Research On Synergies Of Overseas M&A And Its Effect

Under the support of "going out" policy,more and more enterprises want to acquire high-quality resources through overseas mergers and acquisitions,and enhance market competitive advantage.However,due to lack of experience,the complex and changeable international market environment,many enterprises can not gain synergy in M & A,which leads to few cases that can benefit from overseas M & A.HRZJ,as one of the first domestic companies to promote the internationalization strategy,has developed into one of the largest household appliance manufacturers in the world by continuously integrating the global high-quality industrial resources and capital resources,TYJD is one of the successful overseas M & A cases in home appliance industry,and the research on the synergy and effect of this M& A can be used for reference by Chinese enterprises.At present,many scholars regard the synergy effect as one of the key factors for the success of M & A,but through the collection and combing of the existing literature,we find the following deficiencies in the current research on the synergy effect of M & A: First,the existing scholars mainly study the synergy of M & A through the financial index method,but the financial index only reflects the data disclosed in the financial statements,and can not reflect the integration of M & A outside the financial statements,it is not enough to judge the success of M & A by testing the synergy effect,but it is necessary to further analyze the synergy effect.In view of this,this paper uses the case study method to study the merger of HRZJ and Tyjd.First,by comparing the financial and non-financial data before and after the merger and acquisition of Hrzj,we find that the market share,management resources and operating conditions of the companies after the overseas merger and acquisition have improved,and the enterprises have realized the synergy effect in operation and management,and with the constant adjustment of the capital structure,the financial synergy effect of the enterprise appears gradually.Secondly,this paper further studies the synergy effect produced by merger and acquisition with EVA method.After merger and acquisition,the EVA value of HRZJ has been positive and rising,it is found that the EVA value of HRZJ is much higher than the average value of household appliance industry.Finally,based on the above research,this paper provides some suggestions for overseas M & A of Chinese enterprises from three aspects: improving the business operation ability,strengthening the management level of enterprises and improving the financial performance of enterprises,with a view to helping enterprises in overseas M & A to maximize the synergy and optimize the synergy.