Research on the Characteristics and Actual Effect of M&A of Logistics Listing Corporation

Merger and acquisition (M&A) is an effective way to enhance the competitiveness of enterprises in a short period of time. In recent years, lots of logistics enterprises choose M&A to achieve horizontal expansion and vertical integration, so the research on merger and acquisition characteristics and its actual effect of logistics enterprise has a strong practical significance. This paper sets up the evaluation index system of the effect of M&A on the basis of the review of the literatures at home and abroad, combined with the merger motivation theory, collaborative effect theory and value chain theory, and then analyzes and compares the features and actual effect of M&A of logistics enterprises using the combined method of statistics and case analysis. The study finds the following opinions: (1)The horizontal M&A can improve the management synergy, operating synergy and financial synergy of logistics enterprises significantly; (2)The vertical M&A can improve the financial synergy significantly, but the management synergy, operating synergy is not significant; (3)The mixed M&A lack the significant improvements on management synergy, operating synergy and financial synergy. The study results of this paper can provide some valuable references for logistics enterprises to choose the type of M&A.