The Research On The M&A Performance Of CNR And CSR

In recent years,with the development of railway markets in the world,the railway industries manufacturers will face the opportunity,at the same time,the domestic economic development is going to a transition period,in order to open the international market,it is imperative of the merger of China South Locomotive & Rolling Stock Industry Corporation(CSR)and China Northern locomotive rolling stock industry(CNR).First of all,this paper summarizes the domestic and foreign scholars from the event research method and financial analysis method to study the performance of M&A literature.Secondly,this paper expounds the concept of M&A and M&A performance,and summarizes the event research and financial analysis methods used in M&A performance research.At the same time,in the synergistic effect theory,enterprise growth theory,market forces Based on the theory of the study.Thirdly,this article reviews the process,motive,purpose and characteristics of the M&A of CNR and CSR.It is in order to open up overseas markets and avoid vicious bidding and lead the policy of mergers,and take the convertible approach involving both A shares and H shares,hoping to achieve through synergies and diversification purposes.Fourthly,this paper studies and analyzes the M&A performance of CNR and CSR from two aspects: incident research and financial analysis.And then concluded:After analyzing the short-term performance of the CNR and CSR merger through the incident research method,the article finds that the cumulative excess return after the acquisition of the CNR and CSR first increased rapidly before the two days before the merger announcement,and then stabilized and gradually decreased after the announcement date The Indicating that the CNR and CSR merger in the declaration before the possible disclosure of information,after the acquisition of short-term performance has increased.After analyzing the performance of M & A in CNR and CSR through financial analysis,the article compares with the financial indicators of China's car and world rail trader manufacturing industry,Alstom and Bombardier,and found that in terms of solvency,operational capacity,profitability,Financial indicators,the financial situation has improved,and in the industry-leading position,indicating that after the acquisition of the North-South car performance has increased.Therefore,the CNR and CSR after the acquisition of excess returns,the market reacted well.At the same time,after the acquisition of solvency,operational capacity,profitability,growth capacity has improved.In this paper,the reasons for the performance improvement of the M & A performance of the north and the south are analyzed.This paper argues that the increase in the performance of the M & A performance in the north and the south is due to the increase of market share through mergers and acquisitions,and the advantages of complementarity and cost reduction through M & A integration.Finally,this article draws inspiration: First,the CNR and CSR should build brand advantage,improve the internationalization process;second,CNR and CSR need to increase research and development efforts to enhance the level of innovation.With a view to the merger of the car better "going out" to provide reference.