Abstract
With the rapid development of modern China and the influx of capital, the number of companies has gradually increased. However, most companies cannot operate for a long time due to various reasons. Therefore, mergers and acquisitions have occurred. Large companies merge small companies to some extent. The number of employees can be guaranteed, and the market can be stabilized. However, mergers and acquisitions also have higher risks. As the pace of mergers and acquisitions accelerates, there are more and more cases of failed mergers and acquisitions. The synergy effect of mergers and acquisitions is an important indicator to judge the performance of mergers and acquisitions. This article measures the synergy obtained by the main enterprise from the perspective of performance changes, establishes an evaluation model through the rate of change of financial indicators and migration learning, estimates it through a neural network model, and conducts an empirical analysis on it. The transfer learning neural network has been studied in depth. The research of this article is to accurately assess the synergy effect obtained after mergers and acquisitions and to analyze whether the company can profit from mergers and acquisitions, so as to provide a reference for subsequent mergers and acquisitions between companies.
Highlights
Mergers and acquisitions of enterprises are the products of the market economy. ey generally refer to a property rights transaction in which a company obtains some or all of the property rights of other companies under the action of the market mechanism to obtain the control of the company
The change rate of various financial indicators after the acquisition of Shenshenbao by agricultural products shows that, except for the change rate of the main business profit rate and the change rate of the asset-liability ratio, the change rate of other financial indicators has appeared more obvious. erefore, we conclude that the synergy effect of the agricultural product acquisition Shenshenbao may be negative, and the comprehensive score of the acquisition event is −0.423
It is necessary to verify whether the synergy effects of mergers and acquisitions with a comprehensive score lower than −0.423 are all negative. e calculation result of the comprehensive score of the merger event shows that the comprehensive score is slightly lower than −0.423 for the Hengyang economic development of China National Travel Service. e rate of change of various financial indicators shows that all the original data are negative
Summary
Mergers and acquisitions of enterprises are the products of the market economy. ey generally refer to a property rights transaction in which a company obtains some or all of the property rights of other companies under the action of the market mechanism to obtain the control of the company. Is income evaluation method based on financial data generally uses indicators such as the profit rate of main business, return on net assets, and earnings per share to investigate the realization of the synergy of corporate mergers and acquisitions. The change rate of financial indicators in this article is the ratio of the financial indicator of the main merged company in the second year after the merger minus the balance of the indicator in the year before the merger and the absolute value of the indicator in the year before the merger It reflects the changes in corporate performance brought about by mergers and acquisitions. Shagn predicts synergies at the point of evaluation before the completion of the tonglei M&A transaction
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