| In a competitive market, survival of the fittest is the eternal rule. As Nobel Prize winner George Stigler said, to some extent, no one US company, mergers and acquisitions to grow up in some way, there is little company is mainly rely on internal expansion to grow up. For China, the time of merger and reorganization appeared later from1980s, but in2005, after the split share structure reform, there have been a wave of mergers and acquisitions and restructuring. M&A and restructuring is an effective way to upgrade the industrial structure and rational allocation of resources, as well as strong business survival is an important method of competition in the market. M&A and restructuring thus increasingly frequent today, merger and reorganization is to improve business performance problem is not just concerned with business managers, scholars also attracted attention. At present, domestic and foreign scholars have conducted research on the M&A performance empirical and theoretical, but the performance and enterprise value effect persists after the merger is great uncertainty. Due to the performance aspects of mergers and acquisitions in the study, before the use of empirical research scholars main method of analysis of macroeconomic data, so this paper, case study, choose a representative in the mergers and acquisitions of companies-Chalco in9years M&A activity in the study.After the founding of the country in order to focus on the development of heavy industry in the realization of socialist industrialization as soon as possible from the steel industry and heavy industry as a representative, has been a high priority of the central government. By2014, China’s annual crude steel production was815million tons. However, China’s steel industry is currently facing a bottleneck in the development, on the one hand is the decline of the steel industry profitability and loss of the entire steel industry, on the other hand is the blind expansion of China’s steel industry. In2015, the central government,"China Manufacturing Development Program (2015-2025)", requiring the integration of the central level, the number of central enterprises was reduced from112to about30, and thus the future of China’s central enterprises for mergers and acquisitions, it is a trend. M&A activity in the country’s steel industry that occur very frequently, thus we choose China’s steel industry in China Aluminum central enterprises as the research object, its four major M&A cases occurred in2005-2012in the merger and reorganization performance analysis. These four cases are:Chalco acquisition Lanzhou Aluminum Inc first and second times, Chalco acquisition Guanshan Aluminum Inc and Ningxia Power Group. Based on the market right Hypothesis, using three different methods to study the merger and reorganization of Chalco, the phase is divided into: before the merger, when the post-merger and acquisitions, and to study the performance of these three stages. By studying the main draw several conclusions:Chalco four times after mergers and acquisitions to enhance the performance of whether there; three in research methods in the study conclusions are the same; and if not, what is the difference between the three methods in use; what research methods more effective.Through this study found that:Chalco behavior before the merger and a few days after the occurrence, the share price will rise a certain level, indicating that the market for mergers and acquisitions after the merger is approved. But over a period of post-merger integration, Chalco acquisition performance is down, even below the level of the entire steel industry, which shows not blindly acquisitions, post-merger integration of enterprise business is the acquisition of the main problems to be solved. Three methods are not the same conclusion, and financial indicators event study method is more reliable conclusions, the stock method for the merger and reorganization of research findings apply only to a few days before and after the study of mergers and acquisitions market performance. |
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