Study On Motivation And Performance Of SF Holding’s Cross-Border Merger And Acquisition Of Kerry Logistics

With the progress of Science and Technology and the development of global economy,the market puts forward higher requirements for enterprises,and M & A has become an important means of enterprise development.In recent years,our country enterprise merger and acquisition transaction development is swift and violent,the quantity and scale of merger and acquisition increase steadily,the industry conformity becomes the trend.At the same time,our country e-commerce maintains the growth situation,the network shopping platform rises,the express delivery industry obtains the high speed development,especially under the covid-19 epidemic situation background,the traditional foreign trade industry suffers the huge impact,cross-border e-commerce has grown against the trend and become a new profit growth point for enterprises.This paper focuses on the cross-border merger and acquisition of Kerry Logistics by SF & Fung.On the basis of analyzing the theories and methods of cross-border M & A by domestic and foreign scholars,this paper discusses the general situation of this case from the aspects of M & A Enterprises,M & a background,M & a scheme,M & a process and M & a characteristics.Based on the theoretical analysis,this paper introduces the strategic thinking,and analyzes and evaluates the motivation of M & A in combination with the actual development of SF & Fung Holdings.This paper analyzes the capital market performance and financial performance by using event study method,Eva Economic Value Added Method and accounting index method.This study found that the M & A event improved SF & Fung’s short-term market performance,with the passage of time,its impact tends to be flat.At the same time,M &A activity has improved sf-fung’s operating level,but it also brings higher financial risk to the enterprise.Based on the above cognition,this paper believes that: in the pre-m & a period,enterprises need to make a detailed M & a program,fully investigate the target object,and scientifically evaluate the value of the enterprise.In the mid-term of M & A,expand financing channels,consider the development of enterprises to select appropriate payment methods,pay attention to guard against financial risks.In the later period of M& A,the M & a party should take measures according to the differences between the two companies,and do a good job in strategy,technology,human and finance.