The Research On Motivation And Performance Of Mergers And Acquisitions Of State-owned Enterprise

In response to the country policy of "going out",High-speed rail industry as the representative of the new and high technology in our country,it is an inevitable problem on how to improve the competitiveness and expand market share,adapt to market development needs.Look around the world,the key of enterprise internationalization depends on how they become bigger and stronger.It is no doubt that merger,acquisition and reorganization,optimize resources are the fastest way.Through "de-stocking" and "cut overcapacity ",urging state-owned enterprises to participate in international competition actively,making the progress in the competition,thus to achieve the optimization and upgrading of the state-owned enterprises.Especially under the participation of state-owned assets supervision and administration commission,merger,acquisition and reorganization among the state-owned enterprises appear to be more positive.Through the participation of the government,state-owned enterprises have a repaid and flourishing development.The purpose of this study is to analyze the motivation of merger and the combined performance appraisal of CSR and CNR.With the rapid development of economy in our country,as representatives of our High-speed rail industry,CSR and CNR also achieve their own obvious advantages in market competition gradually.In general,market competitors,are conducive to maintain the energy of the whole market.But,why the government wants to promote the merger of the CSR and CNR? For whatever reason,it is worth pondering.With the deepening reform of state-owned enterprises as the breakthrough point,this paper first elaborates the research background and significance,then summarizes the related theory of domestic and abroad,including motivation theory performance theory of merge &acquisition and involving in state-owned enterprises mergers and acquisitions related theory.Finally the combination of CSR and CNR becoming CRRC as a case,using the index analysis and event study method,to introduce the reason of its merger,and analyze the change and market effect before of its merge and after.Study found that the merger,acquisition and reorganization of CSR and CNR,has been realized excess returns,investors are positive to this merger and acquisition,the share price in the short term reflect confirms this,however in long-term financial performance,it is difficult to reflect temporarily.In addition,the combination of CSR and CNR also has its certain limitation;At last,through analysis of the advantages and disadvantages and research,put forward constructive opinions as reference for the sustainable development of CRRC.