| ACKNOWLEDGEMENTS | 第4-5页 |
| ABSTRACT | 第5-6页 |
| 摘要 | 第7-18页 |
| Chapter 1 Introduction | 第18-24页 |
| 1.1 Research Background and Significance | 第18-20页 |
| 1.1.1 Research Background | 第18-19页 |
| 1.1.2 Research Significance | 第19-20页 |
| 1.2 Research Contents and Methods | 第20-24页 |
| 1.2.1 Research Contents | 第20-22页 |
| 1.2.2 Research Methods | 第22-24页 |
| Chapter 2 Literature Review and Related Theoretical Foundations | 第24-38页 |
| 2.1 Literature Review | 第24-33页 |
| 2.1.1 Study on the Concepts of Continuous M&A | 第24-26页 |
| 2.1.2 Study on the Performance of Continuous M&A | 第26-30页 |
| 2.1.3 Study on Definitions of Profit Model | 第30-31页 |
| 2.1.4 Summary about Literature | 第31-33页 |
| 2.2 Theory Foundation | 第33-38页 |
| 2.2.1 Financial Performance Theory | 第33-34页 |
| 2.2.2 Market Forces Theory | 第34-35页 |
| 2.2.3 Evaluation Methods of M&A Performance | 第35-38页 |
| Chapter 3 Case Description of Suning Commerce Group | 第38-51页 |
| 3.1 A Brief Introduction of Suning Commerce Group | 第38-42页 |
| 3.2 A Glimpse of M&A by Suning | 第42-48页 |
| 3.2.1 Laox Acquired by Suning | 第42-43页 |
| 3.2.2 CRM Acquired by Suning | 第43-44页 |
| 3.2.3 Redbaby Acquired by Suning | 第44-45页 |
| 3.2.4 PPTV Acquired by Suning | 第45-46页 |
| 3.2.5 Manzuo.com.Acquired by Suning | 第46页 |
| 3.2.6 TTK Express Acquired by Suning | 第46-48页 |
| 3.3 The Evolution of Profit Model of Suning in the Midst of Continuous M&A. | 第48-51页 |
| Chapter 4 Case Analysis of Suning Commerce Group | 第51-82页 |
| 4.1 Short-term Performance Analysis of Continuous M&A..Based on CAR | 第51-62页 |
| 4.1.1 Selection of the Event Window | 第51页 |
| 4.1.2 Calculation of Abnormal Returns | 第51-52页 |
| 4.1.3 Calculation of Cumulative Abnormal Returns | 第52-62页 |
| 4.2 Long-term Performance Analysis of Continuous M&A..Based on FinancialAnalysis | 第62-77页 |
| 4.2.1 Analysis of Profitability | 第63-68页 |
| 4.2.2 Analysis of Solvency | 第68-73页 |
| 4.2.3 Analysis of Efficiency | 第73-76页 |
| 4.2.4 Analysis of Growth | 第76-77页 |
| 4.3 Analysis of Non-financial Index | 第77-80页 |
| 4.3.1 Market Share | 第78-79页 |
| 4.3.2 Customer Satisfaction | 第79-80页 |
| 4.4 Summary of Analysis | 第80-82页 |
| Chapter 5 Shortcomings and Optimization Suggestions of Suning’s Profit Model | 第82-89页 |
| 5.1 Shortcomings of Suning’s Profit Model after Continuous M&A | 第82-84页 |
| 5.1.1 A Constant Decline in the Profitability of Core Business | 第82页 |
| 5.1.2 A High Proportion of Current Liabilities in Total Liabilities | 第82-83页 |
| 5.1.3 The Little Effect of Business Diversification | 第83-84页 |
| 5.2 Suggestions on Optimization of Suning's Profit Model | 第84-89页 |
| 5.2.1 Optimizing Debt Structure and Improving Financing and Investment | 第84-85页 |
| 5.2.2 Strengthening Low-cost Advantage and Adopting Strict Control ofPeriod Expense | 第85-86页 |
| 5.2.3 Strengthening Relationship Management with Suppliers | 第86-89页 |
| Chapter 6 Research Conclusion and Limitation | 第89-92页 |
| 6.1 Research Conclusion | 第89-90页 |
| 6.2 Research Limitation | 第90-92页 |
| REFERENCES | 第92-94页 |
