| Mergers and acquisitions is known as an important method to realize effective disposition of resource as well as survival of the fittest.M&A is also an effective way to make scale expansion and enhance the competitiveness of the enterprise.In recent years,along with the development of national economy,M&A events and amounts increase substantially;among that,M&A of the real estate industry is quite active and magnificent.Among all M&A events of China a-share listed real estate enterprises,Horizontal M&A is dominant whether in quantity or in sum of money.It is closely linked to the M&A motivation,at present,real estate market develops too fast to keep balance,there are too much enterprises in real estate industry so that the competition is too fierce.Through horizontal M&A,enterprises enhance market power,boost the concentration ratio of industry to gain more profit.M&A can bring synergy,by integrate resources,especially land resources of the target enterprise,real estate enterprises can keep development in long term.M&A can also delivery positive signal to market,investor may also respond positively so that the financing difficulty can be solved.As the pillar industry of national economy and people's livelihood,real estate is influenced by macro economy as well as policy regulation.At present,macro policy is in a stage of regulatory of the excessively fast increase and unbalanced development of real estate market,in addition,impacted by the law of market economy and industry cycle,the small and medium size real estate enterprise chose to out of the market as constrain by financial pressure.On the other hand,large real estate enterprise seize the chance to broaden market power,boost the concentration ratio of industry to gain more profit through horizontal M&A.Successful M&A make exponential growth,enable larger M&A,and finally achieve positive cycle of development.The present thesis chooses CFLD(China Fortune Land Development)as the case to study,and analyzes the M&A performance of nine M&A events of CFLD during 2014-2016.The short-term performance is evaluated by event study methodology,and the long-term performance is evaluated by accounting measure methodology,moreover,the present thesis creatively choose three non-financial indexes to inspect and evaluate the M&A performance of CFLD,especially horizontal M&A.Research result indicates that the short-term performance is positive,horizontal M&A benefits CFLD,in long-term,horizontal M&A enable profitability and development ability of CFLD well above the industry average,laying a solid foundation for the faster and better development,also insuring the industry-leading position of CFLD.From the angle of non-financial index,M&A promote the brand image,achieve the development strategy,boost the,market share,as well as enhance the growth potential of CFLD.As one of the most active real estate enterprise in M&A,good performance of M&A leads to good business performance,scale of M&A as well as market value of CFLD realize rapidly growth.Which prove that,because of its own industrial characteristics,real estate industry prefer horizontal M&A to achieve concentration and make profit,Meanwhile,analysis of the motivation of M&A of real estate industry also show that M&A bring land banking,enrich financing channel,and through building new industry town and exploring PPP model,CFLD combines its development with policy requirement.It is safe to say that M&A,especially horizontal M&A of CFLD is very successful.At last,the thesis takes the successful example by CFLD to propose specific measures for real estate enterprises to boost M&A performance,put forward specific suggestion about M&A of real estate industry,points out the deficient of the research as well as overlooks the future research direction. |
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