| China's real estate industry has become the pillar of the national economy,but the rapid rise of house prices has been controversial,accompanied by the rapid rise of house prices is the constant introduction of regulatory policies.The government's regulation and control measures mainly focus on four aspects: finance,taxation,land and administration.The regulation and control policies have a tremendous impact on land acquisition,financing and sales of real estate enterprises.The real estate industry has gradually entered the cold winter.China Fortune Land Development is now a well-known operator of China's new industrial city.Over the years,the company upholds the development concept of "thriving the city by production,leading the production by the city,integrating the production with the city,and integrating the urban and rural areas".Under the background of strict national regulation and strong supervision,it has excelled in the industry by winning the support of the government and horizontal merger and acquisition.Ten.Therefore,the study of the motivation and performance of China Fortune Land Development Horizontal mergers and acquisitions has a positive practical significance.On the basis of searching the literature related to the motivation and performance of real estate enterprises' M&A,this paper briefly describes the general situation of China's real estate industry and the harsh policy environment it faces,analyses the motivation of the trend of horizontal M&A in China's real estate industry,and expounds the basis and method of measuring the performance.Starting from the particularity of China Fortune Land Development and the general real estate business model,this paper explores the motivation of China Fortune Land Development M&A.With 38 cases from 2014 to 2017,it evaluates the long-term and short-term performance of China Fortune Land Development Mergers and Acquisitions by using related performance measurement and analysis methods,namely strategic analysis,financial index method and EVA method.The results show that China Fortune Land Development is one of Series mergers and acquisitions are motivated by the pursuit of market power,low-cost access to land resources to cope with market competition and decentralization of business risks,which conform to the development strategy of enterprises.The analysis based on financial indicators and EVA shows that continuous horizontal mergers and acquisitions have enhanced the profitability and enterprise value of China's happiness in the long run,but have a negative impact on the solvency.Finally,the paper puts forward some suggestionson how to improve the performance of mergers and acquisitions in view of the shortcomings. |
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