Performance Analysis Of Steel Companies' Mergers And Acquisitions Based On The Catastrophe Progression Method

Iron and steel industry is the core industry of national livelihood,and also an important driving force for the development of socialist market economy.With the deepening of reform and opening up,iron and steel industry has developed rapidly,both in terms of enterprise scale and technological innovation have been greatly improved.However,under the influence of the changing international economic environment,the development of iron and steel industry has been severely hit.The iron and steel industry has also developed rapidly in recent ten years,and its scale has continued to increase.However,the profit margin of iron and steel enterprises has been declining year by year.Iron and steel enterprises are facing serious problems such as overcapacity,low industrial concentration and environmental pollution.The operation situation of iron and steel industry is ten.It's tough.The development of global low-carbon economy requires China to achieve energy conservation and emission reduction,and promote the optimization and upgrading of industrial structure,which is also one of the internal driving forces of mergers and acquisitions of iron and steel enterprises.Mergers and acquisitions of enterprises are essentially a manifestation of optimum allocation of resources.Mergers and acquisitions of enterprises must accurately seize opportunities,select target enterprises,increase the integration after mergers and acquisitions,and truly improve the long-term performance of enterprises.This is the need to enhance the international competitiveness of iron and steel enterprises,promote the requirements of industrial restructuring,and enhance the synergy of the industry,which is conducive to promoting the Development.Firstly,according to the "triple bottom line" theory,this paper constructs a comprehensive evaluation system of green M& A performance,which includes three levels: operation,environment and society.Thirty indicators including financial,environmental and social responsibility are selected from the financial statements of the main merger enterprises and the sustainable development reports of the enterprises.Then,the catastrophe series method is used to process 30 three-level indicators progressively,and the calculation results of 9 second-level indicators are obtained,and then the calculation results of three first-level indicators are obtained.Through the analysis of the time series of the first and second-level indicators of the main merger enterprise,the change of the performance of the main merger enterprise can be found intuitively.This paper uses the above research logic to study the case of Baowu merger and finds that the comprehensive performance of Baosteel shares after merger and acquisition is better than that of Baosteel shares before merger and acquisition.It is concluded that the business performance and social performance of the iron and steel industry are significantly affected by the economic cycle and policy factors,and the steady development of the three kinds of performance is conducive to the promotion of comprehensive performance.