| In recent years,many traditional industries are facing the severe situation of market saturation.As an important way for enterprises to promote sustainable development,merger and acquisition can quickly obtain technical support or product transformation so as to inject new vitality into enterprises.Evaluating the performance of enterprise M&A and exploring how to improve the success rate of traditional industry M&A transformation is still the focus of academic attention.This paper takes the successive M&A events of STEP from 2014 to 2017 as the research object.First,the event study method is used to test the market reaction of each M&A of STEP.It also analyzes the motivation of STEP to implement continuous mergers and acquisitions from external and internal perspectives.Finally,it analyzes whether STEP has achieved M&A goals based on collaborative construction of performance evaluation system of continuous mergers and acquisitions based on combination weighting method,and explores what experiences STEP has in the process of implementing continuous mergers and acquisitions and what problems need to be improved and promoted.Through the case study,this paper finds that:(1)out of the 4 M&A events in the new period,3 M&A events have brought positive market reactions to enterprises,especially the first M&A has a more significant effect.(2)From an external perspective,affected by the development restrictions of the elevator industry,industrial robot industry,which is in blowout development and has technical characteristics in common with the original industry,is selected as the target industry.In addition,it is encouraged by national policies;Based on the internal perspective,the company attempts to seize the market share of industrial robots through continuous mergers and acquisitions and improve the industrial chain layout,promote the company’s business transformation and obtain a certain degree of high-quality resources such as technology and customers.(3)The continuous mergers and acquisitions of STEP have played a synergistic effect to varying degrees,especially in the aspects of human resources,enterprise transformation and long-term debt paying ability.The annual comprehensive score of STEP after the implementation of the continuous mergers and acquisitions is higher than that before the merger,indicating that the company’s continuous mergers and acquisitions are successful.After analysis,this paper speculated that the success of STEP ’s successive mergers and acquisitions was due to its careful selection of appropriate and correct merger objects,and the choice of diversified payment methods to reduce financial risks and effectively prevent equity from being too dispersed.At the same time,it is found that although the layout of robot market has been completed,due to the high frequency of mergers and acquisitions,STEP has not done a good job in the integration of resources among companies,and the cost has not decreased but increased,which indirectly leads to the unsatisfactory profit performance.The research results of this paper not only help STEP pay timely attention to the existing problems at the present stage and make timely adjustments,but also help to provide reference experience for other enterprises to improve the success rate of continuous mergers and acquisitions in traditional industries.. |
