversification merger and acquisition.The present situation and existing problems of the risk and performance of diversification m&a are analyzed.Secondly,the case of Chutian high speed acquisition of Sanmu intelligence is studied,and the motivations and risks of diversified acquisition are analyzed respectively.At the same time,according to the main business of the sub-industry performance of the mergers and acquisitions market analysis.By using the event study method,this paper analyzes the short-term and long-term market performance of the case enterprise,and analyzes the financial performance of diversified m&a from the four dimensions of solvency,profitability,operating capacity and growth capacity.The efficiency of m&a is analyzed by the method of economic added value,and then the performance of m&a management is analyzed from the perspective of non-financial.Finally,according to the actual situation of Chutian high speed acquisition of Sanmu intelligent,the risks involved in the acquisition process and the impact on the acquisition performance are summarized,and a reasonable choice of strategic positioning is given;To avoid risks and improve the efficiency of the use of assets.Through the research and analysis of this paper,it is hoped that it can provide reference and guidance for listed companies in the subsequent capital market to carry out diversified mergers and acquisitions. |
