Research On Convertible Merger Of Motives And Value Effects

As a representative of China's high-tech industry,the high-speed rail industry must face the issue of how to improve competitiveness and meet market development needs under the strategy of “going global” in China.Under the current operating mode of the world economy,how to become bigger and stronger is the key for companies to go to the international market.The merger and acquisition is undoubtedly the fastest way to achieve internationalization of the company.Through “de-stocking” and “cut overcapacity”,urging state-owned enterprises to participate in international competition actively,thus to achieve the optimization and upgrading of the state-owned enterprises.Especially with the participation of SASAC,state-owned enterprises have accelerated the pace of reforms and actively engaged in mergers and acquisitions with the aim of promoting the rapid and sound development of state-owned enterprises.This article takes the example of the merger of CSR and CNR to analyze the process of the exchange of state-owned enterprise.CSR and CNR have the responsibility to shoulder the path of the state-owned enterprises reform and take the lead in initiating the reform of state-owned enterprises to carry out the integration and reorganization.The case is also in line with China's "One Belt and One Road" strategic plan and the industrial policy of optimizing the industrial structure and the development of high-end equipment manufacturing industries,and continuously promote the competitiveness of China's state-owned enterprises in the global market.This paper analyzes the causes of M&A,the proportion of securities trading and the value effect of M&A.It is a good benchmark for China to probe into the self-reformation and the mergers of state-owned enterprises under the "One Belt and One Road" national strategic system,at the same time for our central enterprises to provide reference.