A Study Of The Motivations And Performance Of Company H’s Cross-border M&A Of Company D

In recent years,Chinese companies have frequently appeared in the arena of cross-border mergers and acquisitions under the ’overseas expansion’ and ’One Belt,One Road’ initiative.With the new round of technological revolution around the world with the theme of "intelligent manufacturing" and the introduction of policy documents such as"made in China 2025",traditional manufacturing enterprises have also obtained new development opportunities and challenges.With the new round of technological revolution around the world with the theme of "intelligent manufacturing" and the introduction of policy documents such as "made in China 2025",traditional manufacturing enterprises have also obtained new development opportunities and challenges.As a result,China’s home appliance manufacturing enterprises have been responding to the development of the times,focusing more and more on their own technological innovation,seeking industrial upgrading and adjustment,and actively transforming into intelligent enterprises,while looking at the international market and seeking new development opportunities,expecting to obtain overseas advanced technology and other quality resources through cross-border mergers and acquisitions to enhance their competitive advantages,thus setting off a "smart This has led to a new wave of "intelligent" cross-border mergers and acquisitions.However,as the wave recedes,a series of questions such as whether M&A can bring real value to enterprises and whether it can contribute to the sustainable development of enterprises have become a hot topic for academic research.In view of this,it is particularly important to explore in depth the motivation of cross-border M&A of enterprises and to assess M&A performance comprehensively.The theoretical foundation of this paper is based on the collection and comparison of relevant theories on motivation and outcomes of cross-border M&A at home and abroad.Second,it introduces examples of cross-border M&A of H firms and D firms,including the situation of both parties and the detailed M&A process,and analyzes the motivation of M&A in four areas.Furthermore,use event investigation method to evaluate the company’s short-term market performance,EVA analysis method to evaluate the company’s long-term financial performance,and non-financial index analysis method to evaluate the company’s non-financial performance.The results found that the M&A of Company D had brought about a more positive impact on Company H’s performance and made a greater contribution to the strategic transformation and upgrading of the enterprise.Finally,relevant insights are obtained from this M&A,and the experiences and lessons learned are summarised,with a view to providing reference for future cross-border M&As in the same industry.