Researches On The Iron And Steel Industry’s M&A Performance Under The Adjustment Of Industrial Structure

Iron and steel industry is the pillar industry of national economy in our country and plays an important role in economic and social development.But in our country,the steel industry structure exists serious irrationality,technical level and material consumptions level still have large difference when compared with the international advanced level.In the surge flow of continuous development of science and technology,the unreasonable industrial structure seriously affect the development process of China’s iron and steel industry,and still in the stage of extensive.In order to improve the technology upgrading and structural adjustment of China’s iron and steel industry,form the internationally competitive power of the steel and promote the healthy development of steel industry,our country should implement the industrial structure adjustment.Since 2005,our government has launched a series of policies about the development iron and steel industry.For example,National Development and Reform Commission issued the "Iron and steel industry development policy" in 2005.This series of policies play a significance role for the adjustment of industrial structure about iron and steel industry in our country.However,the effect of the merger and acquisition activity aroused people’s concern.Under the background of the policy guidance,the steel industry mergers and acquisitions event continued in our country.However,the performance of the merger and acquisition activity aroused people’s concern.This dissertation takes the mergers and acquisitions performance research of iron and steel industry as the main line,first elaborated the research background,significance,method,content and frame structure,the innovations and the shortcomings of the dissertation.Then carries on the comprehensive analysis of relevant literature,discusses the relevant theories of industrial structure adjustment and M&A performance,these deepen the dissertation’s research content.On the basis of these discussions,the dissertation takes the merger and acquisition activities of iron and steel companies under the policy guidance as the research object.Based on the perspective of financial and value,this dissertation empirically studies the M&A of listed iron and steel companies from 2005 to 2013,through the financial index method,EVA method and the comparison of financial index method and EVA method.Based on the financial index method,this dissertation selected nine indicators to represent the enterprise operating performance,using factor analysis method to construct the performance evaluation model,the results showed that: the acquisition performance of the year after the mergers and acquisitions is better than the year before mergers and acquisitions,but the improvement is not obvious;The acquisition performance of the current year is decline when compared with the year before mergers and acquisitions;The acquisition performance of the year after the mergers and acquisitions is better than the current year,but the improvement is not obvious.Through the EVA method,the results show that EVA most less than zero before and after mergers and acquisitions;After mergers and acquisitions the average of EVA is less than before;The year after mergers and acquisitions the average of EVA is far less than the year before mergers and acquisitions,and presents the declining trend year by year.Compare the two methods,the difference is that under the financial index method,the performance improved but not obvious;Under the EVA method,before and after mergers and acquisitions EVA most less than zero and the performance decline year by year.At the end of the dissertation,according to the empirical conclusions,this dissertation analyzed the influence factors of the performance about M&A,put forward the countermeasures and Suggestions and prospected for the future.