Research On The Motivation And Performance Of Yushun's Acquisition Of Yashi Technology

M&a will help companies achieve rapid development,in recent years,with the rise of the wave of mergers and acquisitions,m&a premium has been at a higher level and the trend of rapid increase,merger,acquisition and reorganization of listed companies has become a "new normal",electronic components,as an important part of science and technology industry in China,in the background of economic and social progress and positive policy of vigorous development,the merger and acquisition activity high premium phenomenon also appears frequently.However,the result of mergers and acquisitions is not necessarily successful,and high premium also means high risk.Through in-depth analysis of the motivation and performance of enterprises' high premium mergers and acquisitions,we can better understand the merger premium,and provide reference for enterprises' economic activities.In this paper,the case of Yushun Electronics merger and acquisition of Yashi Technology is selected as the analysis object and the case of merger and acquisition is deeply analyzed.Yushun Electronics has always been in an important position in China's electronic components industry.In order to pursue the rapid development of the enterprise,Yushun Electronics carried out the merger and reorganization of Ace Technology.However,as it was a high-premium merger accompanied by many uncertainties and risks,the fact proved that the high-premium merger finally ended in failure.In this paper,the process of the merger case is sorted out,and the motivation of Yushun Electronics' acquisition of Eassee Technology is analyzed,namely,the pursuit of synergies and the considerable profit forecast of Eassee Technology.By comparing the excess return and cumulative excess return in the event window period of the event study method,it can be seen that in the early stage of M&A,market investors hold a positive attitude towards the second high-premium M&A event to some extent.Using the method of financial indicators,including debt paying ability,operation ability analysis,and profitability index analysis,development capacity index analysis,examine the high premium m&a enterprise itself over a period of time after the change of the relevant financial indicators,and the results showed that due to the uncertain factor in the development of industry and the high premium,leading to the merger of financial indicators positive change is not good.In order to more accurately reflect the status of enterprise management and real performance,use EVA evaluation method,the merger of enterprise real value for effective analysis,the results show that the m&a to yu shun electronic brings negative effect,EVA is negative,after the merger of enterprises into the cost of capital higher than profits,decrease the wealth of shareholders,a negative impact,at the same time,the analysis result is consistent with the financial index analysis conclusions,proves that the failure of this deal.By Yu Shun electronic m&a cases,depending on science and technology,in the behavior of the merger and acquisition of enterprises in the high premium should be fully considered in and potential risks,according to the enterprise future development plan to set up the reasonable acquisition scheme,including the selection of targets,future performance is expected to grow,mergers and acquisitions under the synergistic effect of raw material,manpower,maximize customer and market resources,clear purpose of m&a,at the same time to strengthen the control in risk factors,fundamentally guarantee high premium m&a behavior expected effect.