| Since 2010,in order to promote market-oriented reforms,the State Council has issued supporting policies for corporate mergers and acquisitions,which has gradually opened the prelude to capital market mergers and acquisitions.In 2014,relevant opinions were issued specifically for optimizing the market environment for corporate mergers and acquisitions,which mentioned further support for mergers and acquisitions,optimizing procedures and environments,improving the efficiency of merger approval,and supporting market mergers and acquisitions.In addition,the state has also issued a set of policies to support the development of the education industry,support the development and penetration of social capital in the education industry,and support private education.Therefore,as the education industry liberalizes investment in the public,mergers and acquisitions have gradually appeared in various subdivisions of the education industry.Since 2014,the state has successively introduced relevant policies to encourage social forces to set up vocational education,and the vocational education sector has been sought after by capital.Affected by the imbalance between the supply and demand of talents in the transformation of the industrial structure,the state has introduced a plan for the reform of national vocational education in 2019 to promote the development of vocational education to high-quality and socially diversified schools in the next ten years.It can be seen that in the next ten years,vocational education will still be the focus of national education reform and development.This article closely follows the hotspots of mergers and acquisitions in the capital market,pays attention to the layout of listed companies in the education industry,and makes an in-depth analysis of the motivation and performance of listed companies’ mergers and acquisitions of education enterprises in recent years through case analysis.Among them,this article reviews the domestic education mergers and acquisitions since 2016,and analyzes the background from both the macro and micro aspects.Then I sorted out the mergers and acquisitions of A-share listed companies in 2017,and selected 6 listed companies that only entered the education industry in 2017 to analyze their average performance before and after mergers and acquisitions.And then it comes to the conclusion that cross-industry M&A in education companies can improve the financial status of the acquirer to a certain extent.However,when this article conducted a separate and in-depth analysis of the acquisition of the Mars Era by Baiyang shares,a listed company focused on the aquatic industry,it was also found that the M&A event had a positive effect on the acquirer in some aspects.However,since the performance commitment of the Mars Era did not meet the standards,Baiyang shares chose a decisive divestiture,and the divestiture had a great negative impact on the acquirer.Baiyang’s attempt to transform education enterprises through mergers and acquisitions is a transformation attempt that many traditional industries in trouble may choose.The reason is that the doors of education enterprises are currently open to all kinds of capital,and their business formats are simple.It will not affect the original industry of the listed companies,and a source of profit growth can be obtained.However,as analyzed in this article,such an attempt has many risks and may have many adverse effects on listed companies.The worst case is that it will not only fail to develop well in the new industry,but may also affect the original industry.Therefore,this article analyzes the failure of Baiyang shares merger and acquisition,and derives some relevant countermeasures and suggestions,so as to provide reference for companies with similar merger and acquisition plans in the future. |
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