| At present,China's economic development is in a period of shifting growth rate and painful structural adjustment.The economic growth rate tends to decline,and the upgrading of industrial structure is urgent.Under this background,the Central Committee of the Communist Party of China and the State Council proposed to deepen the reform of state-owned enterprises,promote the development of state-owned economy,and promote the transformation and upgrading of industrial structure.Since then,mergers and acquisitions of state-owned enterprises have become the norm,and people from all walks of life pay more and more attention to the performance of mergers and acquisitions of state-owned enterprises.However,traditional performance evaluation methods lack consideration of the special social attributes of state-owned enterprises,and only stay in the evaluation of long-temi and short-term financial performance.Few scholars evaluate the reality of the special M&A motives of state-owned enterprises,such as responding to national policieSj assuming the responsibility of adjusting social and economic structure,and realizing national macro-strategy from perspective of micro>cases.At present the research o? M&A performance of state-owned enterprises lacks comprehensiveness.On the basis of reviewing the existing literature and research theory,this paper starts with Ihe analysis of the current situation of state-owned enterprise M&A in China,summarizes the characteristics and problems of state-owned enterprise M&A,and constructs a performance evaluation system of state-owned enterprise M&A ba^ed on multi-level combining with the special motivation of state-owned enterprise M&A.In order to further study the performance of state-owned enterprises merger and acquisition from the perspective of micro-subject,this paper chooses case of M&A between CNR and CSR with the characteristics of state-owned enterprises merger and acquisition to carry out analysis.Based on M&A background,M&A mode and process,and M&A motivation,case analysis evaluates M&A performance of case companies from three dimensions:short-term financial performance,medium-term and long-term financial performance and non-financial performance.Among them,non-financial performance evaluation is based on M&A motivation,including M&A integration effect,changes in international competitiveness,and M&A motivation.The matching of national policies,and in-depth study of the factors affecting the performance of North-South car mergers and acquisitions,draw the corresponding enlightenment and suggestions,to provide reference for state-owned enterprise mergers and acquisitions.The results of this study show that it is feasible for state-owned enterprises to enhance their international competitiveness through M&A,avoid vicious overseas competition and build benchmarking enterprises for industrial upgrading and transformation.Mergers and acquisitions of state-owned enterprises are not only an important way for state-owned enterprises to rapidly open up the international market,gain new profit growth points and weaken operational risks,but also an important driving force for the realization of national policies.However,the M&A performance of state-owned enterprises is influenced by many macro and micro factors,such as industry development,government positioning,M&A mode,M&A motivation and integration scheme.Therefore,all sectors of society should treat the M&A behavior of state-owned enterprises rationally and avoid generalization.The text can provide a reference for the government,enterprise management and capital market investors to rationally view the merger and acquisition of state-owned enter:prises,and put forward suggestions on the government positioning,pre-merger preparations and merger and acquisition integration of state-owned enterprises. |
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