Our Country State-owned Enterprise Mergers And Acquisitions Motivation And M&a Performance Research

In recent years, state-owned enterprises merge&acquisitions (M&A) are becoming more and more active. One of the two main reasons is the strategic influence of economic structure adjusting which is being implemented by Chinese government, the other is that the globally financial crisis has brought about an unprecedented opportunity for those state-owned enterprise which are willing to expand. Some state-owned enterprises successfully executed M&A, but there are still some failed. Under this background, exploring the particularity of state-owned enterprises M&A on the basis of M&A theories will provide state-owned enterprises effectively theoretical and methodological support in the future M&A activities. This doctoral dissertation studies the M&A issues of state-owned enterprises from the following aspects:(1) Not only should the state-owned enterprises make value added, but also assume much social responsibilities, the M&A motivation of state-owned enterprises is not totally the same as that of other enterprises. Base on the relative thoeries, the similarities and the differiences of the M&A motivation between state-owned enterprises and general analyzed,12kinds of motivation in four aspects are sumed up. M&A patterns of state-owned enterprises are explored as well.(2) M&A performance analysis is the most important aspect for evaluating the M&A activities of state-owned cnterprises. It could provide useful information for the following M&A activities as well. From the visual angle of performance horizontal comparision, this doctoral disertation constructs an overall indicator system for state-owned enterprises’ M&A performance evaluation based on both financial and non-financial indicators. An empirical study is used afterwards to prove the feasibility of this system.(3) To sum up the key factors which would affect the M&A performance is very valuable. This doctoral disertation analyze the similarities and the differiences between state-owned enterprises M&A and general M&A based on relative theories. And then the key affecting factors of the state-owned enterprises M&A performance is sumed up, which include21items in5aspects. An empirical study is also used to probe into the relationship of performance and the key affecting factors in tactical aspect.(4) M&A present situations and cases in four important industries in China are analyzed. Then suggestions about state-owned enterprises M&A are put forward in four aspects, which are positioning of the government, preparations before M&A activity, development of the M&A scheme, and the integration after M&A activity.