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Effect Of Merger and Acquisition on Corporate Performance of Chinese Organisations in The Agricultural Sector
This thesis focuses on the importance of mergers and acquisitions (M&A) in the Chinese agriculture industry by providing effective information, the evidence of this study emphasises the effect on business performance and sustainable growth by using M&A.
The desire for strategic growth, and increased competitiveness, by increasing M&A activity in the Chinese agriculture sector. On the other hand, this study helps to find out the role of innovation, technology which works as a vital factor in adopting these techniques. On the other hand, the drawbacks and advantages of M & A are also discussed.
The adoption of the method by using qualitative and quantitative information improved the relevance of the study. Many exciting studies and thematic analyses are developed by adopting exploratory design.
On the other hand, descriptive design is used to evaluate quantitative information by using SPSS. Along with this used positivism research philosophy is used to define the evidence and data.
Keywords: Merger, acquisition, corporate. Performance, agriculture, organisation, China
Mergers and acquisitions (M&A) are becoming the primary means by which businesses may increase their competitiveness as global economic integration progresses. The success of mergers and acquisitions is significantly influenced by technological innovation. In China, the food and agricultural industries are vibrant and constantly evolving.
Over the past few decades, the business has experienced booms and busts, significant consolidation, and ongoing globalisation. Companies in these industries have had to consolidate at the levels of producers, suppliers, and consumers (Renneboog & Vansteenkiste, 2019). M&A transactions have been one tactic adopted by businesses to expand and reposition themselves throughout years of industry consolidation. China has a wide range of ecosystems centred on agriculture.
However, the per capita share of these resources is quite low due to the enormous population, in addition to producing vast amounts of agricultural goods, it is renowned for its advancements in the integration of science and technology-based innovations with conventional farming practices. This was used to increase yield and improve quality, ultimately resulting in the modernization of agricultural practices
In order to effectively manage the agricultural sector and revitalise and reform the nation's rural areas, it has created a strong administrative framework based on creative ideas (Pawlak & Kołodziejczak, 2020). This research study will cover the significance of mergers and acquisitions for Chinese agricultural organisations, along with how they have improved sustainable development. (Balogh, 2020)
This research study will only be conceptual, but it will analyse and thoroughly explore the significance and current state of agricultural enterprises in China.
The Chinese agriculture industry has experienced a notable increase in merger and acquisition (M&A) activity in recent times. The objectives of these transactions are to achieve strategic expansion, improve competitiveness, and leverage synergies（协同效应）.
Still, a crucial and little-studied topic of research concerns how these M&A deals affect the overall corporate performance of Chinese agricultural organisations (Hong & Chen, 2022).
Chinese companies reliant on agriculture can benefit greatly from mergers and acquisitions. Nevertheless, the firms lack appropriate understanding about whom to combine with to create a viable business.
The current worldwide pandemic has made it more challenging for companies in the agriculture industry in China to choose which partners to combine with to maintain the sector (UN World Food Programme, 2022). The lack of confidence among corporations about shareholder satisfaction is another noteworthy issue with the execution of mergers and acquisitions in the Chinese agriculture industry.
A multitude of stockholders have varying stakes in the majority of Chinese agricultural firms. They are unwilling to pursue a mergers and acquisitions strategy because the shareholders are unsure about the profitability (Ngutuku& Kariuki 2021), Chinese agriculture enterprises have doubts about the necessary actions to be made following their merger with other businesses. It is critical to focus on China's sustainable growth while keeping the agricultural industry in mind.
Due to the increasing population and decreasing cultural lands, Agri-based companies faced difficulties finding investors which affected the merger acquisition strategy of those organisations. Following the practice of M&A, uncertainty in the market environment for Chinese agriculture businesses is increasing quickly.
It is clear that with M&A, agricultural enterprises in China are unable to determine the correct commodity prices and do the necessary calculations due to the lack of particular, consistent, or standard methods (Obama & Jagongo 2018), It puts agricultural businesses in a risky situation when it comes to choosing the appropriate prices for their products.
Synergies are essentially the values that result from two firms merging. It either maximises the firms' income or reduces expenses as a result of interactions. It is clear that China's agro-based businesses had trouble with M&A due to overestimation of synergies.
