Research Of M&A Motives And Performance For Security Listed Company

Nowadays the securities industry in our country gradually toward integration.Many securities want to expand its scale,improve market share.Now the concentration of securities market is relatively low,lacking of magnate.For the capital market,only gain the initiative to be bigger,you can get a good position,the merger and aquisition of securities is a way to scale up.Founder securities M&A of China Minzu securities is the first case about merger and aquisition of pubic securities company.And the case is the typical cases of medium-sized securities company mergers and acquisitions of the small one,which has comparative representativeness and great significance.From financial and integrated development,business environment,strategic transformation,expanding the size of the market,synergistic effect perspective to analyze the m&a motivation of this case.Then analyze short-term m&a performance based on the event method,we found Founder securities get positive cumulative average return.And then analyze the long-term performance of m&a event from finance and integration perspective,influenced by inconsistent opinions of shareholders and running in after m&a,the earnings growth growth has slow down.However,with the parent company firmly grasp the China Minzu securities control and further implementation of integration,the company speed up quickly,the synergy effect of m&a has been revealed.It is concluded that the securities companies should be clear about their own development strategy and motivation before the merger and acquisition.They should choose targets carefully,focus on the integration of both the development of competitive after the merger.