Research On The Motivation And Economic Consequences Of The Integration Of The Industrial Chain Of Zaisheng Technology

As China has put forward relevant supporting policies for the revival of manufacturing industry,Chinese enterprises have shown a trend of breaking the original industrial pattern and moving from pure product manufacturing to more profitable industrial chain integration,part of China has a certain size,capital-based enterprises began to seek the industrial chain from the low-end to the high-end.After the outbreak of the global financial crisis in 2008,China intensified its efforts to adjust and upgrade its industries.The rapid development of emerging industries has led to an increase in the domestic market demand for glass fiber filter paper.At the same time,under the circumstances of global energy shortage,rapid start-up of vacuum insulation board core material market.In order to seize the opportunity for development,glass fiber industry enterprises began to expand the scale of enterprises,improve their product quality,seek integration of the industrial chain,hoping to get a share of the huge market.Based on the background of glass fiber industry,this paper analyzes the implementation process,motivation and economic consequences of the integration of relift technology industry chain.First of all,the basic situation of re-up technology and the process of re-up technology industry chain integration are introduced in detail,and on this basis,the motivation of re-up technology industry chain integration is analyzed,this paper holds that the integration of the industrial chain through M & A and equity participation by Zaisheng technology is mainly driven by internal reasons and market demand,specifically include:Reduce Transaction costs,improve enterprise innovation capacity and technological strength,increase product categories and expand business areas,enterprise strategic layout and external factors.This paper analyzes the impact of industry chain integration on short-term market reaction and medium-and long-term operation effect by using event study and financial index method.Based on the measurement of market response,this paper holds that the market’s attitude towards the integration of Resheng technology industry chain has changed in different directions.Generally speaking,investors hold a conservative attitude.Then,using the financial index evaluation method,this paper analyzes the operating cost,profitability,innovation ability,production capacity,management ability and risks.The results show that after the industrial chain integration,the operating cost control of re-upgrading technology has a better trend,the profitability has also been improved,the innovation capacity and research results have made greatbreakthroughs,and the production capacity has also increased with the integration of production channels and technological improvement,at the same time,the variety of products has also increased,expanding the business area to the downstream purification products and the refrigerator industry chain,driving the sales of glass fiber filter paper and VIP core materials,while the management capacity has been transferred,the overall level of management has been raised.After the integration of the industrial chain,the strategy of industrial integration and internationalization of scientific and technological layout will be upgraded,and the advantages and resources of enterprises will be integrated to create a dual business model of "clean air" and "high efficiency and energy conservation".The gap with international enterprises will be narrowed obviously,in the international trade market,the right to speak has been significantly strengthened.On this basis,the paper also analyzes the risks in the process of integration,such as the decrease of solvency,the liquidity risk,the decrease of net operating cash flow and the operational risk.This paper enriches the research on the motivation and economic effect of the glass fiber and glass products enterprises in the integration of industrial chain,and suggests the existing risks,hoping to provide reference for other enterprises.