Research On The Integration Strategy Of T State-Owned Enterprise Merger And Acquisition X Private Enterprise Under The Background Of Mixed Ownership Reform

Since entering the 21st century,China’s economy has developed rapidly,and stateowned economic entities have played a decisive role in China’s economic development.In order to promote the coordinated development of state-owned economy and private economy,the country has put forward the overall plan of mixed ownership reform.T state-owned enterprises plan to deepen the mixed ownership reform through the merger of state-owned enterprises and private enterprises,and solve its own development problems.Whether M&A can achieve the purpose of M&A largely depends on the integration after M&A.The post-merger integration cannot be ignored.This paper studies the integration of business and management after the merger of state-owned enterprises and private enterprises through the analysis of the cases.The research on this issue has important theoretical and practical significance for promoting the mixed ownership reform of state-owned enterprises and promoting the integration of stateowned capital and private capital.In this paper,T state-owned enterprises M&A X private enterprises in the stainless steel industry is taken as the case.Based on literature reading and theoretical learning,through the analysis of the characteristics of M&A investment in the stainless steel industry and the study of the theory of the existing M&A integration mode,the integration framework of state-owned enterprises M&A and private enterprises in the stainless steel industry is constructed.Based on the analysis of the motivation of M&A and the construction of the integration framework,the problems in the process of M&A integration are analyzed.To solve the problems in the process of merger and acquisition,the objective,principle and specific strategy of integration are formulated based on the motivation of merger and acquisition of synergistic effect.Through the identification and assessment of the risks in the integration process,the corresponding risk avoidance measures are formulated.After a period of integration,from the financial and nonfinancial dimension,the effect of M&A integration is evaluated.The following conclusions are drawn from the case study of T state-owned enterprises’ merger and acquisition of X private enterprises:First,the mixed ownership reform is realized through the way of state-owned enterprises’ merger and acquisition of private enterprises.The mix of equity is not the goal,but the ultimate goal is the integration of business and management;Secondly,there are many factors affecting the selection of post-merger integration mode,so the appropriate integration mode should be selected comprehensively.Finally,merger and acquisition integration should have clear objectives,principles and overall integration framework to guide the specific integration work.The author has the following enlightenments in the research process:In order to keep the rapid development of our economy,we should continue to advance and deepen the mixed ownership reform;Stainless steel industry should adhere to technological innovation,the development of high-end stainless steel,to make up for the disadvantage of raw materials;T state-owned enterprises and X private enterprises should continue to deepen cooperation and jointly meet challenges.