An Analysis Of M&A Motivation And Performance Of State-owned Listed Companies Based On Financial Perspective

In order to improve the operational efficiency of enterprises,optimize the allocation of resources,and enhance the competitiveness of enterprises in the international market,many state-owned listed companies mainly through mergers and acquisitions and restructuring to enhance the vitality of enterprises Realizing the leap-forward development of the diversification strategy of the state-owned enterprises.In the case of merger and acquisition of state-owned listed companies,the merger of CSR and CNR is representative.The motivation and performance of merger and acquisition of state-owned listed companies are analyzed and evaluated.It has certain theoretical and practical significance,which can be used for reference by other state-owned enterprises.This paper is divided into five chapters.The first chapter is the introduction,which mainly expounds the background,research significance,research methods and writing frame of this paper Finally,the possible innovation points of this paper are put forward.The second chapter defines the concept of M&A and performance,and the types of M&A This paper introduces the classical theories of M&A motivation.And introduce the motivation theory and performance analysis method of traditional M&A--The application of CAR method and BARH method.The third chapter first carries on the detailed introduction to the merger case,including the company brief introduction,the merger process,finally carries on the analysis from the internal cause and the external cause.Chapter four is the core of this paper,analyzing the performance of CNR Merger Mainly from the financial performance-financial indicators method,market short-term and long-term performance-event research method to study the performance of CSR Corporation Limited,North Car after the merger and acquisition and make a summary,then draw inspiration and put forward to investors,CRRC in the development of favorable recommendations.The fifth chapter is the conclusion of this paper,summarizes the conclusion of the case study analysis,and points out the limitations and prospects of this paper.