| The long-term,global overcapacity has become one of the reasons for the slowdown in global economic development since 1990s.It is also an important factor affecting the healthy development of Chinese economy.In the industry of overcapacity,the upstream of the steel industry connects coal,iron ore and etc,and downstream connects real estate,construction,automobile,machinery manufacturing and other industries.The steel industry Is a pillar industry of local economy and is a basic industry of national economy and people’s livelihood,occupies an important position in national economy,but it is also one of the most prominent and typical,most important to the government induetry.Meanwhile,iron and steel industry is faced with the status of overcapacity,capital pressure,low industrial concentration,the small profit of the industry caused by national economy slowing down.In the face of these challenges,it is an important step to optimize the structure of Chinese iron and steel industry and enhance its competitiveness by further promoting the substantial acquisition and reorganization of steel enterprises.So,the steel industry as the representative of overcapacity industry.,we analysis steel enterprise acquisition activity,exploring enterprise take what measures can be more effectively to dissolve over capacity,how to make enterprise acquisition performance improved,it has important practical significance.In this paper,based on the literature review and theoretical research,focusd on the development difficuty of the steel industry in the background of overcapacity and the problems of the acquisition and reorganization of steel enterprises,I analyze the inevitability and feasibility of the acquisition of steel enterprises.Acquisitions and reorganizations have certain positive effect on reducing overcapacity,however,because of all aspects of the differences between acquisition cases,acquisition performance of enterprises and the effect of reducing overcapacity are also very different.This paper selects two acquisition cases,uses the event research method and the financial index analysis method to analyze the acquisitions performance,puts forward the point that in the background of overcapacity,the government should reasonably locate its role and do not intervene too much in acquisitions;enterprnses should analysis the feasibility and effectiveness before acquisition,formulate sound development strategies,actively adjust product structure,and enhance the ability of enterprises to independently innovate after acquisition,so as to better reduce overcapacity and enhance the acquisitions performance more effectively. |
