Research On Synergy Effect Of Security Company In Cross-border Merger And Acquisition

At present,the internationalization of RMB is speeding up and domestic securiti es company also speed up the "go out" pace. Especially leading securities company are actively expanding overseas business. But compared with the mature international market, the development history of Chinese securities is only more than 20 years, the total assets of securities companies is less than 1/3 of Goldman Sachs, Because of the small capital scale, high operating costs, synergistic effect and problems of control, the Chinese securities companies is too difficult to carry out cross-border business. Therefore, the acquisition of a suitable foreign investment bank has become an important step in the internationalization of the securities company. As the leader of security industry, CITIC Securities mergers and acquisitions investment CLSA in 2012, opened the prelude to the domestic brokerage internationalization of transnational M & A in the way.The thesis, through in-depth analysis of the CITIC Securities merger CLSA, fou nd that motivation is based on the change of operation environment and the internatio nal development strategy. The purpose is to gain market share abroad and synergy. Ba sed on event study analysis of synergy, the thesis found CITIC Securities obtained po sitive synergies after the merger. Through anslysis company's overall development pl an and financial, the paper found that as initially completed the integration of merger s and acquisitions strategy, management, administration, and financial synergies emer ged, companies grow faster, deepening international influence.This article summarizes from acquisitions of securities companies that securities companies overseas mergers and acquisitions must first clear their own development strategies and motivation, carefully chosen acquisitions. After the acquisition, the securities companies is completed to pay attention to the integration of both advantages. The successful experience of CITIC Securities mergers CLSA is useful for securities companies which is looking for acquisitions or ongoing merger integrat. It can be predicted that there will be more and more opportunities for domestic securities firms to go out of the way in the future, what way they will choose is not clear. The acquisition of CITIC Securities provides a sample of cross-border mergers and acquisitions, which is a positive and instructive attempt.