Mergers and acquisitions are important for dividing the agriculture business in China. As the demand grows for China's agricultural upgrading and transformation, an increasing number of Chinese agricultural businesses are getting ready to make acquisitions and mergers that will further ensure food security through vertical supply chain integration, horizontal market concentration, and mixing and diversification (Soundarya et al., 2018).
Additionally, it can enable worldwide expansion and accomplish global operations. The world's hunger crisis has led to a rapid rise in the number of new entrants into China's farming sector, including financial investors with no prior ties or experience. The plantation and cattle industries种植业和养牛业 are now the main forces behind M&A transactions in Chinese agriculture.
Between the beginning of 2007 and the end of 2013, there were over 149 mergers and acquisitions in the agriculture sector in China. A total of $13.7 billion was transacted in the 114 trades that had declared valuations (Deloitte China, 2018). Plantation-related agreements constituted the majority of inbound, outbound, and domestic M&A transactions, accounting for 82%, 61%, and 60% of transaction volumes in these three areas, respectively. Deals involving livestock made up 18%, 29%, and 40% of the total, in that order (Fortune.com, 2023).
According to the report of Textor, (2023), it can be stated that China's agricultural land area was estimated to be 170 million hectares in 2022. This study focuses on identifying the crucial factor of mergers and acquisitions (M&A) affecting Chinese agricultural companies' corporate performance is crucial for several reasons, including the advancement of both theoretical and applied knowledge. ChemChina intends to allow Syngenta to continue operating independently and autonomously. This study focuses on finding out the effective M&A used to recognise the change in the performance of Chinese agricultural organisations.
A merger happens when two independent organisations come together to form a single, new organisation. The term "acquisition" describes the taking over of one business by another. The scope of mergers and acquisitions extends beyond the national market in the case of Chinese organisations belonging to the Chinese agriculture sector, M&A helps to identify the agricultural market.
The vertical integration of Chinese agricultural organisations is the outcome of these mergers and acquisitions. According to the report of Fortune.com, (2023), the world's largest producer of agricultural chemicals, Syngenta, was acquired by state-owned ChemChina for $43 billion in 2017.
ChemChina has filed for an initial public offering (IPO). It is still China's largest overseas purchase.
This has grown to be a problem in the M&A market for agricultural supplies. Investors might not be experts in the agriculture business.
As stated by King et al., (2018) mergers and acquisitions, as a type of business activity in a market economy, have always been a major factor in globalisation. This trend is primarily due to internal business development needs, and mergers and acquisitions also have an impact on the industrial structure of the agricultural sector promoting M&A. As per the opinion of Poddar, (2019) technological innovation and industrial upgrading. Business organisations that engage in merger and acquisition strategies establish a more expansive base that enables them to draw in and hire people from across the world.
M&A combined organisation grows, the staff members of the two prior organisations may pool their resources and skills and work together to create a highly productive team. As stated by Cumming et al., (2023) due to the merger and acquisition the staff of the newly created company as a consequence of the merger will be better equipped to handle more complexities in the demanding business climate. One of the many advantages of science and technology is artificial intelligence.
Farmers might work less when they use AI. Crops were cultivated manually by farmers in the past. As observed by Cavazza et al., (2023), the amount of work that farmers have to do has significantly decreased since AI technologies were implemented. These days, several gadgets only require a few button clicks to operate automatically.
This is used to increase the opportunities for merger associations to enhance the corporate performance of organisations like COFCO Corp (spglobal.com, 2023). Before initiating an initial public offering, the biggest food corporation in China intends to combine its overseas trading division with other domestic enterprises to form a new agricultural commodity powerhouse.
Analysing the effect of manager acquisition on Chinese organisations' corporate performance in the agriculture sector is an important and pertinent field of research. This continues to expand and practice is continuously examined, by academics and businesspeople both domestically and internationally.
According to the point of view of King et al., (2018), pursuing mergers and acquisitions in a blind pursuit will not increase an enterprise's competitiveness and these strategies will not have the desired impact.
Conversely, mergers and acquisitions frequently result in a reduction in benefits, a drop in the interests of shareholders, and a challenging restructuring process.
