Research On Synergy Evaluation Of TX Energy Company's Acquisition Of JR Building Materials Company

After the reform and opening up,China's market economy has developed rapidly.Especially after its accession to the WTO,the M&A activities of Chinese enterprises are becoming more frequent and the scale of transactions is also getting larger and larger.However,compared with the case of mergers and acquisitions of western enterprises,the quality of mergers and acquisitions of Chinese enterprises needs to be improved urgently.In recent years,there are many cases of failure mergers and acquisitions,but,in essence,it is because Chinese enterprises lack a set of mature and effective programs to guide their mergers and acquisitions in the process of mergers and acquisitions,but also lack of corresponding marks for the management and evaluation after mergers and acquisition,which will Leading to enterprises can not accurately grasp the changes in the market situation.In view of the above economic status,this paper on the basis of comprehensively combing the current domestic and foreign related research on M&A theory,combined with the characteristics of China's enterprise development,from the research perspective of mergers and acquisitions synergies create a comprehensive evaluation system of M&A synergies,and meanwhile use this evaluation system to analyze and evaluate the real case of TX Company's merger of JR Company.This paper first sorts out the categories,motivations of corporate mergers and types of influencing factors,formation and evaluation of synergy effects in detail,and then builds a comprehensive evaluation system about the synergies effects of corporate M&A on this basis.This article focuses on management,financial and operational aspects of the merger and acquisition synergies to analyze and measure.Finally,it concludes the main research conclusion and management enlightenment of this article in a general way,so as to better guide the practice of the enterprise.This article is divided into six chapters,the first chapter introduce the paper's topic background and significance,research status,research methods and contents,technical route and research innovations,etc.Second chapter is theory review,review and summarize the main at home and abroad about the theory of merger synergies and research,then elaborated the connotation,classification and motivations of mergers and acquisitions,and corporate M&A synergistic effect of contents,classification,influence factors and the mechanism of the formation and evaluation of the merger synergies.The third chapter is to build evaluation system,it is on the basis of summarizing the theory in the second chapter,this paper elaborated enterprise M&A financial synergy effect evaluation,evaluation of operating synergies and management coordination effect evaluation methods and content,the construction of a comprehensive enterprise M&A synergy evaluation index system.In the fourth chapter is case analysis,and introduced in this paper,the main business-TX power companies and the background of the target enterprise-JR building materials company,as well as mergers and acquisitions of implementation,process specifications and m&a management strategy,etc.The fifth chapter is the analysis of the result of TX energy company's acquisition of JR building materials company.In this article,through the third chapter was used to construct the index system of enterprise merger synergies,JR to TX company mergers and acquisitions financial synergy results,operating synergy,management synergy results is analyzed,thus to analyze and judge the result of the acquisition.The sixth chapter is the research conclusion,which aims to analyze and discuss the case study in this paper,and provide experience and Suggestions for the implementation and management of the enterprise's future strategy.