Research On The Performance Of Continuous M&As Of YK Company

M&A,as one of the important ways for enterprises to enhance their own strength and promote healthy development,have a unique role in serving economic transformation and upgrading,and through M&A to Continuously strengthen,optimize and expand is an important channel for listed companies to achieve high-quality development,and the national "the Outline of the 14 th Five-Year Plan and the Long-Range Objectives through the Year 2035" clearly proposed to "encourage technological innovation and enterprise M&As".In recent years,as China’s economy has entered a new normal of transition from high-speed development to highquality development,more and more traditional enterprises facing the pressure of transformation and upgrading regard M&A as an important method to quickly achieve transformation and upgrading.Moreover,many enterprises are no longer limited to single M&A,but have incorporated continuous M&As into their development plans,which makes the phenomenon of continuous M&As in China’s M&A market appear to be frequent.In this context,whether enterprises can achieve good continuous M&As performance through the implementation of continuous M&As,and how to make enterprises obtain good continuous M&As performance through continuous M&As become issues worthy of further research.In view of this,this paper focuses on the theme of continuous M&As performance and selects YK Company as the case study object to analyze and study the performance of YK Company’s continuous M&As,in order to provide experience and reference for other enterprises to implement continuous M&As.Based on the basic situation of YK Company and the operational difficulties before continuous M&As,analyze the process of YK Company’s continuous M&As,and explore the internal and external motivations for YK Company’s implementation of continuous M&As;using the methods of event study,financial index analysis and factor analysis,focusing on the perspective of market reaction,operating performance,strategic layout realization,R&D innovation ability,market influence,etcetera,carrying out from the two dimensions of financial performance and non-financial performance,and the financial performance dimension is further divided into long-term and short-term perspectives to analyze;analyze the reasons for the excellent performance of YK Company’s continuous M&As,summarize the inspirations from YK Company’s continuous M&As,and propose suggestions for improving YK Company’s continuous M&As performance.Research has found that:(1)YK Company’s continuous M&As have multiple motives,the external motives mainly include the driving force of policy opportunities and industry development conditions,and the internal motives mainly aim to achieve transformation and upgrading,seek new profit growth points,seize blank markets and technological advantages,and optimize market reactions;(2)In terms of financial performance dimension,with the implementation of continuous M&As,the positive market reactions have enabled YK Company to achieve good short-term financial performance,significantly enhanced profitability and development capabilities,improved debt paying ability and operational ability,and achieved long-term positive financial performance at different stages of continuous M&As,and its long-term comprehensive financial performance has significantly increased,the results of the double difference test confirm that continuous M&As have indeed brought positive longterm comprehensive financial performance to YK Company.However,it cannot be ignored that overall accounts receivable turnover and inventory turnover capabilities are still poor;(3)In terms of non-financial performance dimension,YK Company’s strategic layout for building a semiconductor material platform enterprise has been achieved after continuous M&As,and its R&D innovation ability and market influence have been significantly enhanced.However,its R&D investment has been greatly improved,and it is satisfied with the current situation.