Research On The Performance Of Foreign-funded Enterprises’ M & A

In the context of continuous supply-side reform,MERGERS and acquisitions not only help enterprises to achieve leapfrog development,but also help enterprises to achieve synergies in production and value creation in the supply chain.In order to improve their position in the value chain of the industry,domestic listed companies do not hesitate to "go out" to look for m&a targets.Are A-share foreign listed companies willing to "go out" or look for M&A targets in the domestic market? A-share foreign listing through mergers and acquisitions to create market value?In order to answer these questions,this study takes the BK process of Token acquisition as an example,adopts methods such as yield rate,short-term event method and accounting research method,and measures the speculative effect,value creation effect,financial effect and market feedback effect brought by the process of merger and acquisition.In order to reflect the value creation effect of M&A financially,three indicators of earnings per share(EPS),return on equity(ROE)and Margina in accounting research are introduced to measure the financial effect of the three years before and after M&A.In addition,using The method of Ge Jiegen(2015)for reference,capacity indicators are constructed from five dimensions to describe the financial effects of Token m&a from the perspectives of development capacity,cash flow capacity,asset operation capacity,profitability and debt paying capacity respectively.The value creation effect of Token acquisition of BK is revealed mainly from the perspective of m&a process,and the following conclusions are drawn:First of all,the investment effect in the process of Token merger and acquisition of BK has periodic characteristics.In the merger contact stage and merger negotiation stage,the difference between the relative returns and excess returns in each time window is obvious.Secondly,the value creation effect brought by M&A is obvious.In the m&a contact stage,positive returns were obtained in all 5 window periods.In the negotiation stage of MERGER and acquisition,the income of the five window period has a great difference;In the m&a negotiation stage,positive returns were obtained in all 5 window periods.Thirdly,the financial effect of Token is revealed by M&A.The financial indicators in the two stages of M&A negotiation and negotiation are reversed compared with those before M&A.Finally,according to the three m&a processes initiated by Token to BK,the market feedback data during the window period of M&A events show that the market feedback effects are quite different.