Research On The Performance Of Merger And Reorganization Of Iron And Steel Enterprises

From China mapped out the objective to complete the building of a moderately prosperous society in all respects by 2020 and to turn China into a great modern socialist country in two steps by 2050.It also charted the course for China‘s economic policy over the next couple of years.China‘s economy has been transitioning from a phase of rapid growth to one of high-quality development.With the continuous extension of China's reform and opening up,a large number of large enterprise groups have emerged.Large enterprise groups are products of market driven and national reform.They play an increasingly important role in the influence of a country and even the whole world.Since 2016,China has cut over 115 million tons of steel capacity,eliminated an additional 140 million tons of substandard steel capacity.In the context of the state's advocacy of the reform of state-owned enterprises,the supply side Reform--the capacity of production and the reform of mixed ownership system,the merger of iron and steel enterprises is a manifestation of the national will,and it is also a new opportunity and challenge for China's iron and steel industry.Because of the large number of subsidiaries and sub companies,it is very difficult to manage,which puts forward higher requirements for the management of enterprise groups,especially the financial management of the group.Based on this,from the perspective of value chain and the performance of merge and reorganization,this paper studies the issue of merge and reorganization of iron and steel enterprises through two dimensions: time(before,after and after)and space(horizontal value chain,vertical value chain and internal value chain).Firstly,through the study of domestic research on financial integration,the relationship between organizational structure and financial integration of the induction group,introduces three kinds of financial mode of enterprise group financial management mode and centralized decentralized financial management mode and mixed mode of financial management,put forward methods of financial integration,involving integration,asset integration cost management the goal of financial integration.Then it summarizes the research on the performance of merge and reorganization in China,and combs the influence of financial indicators and ownership structure on the study of merge and reorganization performance.Next,by sorting out the current research status of integration abroad,we explore the theory of merge and reorganization from its theoretical perspective,and analyze the influencing factors of the performance of merge and reorganization through the literature review.This paper describes the related theories of performance evaluation and mergers and acquisitions was described,and the theory of principal-agent theory,behavioral science theory,merger efficiency theory,and diversified management theory were elaborated.On this basis,we further analyzed the issue of merge and reorganization of iron and steel enterprises,and analyzed the performance evaluation of merge and reorganization after the reorganzation decision making.Combine the theory of value chain and merge theory to study the merger and reorganization of iron and steel enterprises.Finally,carry out an empirical study on the merger and reorganization performance model of iron and steel enterprises,using the factor analysis method to construct the evaluation index system,the main influence factors of enterprise performance evaluation after the merger analysis,construct the comprehensive score of the econometric model,an empirical study on the performance of iron and steel enterprises and the influence degree of correlation factors.By analyzing the performance of merge and reorganization enterprises,the article summarizes the key influencing factors,and gives corresponding reasonable counter measures and suggestions.The main research results are summarized,targeted countermeasures and suggestions,and the shortcomings of this research and future research directions and goals are put forward.