Research On Performance Evaluation Of M & A Of State - Owned Iron And Steel Enterprises In China

Entering in 21th Century, along with the rapid development of science and technology, the production efficiency of iron and steel enterprises can be greatly improved, a large number of old iron and steel enterprise production efficiency can not ascend, that facing being eliminated by the market, therefore the iron and steel enterprises began to merger. From the beginning of 2006, iron and steel enterprises in China under the national industrial policy began to join the tide of M&A.However, through the research of recent years data, we find that the production concentration degree of China’s iron and steel enterprises continues to decline. Iron and steel enterprises in China has experienced ten years after the merger tide, industrial production efficiency is still low, and there is no change from a steel producing countries to produce steel powers, mergers and acquisitions of enterprises contribution degree is low, industry profit rate is also low, and the emergence of the phenomenon of large area losses. Based on this background, this article through the survey examples of Chinese iron and steel enterprises, analysis of iron and steel enterprise merger motives and construction process, the M&A performance of iron and steel enterprises general evaluation system, and the A iron and Steel Group M & A case to evaluate the performance of mergers and acquisitions. Through the research of A iron and Steel Group merger process found:in the company issued a merger announcement a few days ago, the company’s share price appear larger fluctuation, with M&A is completed, volatility decreases gradually and returned to the level before the. Business related financial indicators are also consistent with the basic situation.But the non-financial index before and after M&A companies decreased, this shows that in the non-financial indicators for the characterization of the market competitiveness of the enterprise in strengthening. This indicates that the iron and steel enterprises mergers and acquisitions prospects are promising, merger integration is the enterprise actual operation in the merger and acquisition is only limited to the asset level, but not the core intangible resources of enterprises and business relationships to obtain the full integration of merger and acquisition, is an important cause of iron and steel enterprises after the acquisition is the level of performance did not significantly improve.