The hottest in-depth analysis of 95 cases of merge

2022-08-22
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In depth analysis of 95 cases of mergers and acquisitions of printing and packaging listed enterprises to explore the rules

in modern mass production, there are two ways to improve the economies of scale of an industry: first, expand the scale of enterprises through new construction or asset restructuring, so as to achieve the best economic scale of product production; The second is to form industrial clusters gathered by many affiliated enterprises under the principle of professional division of labor. This paper focuses on the impact of the merger and acquisition of printing enterprises on the intensive development of industry

to observe the merger and acquisition behavior of printing enterprises, this paper takes 26 listed printing and packaging enterprises as the research object. Considering this, first, the printing enterprises listed on the main boards of Shanghai and Shenzhen stock exchanges have more smooth financing channels and more urgent development willingness, and mergers and acquisitions are relatively active in the industry; Second, because of the strict information disclosure system, the mergers and acquisitions of these enterprises can be more convenient and complete

26 printing and packaging listed enterprises are:

evergreen shares, Hexing packaging, Jinjia shares, Shengtong shares, meiyingsen, Shunhao shares, org, Shaanxi Jinye, Hongbo shares, Donggang shares, kangdexin, Yutong technology, Jihong shares, global printing, xinhongze, Shengxing shares, Yongxin shares, Annie shares, Jinshi technology, Dongfeng shares, Jielong Industry, Yongji printing, Zijiang enterprises, Baosteel packaging Xianggang technology, Tianjin magnetic card

these enterprises cover two major fields: printing and packaging production and printing machine equipment consumables. The observation period is 2014 ~ 20. Due to the high temperature of plastic, plastic needs 18 years and 5 years

5 years, a total of 95 mergers and acquisitions occurred in 26 enterprises, with an average of 3.65 per enterprise. This figure is far higher than the average level of the whole industry, indicating that listed companies will adopt more mergers and acquisitions to support business development and business transformation

if the year is divided into years, there were 14 mergers and acquisitions in 2014; In 2015, there were 17 mergers and acquisitions; In 2016, there were 34 mergers and acquisitions; In 2017, there were 13 mergers and acquisitions; In 2018, there were 17 mergers and acquisitions

the peak of mergers and acquisitions occurred in 2016, and the subsequent mergers and acquisitions have weakened, which is related to the strict supervision of the capital market since the second half of 2016, as well as the tightening of environmental protection policies in the industry

from the perspective of M & A targets

taking 2018 as an example, Chinese listed companies initiated 6283 new mergers and acquisitions throughout the year, with an amount of 1836 billion yuan, with an average amount of 292 million yuan each; In the same year, there were 17 mergers and acquisitions of printing and packaging listed enterprises, with an amount of 2.136 billion yuan, with an average amount of 126 million yuan each

in terms of the number of M & A transactions, the scale and amount of M & A, the printing and packaging industry is far less than the average level of listed companies

what are the types and characteristics of mergers and acquisitions of printing enterprises? From the perspective of the industrial organization characteristics involved in M & A, it can be divided into the following three types

01, horizontal mergers and acquisitions

horizontal mergers and acquisitions refers to mergers and acquisitions in the same industry between both parties involved in mergers and acquisitions, which is a kind of mergers and acquisitions between competitors. Enterprises obtain economies of scale and management synergy through horizontal mergers and acquisitions, and improve market share and competitiveness

26 listed companies, the most typical is Hexing packaging, which has developed from the original 4 factories to 50 production bases. Among them, in 2018, Hexing packaging acquired 100% of the shares of Hezhong Chuang Asia (Asia) at a transaction price of 718 million yuan, quickly increased its operating revenue, and became the first printing and packaging enterprise with a revenue of more than 10 billion yuan in the industry. According to statistics, this acquisition alone has brought nearly 2.2 billion yuan of operating income to Hexing packaging

02. Vertical mergers and acquisitions

vertical mergers and acquisitions are mergers and acquisitions between upstream and downstream enterprises in the same industry. Through vertical mergers and acquisitions, enterprises can obtain the industrial resources of the merged enterprises, and can also carry out business extension through vertical mergers and acquisitions to complete the industrial expansion of enterprises and realize vertical integration

EVA has made many expansion in vertical mergers and acquisitions. For example, the operating revenue of EVA was 616 million yuan in 2013 and 957 million yuan in 2014, with a year-on-year increase of 55.4%. The main reason is that it completed the acquisition of 85% equity of Liqun printing, a cigarette bag printing enterprise, in 2014, which contributed 368 million yuan of operating revenue to Eva. It can be seen that extending to the downstream to enhance the business growth and profitability of the enterprise is an important means for EVA to maintain the level of sustainable development

03, hybrid mergers and acquisitions

hybrid mergers and acquisitions are mergers and acquisitions between enterprises in different industries. The basic purpose is to spread risks and seek economies of scope. Hybrid M & A is an important method of diversification, which provides a powerful, convenient and low-risk way for enterprises to enter other industries

for example, Shengtong Co., Ltd. has successfully entered the field of education after a series of market operations, starting from the acquisition of Beijing Lebo Lebo Education Technology Co., Ltd. in 2016. In 2017, the operating income of Shengtong Co., Ltd. was 14. How did the steel plate undergo mechanical testing RMB 0.3 billion, with a year-on-year increase of 66.4%, of which the acquisition of Lebo brought an increase of RMB 183million to Shengtong shares. Through cross-border mergers and acquisitions, Shengtong has achieved diversified layout and development while maintaining stable growth in its original main business

in general, among the 95 mergers and acquisitions of 26 listed printing and packaging enterprises in the past five years, horizontal mergers and acquisitions have been the most, with 63, accounting for 66.3%, which is higher than the situation that horizontal mergers and acquisitions account for 50% in the national mergers and acquisitions activities. There is no doubt that horizontal M & A is the most direct and largest way of M & A with the positive rise of the automotive market

on the whole, although M & A has a great impact on the development of listed printing and packaging enterprises, based on the relatively small number of Listed Companies in the printing industry and limited influence, the M & A behavior of listed companies has a limited impact on the intensive development of the whole industry

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