Research On The Performance Of QM Cross-border Mergers And Acquisitions Of Ekornes ASA

According to the data of the National Bureau of Statistics,the growth rate of the total retail sales of furniture was the last among the 16 categories of goods in 2022,and even declined year-on-year for 12 consecutive months.The downturn of the furniture industry was affected by many factors,such as the decline of the real estate boom,the intensification of industry competition,the decline of population dividend and the upgrading of consumption.Furniture enterprises urgently need to find new growth points and gradually transform and upgrade to intelligence,branding and integration.As an effective way to help enterprises transform and upgrade,M&A has become the first choice of most enterprises.Through M&A,we can obtain brand resources,intelligent manufacturing technology and improve core competitiveness.However,some mergers and acquisitions not only do not generate income for enterprises,but also cause unnecessary losses to enterprises.In order to provide reference for furniture enterprises’ M&A and help them out of difficulties,this paper selects the largest cross-border M&A case in the history of the furniture industry as the research object.This paper mainly takes the case of QM’s cross-border merger and acquisition of the Norwegian national treasure brand Ekornes ASA as the research object.Firstly,it introduces the basic situation of the merger and acquisition parties,and expounds the process of the cross-border merger and acquisition.This paper analyzes the motivation of QM’s merger and acquisition,and describe the relevant measures of M&A integration.Secondly,a performance evaluation system combining the event study method,financial index method and non-financial index method is constructed,and compared with companies in the same industry horizontally to analyze and evaluate the short-term and long-term performance changes of this cross-border merger and acquisition.The conclusion is as follows: this merger and acquisition has not brought wealth benefits to shareholders in the short term.The financial indicators have changed significantly.Before the merger and acquisition,QM did not carry out any merger and acquisition.The company’s revenue and net profit grew strongly and its asset-liability ratio was low.However,after the merger and acquisition,the solvency,profitability and operating capacity have declined.Although there are signs of improvement,it is difficult to return to the pre-merger level in the short term.In terms of non-financial performance,M&A is conducive to the value appreciation of all links of the value chain,but the R&D capacity is reduced.Finally,according to the results of the case study,the paper puts forward suggestions for the development of QM,which should focus on R&D investment and strengthen product innovation;Pay attention to post-merger integration and strengthen risk control management.This paper also provides suggestions for home manufacturing enterprises to use for reference in cross-border M&A,select appropriate M&A targets,and conduct reasonable valuation;Select appropriate M&A methods and strengthen risk management;Pay attention to post-merger integration and improve synergy.