Study On The Motivation And Effect Of Merger And Acquisition Of Forestry Listed Companies

Environmental problems are a common challenge facing the world,which has seriously hindered the further development of society.In the face of severe ecological and environmental problems,China has put forward the climate action goal of "2030 carbon peak and 2060 carbon neutralization".The Sixth Plenary Session of the 19 th CPC Central Committee stressed that in the construction of ecological civilization,the Party Central Committee has paid unprecedented attention to the construction of ecological civilization,and China’s ecological environment protection has undergone historic,turning and overall changes.Green development is the main tone of China’s future development,and the principles and policies for wood logging need to be implemented in place.Therefore,in order to keep up with the pace of the times and survive better in the new environment,more and more forestry enterprises relying on logging have chosen the strategy of "non forest nurturing forest" through M & A to realize diversified development.Then,it is worth discussing the short-term and long-term performance of forestry enterprises after adopting the M & a mode of "non forest nurturing forest",and whether they can realize the sustainable development of enterprises.Jilin Forest Industry is a forest industry enterprise focusing on wood mining,transportation and processing.It is in a leading position in China’s forestry and is a typical representative of cross industry M & A of "non forest nurturing forest".Using the case study method,taking the quanyangquan event as an opportunity,this paper introduces the way and process of this M & A,and discusses the motivation of Jilin Forest Industry to choose M &A from six aspects: implementing policies,improving profitability,expanding business scope,enhancing competitiveness,seeking strategic transformation,and implementing synergy.At the same time,event study method,financial analysis method EVA evaluation method comprehensively discusses the market reaction,financial performance and non-financial performance before and after M & A.This paper finds that in terms of market reaction and financial performance,in the short term,this M & A has a certain role in promoting it,but in the long term,this role is small,and is not enough to make up for the negative impact of the industry cycle;In terms of non-financial performance,from the perspective of achieving the strategic objectives,there is a certain gap from the realization of all drivers,but there is an improvement in marketing channels and innovation ability.Finally,this paper analyzes the causes of the problem that the long-term performance of Jilin Forest Industry is not obvious,and puts forward the optimization plan,including strengthening the management means,improving the performance compensation mechanism,balancing the debt ratio,and improving the management ability and level of M & A risk.This paper studies the motivation and performance of cross industry M & A of "non forest nurturing forest" of Jilin Forest Industry,provides an operable scheme for its diversified development,and urges forestry enterprises to realize the sustainable development of economic performance while ecological environmental protection,which has important reference significance for realizing the high-quality development of China’s economy.