The Performance Analysis And Enlightenment Of M Home Appliance Companies' Overseas Mergers And Acquisitions Of K Companies

In recent years,with the rapid development of high-tech industry at home and abroad,the development of traditional manufacturing industry has encountered bottlenecks,and the major enterprises in the industry have begun to seek new profit growth points to promote enterprise transformation and upgrading.On the one hand,overseas mergers and acquisitions can optimize the allocation of social resources and enhance the vitality of the industry and market.On the other hand,they are also an important way for enterprises to quickly acquire core technologies and enter new industries at a lower cost to achieve transformation and upgrading.Therefore,they are attracting increasing attention.At the same time,the performance evaluation of overseas mergers and acquisitions has been paid much attention.It is an important basis for enterprises to conduct comprehensive and accurate performance evaluation of overseas m&a activities and then reflect on and summarize relevant experience.This article selects M enterprises overseas mergers and acquisitions K this case as the research object,in the discussion of overseas mergers and acquisitions and mergers and acquisitions performance evaluation,on the basis of relevant theories,focus on this case of m&a performance is analyzed and the influence factors of m&a performance,and then summarizes the main M enterprise implementation of overseas mergers and acquisitions experience revelation in the future.This paper consists of the following six parts:the first part is the introduction.This part firstly introduces the research background and significance of this paper,then makes a literature review from the three aspects of m&a motivation,m&a performance evaluation method and overseas m&a performance evaluation,and finally summarizes the research methods and innovation points.The second part is the theoretical foundation.This part is written from three perspectives:overseas m&a theory,overseas m&a performance evaluation theory and overseas m&a performance evaluation method.The third part is case introduction.This part first introduces the basic situation of the merger and acquisition parties,then expounds the motivation for the implementation of merger and acquisition and the relevant points in the process of merger and acquisition,and gives a brief overview of the business status of the merger and acquisition parties.The fourth part is m&a performance evaluation.This part combines the case introduction and the characteristics of the case to build the m&a performance evaluation system,and from the perspective of EVA and m&a synergies,the key financial indicators and non-financial factors are selected to analyze the m&a performance of this case.After that,the influencing factors of the m&a performance are analyzed.The fifth part is merger and acquisition experience and enlightenment.In this part,combined with the relevant introduction,evaluation and analysis of the cases mentioned above,the author summarizes the experience and enlightenment of M's overseas m&a activities in the future.The sixth part is the conclusion.The study found that after M enterprise's acquisition of K enterprise,the growth of shareholder value slowed down,and most of the financial indicators selected from the perspective of merger synergy also showed a negative growth trend.However,at the end of 2018,some indicators,including EVA value,showed a trend of bottoming out and rising.Overall,the merger integration is slow and the current shareholder value increase and merger synergies are not obvious,but they are expected to be realized in a longer future period.The innovation of this paper lies in the construction of m&a performance evaluation system.In this paper,considering the essence of mergers and acquisitions as a strategic investment activities and the combination of enterprise financial management goal,first select the EVA value and related indicators to evaluate the merger and acquisition activity before and after the change of shareholder value,and then considering the defects of the evaluation method for the separate use EVA not comprehensive synergies based on the m&a theory,from financial synergy,management synergy and operating synergies from three aspects of financial indexes and non-financial factors in the evaluation.