Appraisal Of Listed Company's Performance-A Case Study On The M&A Between SYWG And HY Securities

As China's economy development mode entry anew period,enterprises at this moment is taking double pressure both from domestic and oversea market.In order to adapt to the rapid changing market environment,and to get suitable resources for long-term development,more and more enterprises rely on M&A to face these challenges.However,M&A on the other side has its own disadvantages such heave debts for enterprises?assets integration?management disorder and so on risks.This article focus on so far the largest sale capital M&A in securities industry in China,that is Shen Yin Security purchased Hong Yuan Securities,tries to prove how does this purchase effect the company's operational efficiency.Based on this case,this article mainly analysis the M&A through Event Study and logical reasoning.According the result of the research,at the end of this article,there also offers some advises to similar companies.The innovation highlight of this article is that it adapted horizontal comparison when conducted financial performance analysis,besides,it also calculated the financial performance difference between sample company and industry average level in order to minimize the influence causing by industry difference.Meanwhile,these approaches allowed this article to observe sample company's ranking change in its own industry,making the conclusion of this thesis more convincing.