Research On M&A Motivation And Performance Of State-owned Port Enterprises In China

China's state-owned enterprise reform has entered the "deep water",with the state-owned enterprise reform "1 + N" series of documents introduced,state-owned enterprise reform from the policy to explore and part of the pilot to fully promote and implement the stage.In August 2015,the SASAC,the Ministry of Finance and the China Banking Regulatory Commission and other departments issued the "on the merger of listed companies to encourage mergers and acquisitions,cash dividends and repurchase shares notice",clearly expressed the encouragement of state-owned enterprises through the capital market operation to strengthen resource integration,Optimize the industrial structure,improve operational efficiency.With the rising reform of state-owned enterprises,China's state-owned enterprises mergers and acquisitions cases increased from 44 cases in 2009 to 481 cases in 2014,2015 only the first eight months to reach 323 cases,China's capital market set off a state Mergers and acquisitions of the wave,in this context for the state-owned enterprises M & A motivation and performance evaluation of practical significance.July 2015 Zhoushan Port in the vicinity of the IPO suddenly chose to terminate the listing,followed by Zhejiang Province SASAC,Zhoushan City SASAC and Ningbo SASAC after a series of assets transfer,Ningbo Port and Zhoushan Port by Ningbo-Zhoushan Port Group unified management,February 2016,Ningbo Port shares announced plans to issue shares to buy Zhoushan Port plan,Ningbo-Zhoushan Port integration process is facing the last step.The merger of the two ports is obviously intervened by the government,which is the case of state-owned enterprises mergers and acquisitions in the context of the reform of the state-owned enterprises.Therefore,this paper chooses this case to carry on the analysis and research.Based on the theoretical research and case analysis,this paper analyzes the motives and short-term performance of state-owned enterprises in the background of state-owned enterprise reform.After considering the characteristics of state-owned enterprises in our country,this paper analyzes the motives of mergers and acquisitions of state-owned enterprises based on the traditional western M&A motive theory,and evaluate the short-term performance of Zhoushan Port in Ningbo Port by using event research method and accounting research method.After the investigation and analysis,it is found that the market response of Zhoushan Port is relatively obvious,the market response after the announcement of M & A event is not obvious,However,after mergers and acquisitions,the financial level of Ningbo Port and Zhoushan Port decreased with the change of the enterprise development plan due to the motive of M & A policy.The financial situation was further deteriorated without the expected synergistic effect of M & A.This paper argues that the M & A motive is mainly from the policy decision-making body of the State-owned Assets Supervision and Administration Commission of the State Council,and in accordance with the guidance of the Ministry of Transport on advancing the transformation and upgrading of the port and the guidance on the deepening of the state-owned enterprises,Enterprise reform guidance "and other policy guidance and" area along the way "strategic development requirements of Zhejiang Province,the integration of high-quality port resources.