First, the writing background or a brief introduction to the research purpose.

1, the concept of financial effects of enterprise mergers and acquisitions

2. Background introduction

Second, the main aspects of financial effects of enterprise mergers and acquisitions

1, ability improvement is the foundation.

In general, the parent company's control over its subsidiaries depends on two aspects. On the one hand, the senior management team is sent to solve the difficulty of relying on accurate information in remote management through multi-person and multi-channel transmission, and the execution and wisdom of the team are much higher than that of individuals; On the other hand, the integration of important resources such as market development, finance and material procurement is controlled by the parent company, which can weaken the influence of insider control and increase the dependence of future generations on the parent company.

Lenovo's M&A experience can be summarized as "building a team, making a strategy and leading a team". Among them, team building refers to the preparation of high-level talents, including whether the staff of the parent company have experience in group management, whether there is a talent training plan suitable for group management, whether there is a good organization to enter the management team of subsidiaries, and whether to establish a reserve cadre team. Fixed strategy refers to strategic planning, including strategic basis, target enterprise characteristics, acquisition plan, synergistic effect, implementation steps, breakthrough points, leverage utilization, etc. Leading team is to use organizational means to achieve talent integration and cultural integration, cultivate and bring up core teams, and ensure the sustainable development of enterprises.

2. Cultural integration is a sign.

If enterprises only pay attention to other levels of reorganization and neglect the integration of corporate culture in the process of M&A, it is inevitable that there will be phenomena such as "separation of form and spirit" and "strange bedfellows". The effect of mergers and acquisitions will be greatly reduced.

3. Avoiding risks is the guarantee.

4. Business integration is the key.

Statistics show that the main risk of M&A comes not from M&A itself, but from the later M&A integration. According to the investigation of Kearney Company, in all cases of merger or acquisition, the return rate of shareholders of nearly 60% companies cannot be improved. According to Kearney's analysis of 1345 M&A cases in the past13 years, a company has only two years to enhance its enterprise value, and the opportunities for synergy will disappear after two years.

5. Resource integration is the goal.

The financial effect of M&A is also directly reflected in the integration of resources. Perfecting the industrial chain of enterprises and rationalizing the value chain, profit and tax planning can maximize the financial effect.

Third, the case analysis

Fourth, induction and summary.