Research On The Performance Of Corporate Mergers And Acquisitions Under The Background Of State-owned Enterprise Reform

After the third Plenary Session of the 18 th CPC Central Committee,a new reform of state-owned enterprises was begin,which highlights the leading role of the state-owned economy,in order to strengthens the vitality,the control and the influence.The priority target of the state-owned enterprise reform is promoting state-owned enterprises to improve the management system.All over the country have introduced specific measures to promote the integration of state-owned assets listed platform.Guangzhou has been set goals to develop the financial industry,and dedicated to build a regional financial center.Promoting the state-owned enterprises to achieve the listing and gaining ground were an urgent need for the reform of state-owned enterprises in Guangzhou.At the same time,within the pressure of the transformation and upgrading,Friend Group has merged the Yuexiu Financial Holdings Group,by raise funds through to seven objects.The funds was used to acquire 100% stakes of Yuexiu Financial Holdings and to add the capital.This case has became the first one in the local financial platform,which has aroused all the attention and has set example of assets securitization.This paper selected the case of Friend Group mergers the Yuexiu Financial Holdings Group as the research object.In the financial perspective,through the analysis of the short-term market performance and long-term financial performance,combined with the analysis of the impact of mergers and acquisitions motivation and performance of all parties,summarized the relevant conclusions.Firstly,this paper introduces the basic situation of M& A cases,including the background information of both parties,the motives of M & A and the all the participating parties.After the merger case analysis,the paper use the event study method,calculate the abnormal return and cumulative abnormal returns of mergers and acquisitions before the merger and after the merger.Then evaluate the effects both on short-term performance.By comparing the changes of the relevant financial indicators before and after the merger,and the performance differences of horizontal performance,the paper analyzes the impact of mergers and acquisitions on long-term financial performance.Then this paper summarized the implementation of the acquisition target level.Finally,this paper summarizes the successful experience and the enlightenment of the case.Reasonable transaction mode can effectively reduce transaction costs,the direct participation of local government management departments was accelerating the transaction process,a clear development plan help achieve a better follow-up integration.The successful experience in the case can provide useful reference for other state-owned enterprises in the process of reform.In this context,combined with the theory of mergers and acquisitions to explore thespecial nature of China's state-owned enterprises mergers and acquisitions,which would provide an effective theory and method support for enterprises to meet the new round of mergers and acquisitions activities.