| COFCO Property's acquisition of Joy City Property,a Hong Kong listed company,is a typical case of the combination of residential property and commercial property.Under the background of financing difficulties of property enterprises and slowing down of sales growth of commercial residential building,improving financing efficiency is crucial for property enterprises.The purpose of selecting this case is to study the impact of acquisition on COFCO Property's financing efficiency,and to open the "black box" in the process from financing to realizing benefits,that is,whether the funds can be raised at low cost and risk for production,whether the products can bring operating results to the enterprise,so divide the total financing process into fund-raising stage and operating results stage to analyze the change of financing efficiency.The purpose of this paper is to provide reference for property enterprises to improve financing efficiency.On the basis of summarizing the concept of financing efficiency,evaluation method,influencing factors and M & A theory,it is clear that M & A will have a positive or negative impact on financing efficiency,and the research on financing efficiency also develop from single stage to multi-stage.In the empirical part,the data of 15 property enterprises in 2016-2019 are selected as samples,with debt-to-assets ratio and financing cost as input indicators,inventory and investment real estate as intermediate output indicators,return on equtiy,total asset turnover ratio and increase rate of main business revenue as final output indicators.The two-stage network DEA model is used to calculate the vertical change of financing efficiency of COFCO Property before and after the acquisition of Joy City Property,and to make a horizontal comparative analysis with the financing efficiency of comparable enterprises;then the projection analysis method is used to calculate the improvement effect of each index affecting the financing efficiency.Finally,based on the characteristics of the business property and residential property model formed by the acquisition of Joy City Property,which is a Hong Kong listed company,this paper uses the financial analysis method,combining with the financing theory and M & A theory to study the reasons for the impact of acquisition on COFCO Property financing efficiency,and analyzes the reasons for the improvement of financing channels from a qualitative perspective.The research conclusions are as follows: first,after COFCO Property acquires Joy City Property,it can improve the total financing efficiency,fund raising stage efficiency and operating results stage efficiency of COFCO Property,especially the efficiency of fund raising stage.However,due to the short acquisition time,it needs to further optimize the production scale level of operating results stage to improve the overall financing stage efficiency.Secondly,acquisition can improve the ranking of COFCO Property financing efficiency in comparable enterprises,while the ranking of total financing stage and operating results stage is slightly improved,and the ranking of fund raising stage in comparable enterprises rises to the first place.Thirdly,according to the projection analysis results,the financing efficiency of COFCO Property after acquisition is fully achieved in enterprises with similar performance,so it is unnecessary to further improve the efficiency level,but there is still a gap with the relatively strong enterprises.Fourthly,on the factors influencing the financing efficiency in the fund raising stage,acquisition produces financial synergy effect,optimizes the capital structure of COFCO Property,reduces the financing cost and widens the financing channels,so as to improve the financing efficiency.Fifthly,on the factors influencing the financing efficiency in the operating results stage,acquisition produces the operation synergy,management synergy and diversified operation of COFCO which can improve the profitability,operation ability and growth ability of COFCO Property,and ultimately improve the financing efficiency. |
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