Merger, Acquisition And Reorganization Under The Background Of China’s Iron And Steel Industry Market Structure And Performance Analysis Of Shandong Iron And Steel Group As An Example

Iron and steel industry is very important in the field of national economic sectors, and to a very wide range of industry correlation degree is high, in the process of industrialization and urbanization has played a huge role, hence "industrial food".Booming decades of iron and steel industry in China at the same time, many structural contradictions also appeared: market concentration is low, poor economic benefit, overcapacity, a serious shortage of international competitiveness, etc.In recent years, the state actively take a series of measures to encourage quality, and the efficiency of merger, acquisition and reorganization, iron and steel industry is trying to reverse the situation.First of all, the article through the analysis of merger, acquisition and reorganization after the steel industry market concentration, barriers to entry and exit barriers, etc., indicates that market structure optimization step by step. At the same time by merger, acquisition and reorganization to the influence of market concentration and profitability as the foundation, USES grey relation analysis method to analyze the correlation between market structure and performance.Secondly, the article analysis from two aspects of merger, acquisition and reorganization impact on the performance of the steel industry: first, merger, acquisition and reorganization to improve the market concentration of iron and steel industry, market concentration is improved impact on the operating performance of the steel industry; Second, merger, acquisition and reorganization promotes the product innovation of iron and steel industry, whether the impact on the steel industry technical progress.Again, shandong iron and steel group, for example, take the event study method, through different window period before and after m&a events stocks accumulated excess yield comparison between, from the perspective of cases to further analyze the impact of m&a of enterprise benefit. Empirical shows that the m&a performance in group and jinan stake in lai steel are showing a downward trend, jinan in m&a lai steel shares not only failed to increase enterprise value, the lower the market value of the enterprise.In view of the above research train of thought, will now article structure arrangement is as follows: this paper expounds the research ideas, research methods, this paper, the structure and basic views on the literature review and related theory. Secondly discusses the process of merger, acquisition and reorganization of China’s steel industry background, and meaning. Again the merger, acquisition and reorganization of the influence of market structure and market performance. Finally it is concluded that the conclusion of the article, put forward the corresponding countermeasures.Through the analysis found that the iron and steel enterprises mergers and acquisitions in the restructuring and take corresponding measures, such as the role of the government to correctly locate the self, strengthen market role in merger and acquisition process; Strengthen the integration and optimization of the reorganized enterprises; Establish a good talent training plan and binding incentive mechanism and so on.