Research On The Mergers And Acquisitions Performance Of "North-south Car"

In order to achieve rapid expansion in the short term,more and more enterprises choose the mergers and acquisitions.Not only can they achieve their initial goal through M & A,but also can achieve the goal of improving the company's performance through the proper integration of resources in the later period.In recent years,under the strategic conception of "Belt and Road",the industrial policy of optimizing industrial layout and developing high-end equipment manufacturing industry,it has great significance to study the case of state-owned enterprises in our country.Rail transit manufacturing plays a crucial pivotal role in China's domestic transport construction.It is the key to the deployment of a global economic strategy in our country and a powerful manifestation of our country's competitiveness in the international arena.As the two leading central enterprises in the rail transit manufacturing industry in China,CSR and CNR have not interfered with each other despite their similar business structures since the separation of the head office from the Ministry of Railways in 2000.However,on the long development path,the competition between the two has become increasingly fierce.They have already departed from the goal of breaking the monopoly of central enterprises initially and stimulating healthy competition.Then under the leadership of SASAC,CSR and CNR set foot on the road to suspension and integration on October 27,2014.As the first case of the merger of central enterprises merger after the implementation of the economic reform,the merger has drawn much attention and everyone is suspecting that the merger will achieve the ultimate goal of 1+1>2.This paper takes CSR and CNR as the research object,after combing the domestic and foreign literature on M&A and M&A performance,first pave the way for M&A,motivation of M&A,M&A performance and other related theories.Secondly,it introduces in detail the two parties of the M&A,the specific reasons of the M&A,the process of the merger and the specific implementation plan.Then,using the improved financial index method,we study the merged CRRC from both financial and non-financial aspects.Though the solvency,profitability,operational capacity,growth ability compare and analyze the changes of financial indexes before and after the mergers and acquisitions.Choose the ownership structure,strategic objective,innovation ability and market share to study the impact of non-financial indicators after M&A.Finally,come to the conclusion: the CSR and CNR mergers and acquisitions short-term performance improvement significantly,long-term performance is relatively stable.The pre-merger target has been initially achieved.Then,it summarizes the enlightenment of the two mergers and acquisitions,and provides reference for the mergers and acquisitions of other enterprises.