Research On M&A Risk Of HNA Technology's M&A Of Dangdang.com

Since the 19th National Congress of the Communist Party of China,China has put forward the expectations and requirements of cultivating first-class enterprises with global competitiveness.Therefore,more and more enterprises choose to develop and expand in the way of M&A,and the direction of M&A is gradually changing from traditional industries to emerging industries.Under the favorable environment one belt,one road,the M&a market is pushing the market of technology and industry structure optimization.More enterprises seek new industry orientation through mergers and acquisitions,and also seek new opportunities to expand platforms.Although M&A is becoming more and more popular as a means to help enterprises achieve diversified development and enhance their competitiveness,from the perspective of the results of M&A,it does not always end successfully.Even if the enterprise completes the M&a temporarily,it may not be able to improve the profitability level and realize the value-added of the enterprise in the short term.M&A itself is a long-term and complex process,and it will encounter many risks in the process of M&A,such as the value assessment risk of the target enterprise before M&A,the financing risk and payment risk in M&A,and the financial integration risk after M&A.M&a risk has an important influence on the success of M&A,so the research on M&a risk is very important to improve the success rate of M&A.HNA technology's merger and acquisition of Dangdang network ended in failure,but different from other merger and acquisition failures,it ended in failure due to HNA technology's active announcement of withdrawal.This paper takes this case as the analysis object,analyzes the motivation of HNA technology's merger and acquisition of dangdang.com,evaluates the risks in the process of merger and acquisition from the risk perspective,analyzes the risk performance of merger and acquisition,finds out the causes of merger and acquisition risks of enterprises and the problems in risk prevention,and gives corresponding suggestions and solutions for the shortcomings of merger and acquisition parties,with a view to merger and acquisition of other enterprises Activities to provide reference.This paper consists of the following six parts:The first part is the introduction.This paper introduces the research background and significance.Sort out the relevant literature of M&a risk,and make clear the classification marks of M&a risk types.Summarize the relevant principles of M&a risk,and provide theoretical basis for the analysis of M&a risk.The purpose,content and method of the research are clarified,and the innovation of this paper is put forward.The second part is the case review of HNA technology's merger with dangdang.com.This paper introduces the general situation of the enterprises of both sides of the merger and acquisition,analyzes the motives and process of the merger and acquisition,and obtains the results of the merger and acquisition and the impact of the merger and acquisition on both sides.Lay the foundation for the next part of M&a risk analysis.The third part is the risk assessment of HNA technology's acquisition of dangdang.com.This part is based on the combination of quantitative and qualitative methods to evaluate various risk factors.First,based on the first part of the division of various M&A risks for quantitative analysis,the risk level to do a general assessment.On this basis,combined with the details of the case for qualitative analysis,clear the types of risks in this M&A.The fourth part,HNA technology M&A Dangdang network M&a risk in-depth analysis.This paper further expounds the performance and causes of various M&A risks in the process of M&A,and explores the shortcomings of M&A in the process of dealing with risks.The fifth part,HNA technology M&A Dangdang network to strengthen risk management and control countermeasures.Based on the shortcomings of the last part of HNA technology in risk prevention,some suggestions for improvement are put forward.The sixth part,conclusion and enlightenment.This paper summarizes the views of this paper,draws relevant conclusions,and puts forward the case-based M&a risk perspective.This paper takes the failure case of HNA technology's merger and acquisition of dangdang.com as the analysis object,combining with the current situation of China's merger and acquisition market and the specific situation of enterprises,in order to help enterprises avoid the risk of merger and acquisition.The innovation of this paper lies in the typicality of case selection and the diversity of methods used to evaluate the risk of M&A.taking HNA technology's initiative to give up the case of M&a dangdang.com as the analysis object,the method of combining quantitative and qualitative methods is used to evaluate the risk,which makes the types of risk evaluated more accurate,and is conducive to the in-depth analysis of the risk of subsequent M&A,suggestions for risk prevention and cases The proposal of enlightenment.