The Cause And Performance Analysis Of The Merger Between CSR And CNR

In December 30,2014,CSR and CNR both announced the merger specific plan,combined with CSR convertible absorption merger of CNR,adhere to the principle of"merger of equals",after the merger of the company name changed to "China Zhongche Co.,Ltd.,.The merger of the north and South car an i:mportant fuse is in overseas high-speed railway project bidding appeared CSR and CNR malicious bidding events,so that China's high-speed rail technology and price by foreign governments seriously questioned,the relevant departments hope to through the merger of improve the international competitiveness of North and South car,and work together to promote China's high-speed rail to the sea,while avoiding the occurrence of both malicious competition.North and South car merger as the leader of a new round of reform of central enterprises,is shouldering the important mission,but whether it can really play a powerful combination,to avoid friction,so far has not yet conclusive.In this paper,the merger of North and South car as the central enterprises mergers and acquisitions of typical case analysis,carries on the appraisal to the merger of North and South car effect at the same time,also hope to enable to provide some useful suggestions for the next reform of central enterprises.This paper on China's central enterprises under the background of the reform of North and South car with this event as the breakthrough point,using the research methods of combination of theory and case analysis,first of all,the paper reviews the theory of mergers and acquisitions,as well as the relevant literature on,mainly on the economies of scale theory,transaction cost theory,market power theory,mergers and acquisitions wave theory,principal agency theory and other related theories.Then the case of North and South car of for specific analysis,firstly expounds the north and South car prior to the merger on both sides of the basic situation,North and South car with the background and the merger of North and South car specific process,then the motives of merger analysis,with the performance analysis of specific inquiry,and finally the case study findings were summarized,and put forward some suggestions to the our country reform of central enterprises.Main conclusions of this paper include:the merger of North and South car in line with the requirements of the development of a national strategy,provide a new way for the reform of state-owned enterprises,at the same time,the merger has indeed achieved some results,but for integration and development still faces various problems.The Enlightenment has three main points.The first is the reform of central enterprises should pay attention to the background of the development of the market,the second is the reform of central enterprises should not blindly pursue the merger integration,bigger and stronger,the third is merger of the central rate must focuses on the reintegration.