Study on the effects of successive mergers and acquisitions from the perspective of market value management: The Case of TRS

Abstract

M&A as a means of market value management for listed companies, companies are eager to achieve transformation and upgrading through M&A, and many companies have embarked on the road of continuous M&A after their first M&A. The software industry, as a rapidly developing industry with high industry barriers and the need to break technical barriers through M&A, has seen frequent M&A. This paper takes a series of M&As of TRS as an example and uses the market value management evaluation model to analyze the effect of its M&As as a market value management approach. The study finds that a series of M&A only produces effects in the M&A period, but not in the long term, providing a reference for companies expecting to achieve synergy effects through successive M&A.