By putting merger and acquisition ideas into practice, business organisations can improve their financial situation. there might be a significant change in the agricultural industry for the betterment of customers.
The report chinadaily.com, (2018), states that the country's plantation and cattle industries have seen 149 mergers and acquisitions, with 114 of those transactions totalling $13.7 billion in commercial transaction value. Additionally, M&A in the agriculture sector increased overall business transactions by 40% and the industry's yearly revenue creation by almost 60%.
According to Hong & Chen, (2022), Mergers and acquisitions (M&A) are becoming the primary means by which businesses may increase their competitiveness as global economic integration progresses.
Despite holding a nearly 98% stake. China's foreign investment in the food and agriculture sectors has lagged behind that of other areas, including real estate, commercial services, manufacturing, construction, mining, energy, and technology. Small-scale farms and dispersed agribusinesses dominated China's agricultural and food sectors until the 1990s, and until the last ten years, only a few agribusiness firms were able to compete in international markets.
Therefore, just a small portion of China's foreign investment is in agriculture. The success of mergers and acquisitions is significantly influenced by technological innovation (Marketing Department, 2021). According to the point of view of Cumming et al., (2023), like in any industry, while negotiating the terms of a possible firm sale, investors and owners of agriculture companies frequently differ.
In an acquisition, the acquiring organisation buys the bulk of the other organisation's shares, or it buys a division or business unit of that corporation. The creation of a completely new business as a result of the merger is what distinguishes it, and the combined firms typically possess equal shares.
To diversify their investments and achieve new profit growth opportunities, agricultural firms, driven by the development of modern agriculture and agricultural marketization, typically opt for mixed mergers and acquisitions. As per the viewpoint of Sun et al., (2023), spreading the risks brought on by agriculture's unpredictability, the use of a diversification strategy helps to ensure businesses grow quickly.
Research primarily addresses the effects of mergers and acquisitions on the performance of agricultural listed firms when considering both mixed and horizontal mergers and acquisitions from the standpoint of mergers and acquisition performance.
China has invested hundreds of millions of dollars in worldwide agricultural and food-related projects spanning six continents and dozens of commodities. The objectives and reasons of the Chinese businesses, together with the degree of official support they have received, sometimes confound targets and observers of these investments (García & Herrero, 2022). There are two ways to see Chinese agricultural investments: either as legitimate business ventures or as government-backed "land grabs."
Business organisations can strengthen their financial position by using merger and acquisition strategies. There are more than 149 organisations adopting mergers and acquisitions (M&A) in the country's plantation and cattle sectors, with 114 of those transactions totalling $13.7 billion (Chinadaily.com, 2018).
Moreover, the agriculture sector's M&A activity increased overall business transactions by 40% and the industry's yearly income creation by over 60%. This research will be useful in analysing the potential financial benefits of mergers between Chinese agricultural organisations and other organisations.
Acquisitions and mergers are a type of corporate activity that allows companies to combine by exchanging shares or assets. According to Lu & Chen, (2021), by increasing market concentration and allowing the micro market's resource allocation function full play, businesses' core competitiveness may be strengthened.
Consequently, businesses progressively take notice of and utilise it. Growing numbers of Chinese agricultural businesses are getting ready to further ensure food security through mergers and acquisitions, including horizontal market concentration, vertical supply chain integration, mixing to diversification, and more, as the demand for China's agricultural transformation and upgrading keeps rising.
According to “Market Power Theory” the most important method of gaining market dominance is through mergers and acquisitions (M&A), which also strengthens the company's size and profitability (Brush, 2017). This is used to facilitate scale management and improve the industry's core competitiveness. Horizontal M&A can grow its synergistic impact and scale effect to achieve market power or monopoly, as well as lessen chaotic and negative competition.
The evidence of this study shows the advantages of horizontal M&A since it demonstrates strong financial and innovative success in empirical outcomes. Particularly in the past ten years, there has been a significant breakthrough in science and technology.
As stated by García & Herrero, (2022), the agriculture industry's advancements have raised overall productivity. The peasants used to hand harvest the seeds in the past. It took a lot of time and was also erroneous. This caused the seeds to develop in uneven places, making it harder for each seed to spread out freely owing to a shortage of room.
