The Research On Financial Performance Of CSR And CNR's Merger And Acquisition

Company development follows two ways:First,through the company's own accumulation and internal investment to achieve,such as the company's new plant,the new machinery and equipment,increase production,research and development of new products,etc.Another way is through the acquisition of other companies to expand,that is,through the company's control market investment to expand the size of the company.M&A form is also gradually in our country enterprises play an important role in asset restructuring and optimal allocation of resources.State-owned enterprises are the lifeblood of China's economy,state-owned enterprises merger is an important part of state-owned enterprise reform.China South Locomotive and China North Vehicle as China and the world rail transport industry,the two giants context,in 2015.The paper focuses on whether the M&A has created positive financial performance and achieved a strong combination of"1?1>2" effect.Using the financial performance indicators of comparative law and economic value added method.This article has a total of five parts.The first chapter introduces the research background,research significance and research status at home and abroad.The second chapter is the theoretical part,from the perspective of mergers and acquisitions financial performance,mergers and acquisitions affect the financial performance theory,corporate financial performance evaluation methods of three aspects.Chapter 3 introduces the financial situation of China's north and south vehicles before the merger.The fourth chapter compares the financial performance indicators from four aspects:profitability,asset quality,debt risk and operating growth.The horizontal comparison is based on the 2016 corporate performance evaluation industry standard,and the vertical comparison is the financial data of the three years before and after the acquisition.And calculate the EVA value to test.The main conclusion of the article is that North-South car mergers and acquisitions to achieve positive financial performance,and the expansion of the scale of enterprises.The fifth chapter introduces the experience of this M&A case:North-South car merger can provide reference for the reform of state-owned enterprises,mergers and acquisitions should be based on the industry to enhance the degree of aggregation,while mergers and acquisitions to enhance financial performance to focus on market demand.