Research On The Performance Of Anta Sports’ Overseas Acquisition Of Amer Sports

In recent years,with the continuous improvement of economic level and the country’s active call for national fitness,people pay more attention to their physical quality,our sports goods industry has developed greatly.At the same time,the sports goods industry is also facing many challenges,including the increase of residents’ consumption level,the change of consumption concept,the competition between enterprises in the sports goods industry is increasing and so on.Therefore,for many enterprises,M&A is an important way to learn advanced productivity,market competitiveness and brand advantages if they want to open up new markets for different products and gain a larger market share.In this context,we evaluate the performance of Anta Sports’ overseas merger and acquisition of Amer Sports,hoping to provide overseas acquisition experience for other domestic brand companies.In this paper,economies of scale theory,transaction cost theory and synergistic effect theory are used as the research basis,and Anta Sports M&A Amer Sports event is taken as the case study object to explore the economic consequences of M&A.Event study method and balanced scorecard were used to explore the short-term and long-term performance effects of Anta Sports’ acquisition of Amer Sports.The conclusions of this paper are as follows: First,from the short-term performance,Anta Sports’ overseas acquisition of Amer Sports has an impact on both Anta Sports’ market return rate and cumulative excess return rate,because the two are synergistic.Among them,the cumulative excess rate of return showed a downward trend during this event window,and at the same time,the excess rate of return was also mostly negative,so the short-term market did not look up to this acquisition.Second,from the perspective of long-term performance,after Anta Sports’ overseas acquisition of Amer Sports,its business process dimension,customer analysis dimension and learning and growth dimension have obvious positive trends.However,after analyzing from the financial dimension,it is found that in addition to the positive trend of profitability,operating capacity,debt paying capacity and development capacity have been negatively affected to varying degrees.From the perspective of the realization of motivation,Anta Sports’ successful acquisition of Amer Sports,the world’s top sports goods company,has supplemented its vacancy in the high-end sports goods market and greatly facilitated Anta Sports’ layout in overseas markets.Therefore,Anta Sports has achieved its expected goal after the acquisition.The implications of this paper are as follows: first,listed companies should be careful when choosing the target companies for overseas mergers and acquisitions,be familiar with local laws and policies,and avoid risks;Secondly,adopting the appropriate financing method can promote the M&A transaction and fund risk more successfully;Thirdly,we should attach importance to the resource integration of both sides after the merger,maximize the value effect of the merger,and realize the stable and upward development of the enterprise.