Research On The Motivation And Performance Of State-owned Enterprise Mergers And Acquisitions Under The Leadership Of The Government

Deepening the reform of state-owned enterprises is an important part of deepening the reform of the system and mechanism.It is of great significance to strengthen and expand the state-owned capital and to adhere to and develop socialism with Chinese characteristics and achieve the goal of "two hundred years".The steel industry is China.The lifeblood of the national economy,its healthy and stable development is of great significance to the development of the entire economy;but the current steel industry has unreasonable industrial structure,overcapacity,and disorderly competition among industries,and urgent measures need to be taken to solve them.In order to further realize supply-side structural reforms,reduce inefficient supply,expand effective supply,and adapt supply to demand,under the leadership of the government,a large number of state-owned enterprises have embarked on the road of mergers and acquisitions;For the sake of self-interest,more is to complete the social public goals,so in the evaluation of the motivation and performance of state-owned enterprises mergers and acquisitions need to select more suitable indicators for analysis.This paper uses the case study method to analyze the motivation and performance of Baosteel's merger and acquisition of WISCO: in terms of M&A motivation,because the state-owned enterprise mergers and acquisitions are closely related to the overall strategic objectives of national development,not only from the perspective of self-development,this paper From the enterprise level and the national strategic level,it is discussed;in the M&A performance level,the short-term performance evaluation selects the event research method,and analyzes the short-term performance of M&A by calculating the excess cumulative return rate of M&A;The accounting indicator method was chosen to select appropriate financial indicators for analysis from the perspectives of finance,operation and management coordination.In addition,due to the particularity of state-owned enterprises,this paper also selected some special indicators from the government's perspective to evaluate the merger.Through this case study,I hope to conduct a specific and multi-faceted evaluation of Baosteel's acquisition of WISCO,and hope to discuss how the government-led state-owned M&A is different from the general enterprise in terms of M&A motivation and performance.Whether the government's leading mergers and acquisitions can promote the M&A activities of enterprises,and in what ways can affect the mergers and acquisitions of enterprises,and the effect after mergers and acquisitions.The study found that,from the perspective of M&A motives,compared with the spontaneous mergers and acquisitions of the market,the government-led M&A motives in addition to achieving synergy at the enterprise level,improving efficiency,etc.,the will of the government and the direction of the national strategy Very important role;from the perspective of M&A performance,for the enterprise,the enterprise value is improved in the short-term,and the synergy effect is realized in the long-term;for the country,the successful merger and acquisition of the enterprise brings more to the country.The high tax revenue has improved the overall strength of the country and the overall competitiveness of the country,and has better implemented the relevant strategic initiatives such as the “three downs and one subsidies” and the “Belt and Road” proposed by the state.At the same time,this paper hopes to play a reference role in the merger motivation and performance analysis of other government-led state-owned enterprises.