Case Study On Continuous Mergers And Acquisitions Of National Porcelain Materials

In recent years,with the rapid development of China’s capital market,continuous M & A have become an effective way and an inevitable choice for enterprises to seek their own development.Based on this,all walks of life have invested in mergers and acquisitions.The new material industry is a strategic emerging industry in my country.In addition,the state has also introduced relevant policies on mergers and acquisitions and new materials.The market background of continuous mergers and acquisitions,good industry background,and beneficial national policies make continuous mergers and acquisitions in the new material industry one after another,and gradually become a research hotspot.Therefore,this thesis selects the national porcelain material company in the new material industry as the research subject,takes the continuous merger and acquisition behavior in the new material field as the starting point,and analyzes its sustained M & A behavior based on the perspective of whether continuous merger and acquisition behavior can really bring value to the enterprise effect.National Porcelain Materials is a typical new material enterprise that has developed and grown through continuous "extensional" mergers and acquisitions.Its continuous mergers and acquisitions activities from 2016 to 2017 are relatively representative.This thesis mainly adopts the case analysis method to collect,sort out and summarize the relevant literature at home and abroad,combined with the theory and history of continuous mergers and acquisitions,analyze the M & A behavior of National Porcelain Materials,and explores the effect of continuous mergers and acquisitions.Firstly,it expounds the research background and significance of this thesis,and summarizes the implication,motivation,concordance,performance evaluation methods and performance results of continuous M & A.And expounds the related concepts and theory basis mergers and acquisitions.Secondly,from the industry development of new materials,the basic matter of the company and the process of continuous M & A,the case of continuous mergers and acquisitions of National Porcelain Materials is comprehensively sorted out.Then,focus on analyzing the motivation,characteristics,integration and synergistic effect of the company’s continuous mergers and acquisitions,and at the same time use the event research method and economic added value-added method to systematically evaluate the long-term and short-term performance of the continuous mergers and acquisitions of National Porcelain Materials.Finally,rationalization suggestions are put forward on this basis.The study found that the continuous merger and acquisition of National Porcelain Materials have brought value enhancement to the enterprise.By analyzing the motivation,characteristics and integration of continuous mergers and acquisitions,combined with the statistics of diverse financial indicators and long-term and short-term performance,it is indicated that processive mergers and acquisitions have achieved good synergies and brought positive effects.We except to provide enlightenment and reference for the durative mergers and acquisitions of similar enterprises in China.