Research On The Motivation And Performance Of China's Central Enterprises' Merger And Acquisition

In recent years,the merger and reorganization activities of China's central enterprises have become more frequent.The main reasons are as follows: First,SASAC promotes the acceleration of structural adjustments by central SOEs,and the promotion of mergers and acquisitions by central SOEs is becoming more and more important.Second,the reform of stock prices in all aspects also promotes mergers and acquisitions of central SOEs.Third,fierce competition in the industry.It also led to the accelerated pace of mergers and acquisitions by central SOEs in recent years.Under this background,whether the merger and reorganization of the central enterprises has achieved the purpose of mergers and acquisitions,and the performance of the mergers and acquisitions of the central enterprises is very important.This is very important for central enterprises that are about to initiate mergers and acquisitions or have completed mergers and acquisitions.This article takes the M&A and M&A reorganization as research objects,analyzes the motives,models,risks,coping strategies and performance of M&A reorganization,including financial performance,non-financial performance based on balanced scorecard,and market response.The above case analysis is summarized.In the process,we obtained the performance conclusion of M&A reorganization and analyzed the reasons for positive performance.Based on this,we put forward relevant recommendations for reference and reference by other similar companies.The first chapter is the introduction,expounding the research background,the research significance,the research ideas and main content,the innovation of the research and related concepts.The second chapter is a review of relevant theories and literatures,explaining the synergetic effect theory,scale economy theory,transaction cost theory and market advantage theory related to mergers and acquisitions,and literature review of merger and acquisition motives and M&A performance.The third chapter is the motivation and performance of the merger and reorganization of the central enterprises: theoretical analysis,this part includes the motivation,model,risk and countermeasures as well as the theoretical analysis of the performance of the merger and reorganization of the central enterprises.The fourth chapter is a case description: M & A and CSR of China South Locomotive and China North Locomotive,including the introduction of M & A and the introduction of the company's background.The fifth chapter is a case study: M&A and restructuring of China South Locomotive and China CNR.This part analyzes the motives,models,risks,coping strategies,and performance of M&A restructuring.Through research,it was found that the motives for the merger and reorganization of the North-South vehicles were: to achieve economies of scale and to obtain synergies;to adjust the layout and structure of the state-owned economy,to eliminate the defects in the state-owned enterprise system;and to improve the market position and market competitiveness.The model of merger and acquisition of the North-to-North China Motor Vehicles is the method for the conversion of China South Locomotive to absorb the merger with CNR.The reason is that the merger and acquisition reforms are relatively thorough;the time cost for the new merger is higher;the development momentum and core technical strength of China South Locomotive is stronger than that of North China.Cars;in line with the overall listing of central enterprises,or get higher levels of high-level recognition.Through the financial indicator method and event research method,the performance of M&A and reorganization was found to be positive.The integration of resources by M&As through mergers and acquisitions has reduced the internal losses between state-owned enterprises,achieved economies of scale,gained synergy,and improved market position.And market competitiveness has strengthened the concentration of China's rail transportation manufacturing industry and adjusted the layout and structure of the state-owned economy.The reason for the positive performance lies in: the duopoly merger,one plus one is greater than two,the market is generally optimistic;mergers and acquisitions model has a beneficial impact on the performance of mergers and acquisitions;SASAC as the actual controlling shareholder has not changed,comply with national will;"One Belt and One Road" strategy Support and surge in orders at home and abroad.The sixth chapter is the conclusion and outlook.This part concludes the process of summarizing the foregoing case analysis.Based on this,it makes relevant recommendations for reference and reference by other similar companies.