The Performance Appraisal Of Minzu Securities M&A By Founder Securities

In recent years,China's economy expanses rapidly and residents' disposable income increases steadily,which brings a good opportunity for the vigorous development of the securities industry.The securities industry has gradually become one of the important pillars of our country financial industry development.It rapidly develops,meanwhile the competition grows fiercely.Facing the current white-hot competition,securities companies have to constantly explore in the way of the survival and development under the new situation,while merger and reorganization is one of the most effective ways to promote the company's rapid expansion.As the first case of market-oriented M&A in the industry,Founder securities M&A will set off a new wave of mergers and acquisitions in the securities industry.Therefore,it is very important to study the M&A activity of the securities to firm to evaluate whether it achieves the expected effect and the synergistic effect after the merger.The author tries to evaluate Minzu securities Founder securities M&A performance,analyze the acquisition each other are securities have how old influence,for the securities industry merger integration between guiding inspiration or advice,and the thinking of the performance evaluation.In this paper,based on the research of domestic and foreign scholars about the M&A theory,further discusses the related theory of mergers and acquisitions,and combined with the general situation of the securities industry in our country,and Minzu securities Founder securities M&A events development process and the causes,the integrated use of event study method and factor analysis from two aspects of short-term performance and long-term performance are the securities M&A performance evaluation for the research of the system.On the one hand,from the perspective of shareholder wealth short-term M&A performance evaluation,15 days after the announcement has selected the M&A as the event window,through the market adjustment model to calculate the excess yields Founder securities and cumulative excess return,and just a summary on the short-term performance and the reason analysis.Selected from 2011 to 2017,on the other hand,a total of 13 samples data,from the debt paying ability,profit ability,growth ability,competition ability and the company size five aspects of financial indicators to evaluate the long-term securities Founder M&A performance,build on Minzu securities Founder securities M&A performance evaluation index system,using factor analysis method to evaluate its M&A performance analysis.Securities according to the other party is the comprehensive analysis of the performance evaluation,concluded that Founder securities M&A Minzu security as a whole has a positive impact on the conclusion,and in view of the M&A performance overall reason back midway through ascension and slightly decreased,from before mergers and acquisitions,mergers and acquisitions,three time analysis of the specific reason for the success of mergers and acquisitions,at the same time from two aspects of external factors and internal factors analysis of M&A performance,midway through the reasons for the decline slightly,to get to nip in the bud before mergers and acquisitions,mergers and acquisitions behavior conveniently,M&A payment method to be rational and merger integration revelation should pay attention to complementary advantages,and strengthen the risk management,the introduction of talents,strengthen research,attach importance to business innovation,focus on corporate culture,avoid shareholders infighting.