This can be challenging to integrate various company cultures, management philosophies, and operational procedures when merging two or more organisations. It might be difficult to achieve a smooth integration in the agriculture sector due to potential variances in supply chain management and farming practices (García & Herrero, 2022). M&A activity has the potential to cause daily operations to be disrupted, which can lower production and efficiency.
Interruption in the agriculture industry's production and supply chain might cause delays and inefficiencies, which will affect the combined company's overall performance. Changes brought about by mergers and acquisitions may encounter resistance from farmers, suppliers, and other stakeholders. In the agriculture industry, where trust and connections are vital, this opposition may be especially powerful. The effectiveness of the merger may be impacted if stakeholders experience alienation利益相关者 or believe that their interests are being negatively impacted.
Observing the above discussion, it can be stated that the researcher has found a significant gap. There are lots of published journals which describe the role and impact of merger and acquisition strategy which is used to strengthen the financial condition of the organisation (Cumming et al., 2023).
Their artery limited study focuses on the corporate performance of the organisation based on the agriculture service of China; this creates difficulties for the researcher to find the necessary information to fulfil the purpose of the study. The researcher tried to find relevant data which could be used to enhance the quality of the study. This literature gap has been significantly addressed.
The above discussion focuses on identifying the contribution, advantages and disadvantages of mergers and acquisitions (M&A) in the Chinese agriculture industry in a brief manner. This study gives the significance of technical innovation which is used to divide agriculture business worldwide.
An examination of the benefits and drawbacks of M&A draws attention to possible difficulties with stakeholder resistance, operational interruptions, supply chain management and cultural integration.
The importance of management acquisitions in improving business performance is also covered in this thesis.
A vacuum in the literature is noted concerning the scant attention paid to the corporate performance of Chinese agricultural organisations, despite the thorough coverage. The investigator highlights the necessity of conducting further study in this particular setting to bridge the current knowledge gap and improve comprehension in this field.
This section provides a brief idea regarding the data collection and methods of the thesis, which were used to develop the quality of the study. It is a crucial component of the research process because it provides guidelines for conducting research in the right way while upholding a high standard of authenticity. Research technique is crucial to this study since it will support the study's continued credibility.
Approach: The research approach is used to develop the concept and understanding of the researcher while developing the study. In this study, the inductive approach has been used to develop hypotheses and theories which can be beneficial to defy the merger acquisition strategy adopted by the agricultural companies of China (Azungah, 2018). This approach is used to develop the knowledge of the researcher to find empirical evidence used to identify the advantages and drawbacks of mergers and acquisitions (Kim, 2021).
One of the main advantages of the inductive approach is in this study used to forecast potential future events and possibilities. However, because it tends to apply a particular assertion to a wider field, this research technique is seen as incomplete. Furthermore, despite precise observations, this study technique tends to draw erroneous conclusions.
Along with this, the abductive approach is also used to develop hypotheses which are used to find the necessary data related to the thesis (Kim, 2021). Application of this approach updated the pattern and quality of data to recognise the future of the process of merger acquisition in the agricultural sector. This approach was used to develop the hypothesis by observing the data and collecting information.
Design - This thesis is based on two different research designs “Descriptive design” and “exploratory design” due to the presence of qualitative and quantitative data. Dewcrptirce design is used to evaluate and analyse the result and provide a brief description of the collected data (Paul & Bandyopadhyay, 2019).
On the other hand, explanatory design" describes research techniques used to determine why something occurs in the absence of sufficient data. Gaining a thorough grasp of the study topic and determining how certain research phenomena, including mergers and acquisitions and corporate performances, are studied are also beneficial.
The primary goal of descriptive design is to characterise a population precisely and methodically, and study phenomena, or populations. It may be applied to a variety of research projects in order to examine the study variables (Kim et al., 2017). It is also crucial to remember that this study method does not allow for the modification of research variables, in contrast to experimental research.
Philosophy - This thesis is based on the positive research philosophy, which is a formal and conceptual interpretation of data which can help to develop the knowledge of the researcher. The basis of positivism is the idea that measurement and observation are the only ways to gain accurate and factual information (Suzuki & Low Sui Pheng, 2019).
Therefore, via the application of this philosophy, a conceptual understanding of the implied mergers and acquisitions strategy in Chinese agricultural enterprises has been obtained. It is based on facts and figures and views the world as an external, distinct identity from the researcher's own identity.
Qualitative and quantitative data collecting methods are the two categories of data collection techniques employed in the study. The primary data has been gathered from sources, including financial data and balance sheets to find statistical data (Tiersma et al., 2022). It is discovered that the information gathered using primary data collecting techniques is precise and updates the goals of the study in a highly accurate manner. Qualitative and quantitative approaches are the two main categories of primary data-collecting techniques.
Through statistical techniques, market research is mostly conducted using quantitative approaches to the primary data. Secondary information is collected from secondary sources such as magazines, journals and websites, on the other hand, primary data has been collected from the participants which is used to find more credible data (Suzuki & Low Sui Pheng, 2019).
The motivation for using the secondary data gathering approach is that primary data collection from different agricultural business professionals participating in mergers and acquisitions would have been challenging. As a result, collecting secondary data from the official websites of Chinese companies involved in mergers and acquisitions would be considerably simpler. Quantitative data is needed to assess how mergers and acquisitions affect the firms' corporate performances.
It is beneficial to gather statistical data about the business, including sales, market share, profitability, and other details. Comparing and analysing the effects of mergers and acquisitions on public firms would be beneficial. Qualitative data has been collected from the punished sources for developing theoretical underpinning (Tiersma et al., 2022).
On the other hand, quantitative data is used to find numeral values and statistical data which are used to provide more accurate information. Quantitative information has been collected by analysing the financial performance and company-related data of 10 Chinese companies which are operating in the agricultural market of China.
Along with this while collecting qualitative and quantitative data proper ethics have been maintained by following the Data Protection Act of China. Collected information is selected from the authentic sources used to maintain the quality and transparency of the study.
Analysing the qualitative and quantitative data research can find relevant information which is used to resolve the queries and doubts of the researcher. Qualitative data has been analysed by generating themes which help to identify mergers and acquisitions of Chinese firms to boost the organisational value by achieving revenue-constructive collaboration through increased sales or asset value, or cost-constructive collaboration through economies of scale or expanding the scope of operations.
The evidence of thematic analysis is used to find out the connection between acquisition, performance, and mergers (Walsh et al., 2019). In order to ensure that the data is used appropriately in the study, thematic analysis helps to translate and clean the data into a standard format.
The vast volume of qualitative data may be analysed using qualitative data analysis techniques to assess current trends and patterns (Walsh et al., 2019). The approaches utilised to analyse the secondary qualitative data that was gathered include narrative analysis, content analysis, theme analysis, and others. It is among the methods for analysing qualitative data that works well.
On the other hand, Quantitative data can be analysed by using SPSS (Statistical Package for the Social Sciences), This helps to provide statistical information which can be beneficial to observe the merger acquisition trends of agriculture companies in China (Abulela & Harwell, 2020).
SPSS is used to define corporate performance and provide financial, numerical and statistical data, thus demonstrating the ongoing and boundless potential of Chinese agricultural firms' mergers and acquisitions with both local and global agriculture enterprises. On the other hand, SPSS has been used to analyse secondary-quantitative data.
This is one of the useful software for handling quantitative data. It aids in defining the fundamental traits of the flexible financial information of China's listed agriculture enterprises (Abulela & Harwell, 2020). It includes the dispersion or variation, central tendency, and frequency measurements. Analysing and drawing conclusions from the listed agricultural enterprises in China's financial corporate performances is helpful.
Observing the above discussion, it can be stated that the use of inductive and abductive approaches evaluates the qualitative and qualitative data to generate themes and hypotheses. This helps in defining the fundamental traits of the flexible financial information of China's listed agriculture enterprises. It includes the frequency, central tendency, and variation or dispersion metrics.
Exploratory and descriptive research design has been used to define the role of merger acquisition briefly. Positivism research philosophy also works as a vital factor in interpreting two different types of data to assist in identifying the business areas that need to be improved by the organisations to get better financial results. Thematic analysis and descriptive analysis have been used with the help of SPSS to define qualitative information.
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