The Influence Of Synergy Effect Of M&A In Securities Industry On The Competitiveness Of Enterprises

With the further development of China's reform and opening up,China's economy has been clearly transformed from high-speed growth to high-quality development in the 19 th Communist Party of China National Congress.China's economy is constantly transforming and upgrading.At the same time,China's deeper opening up of the financial industry has gradually opened up,which not only brings opportunities but also challenges to China's financial industry.Opportunity refers to the introduction of foreign advanced technology and management experience which can enhance the market competitiveness of China's financial industry and the influence of the international community;challenge refers to the impact of foreign competitors in the same industry on China's relatively backward financial industry.One belt,one road initiative,has been the trend of China's securities companies to expand their businesses overseas.Many Chinese enterprises are investing overseas,while domestic brokerages can not only provide them with more convenient financial services,but also provide their local enterprises with Chinese solutions.At the same time,M & A is the most effective way for domestic securities companies to develop rapidly to the international market.The first part of this paper is Chapter 1 and Chapter 2.The first chapter introduces the research background and significance of this paper.Through literature research,theory and case portfolio analysis,the data analysis before and after CITIC Securities' acquisition of CLSA reflects the synergy of M & A on enterprise competitiveness.The second chapter is the research and analysis of domestic and foreign literature,and discusses the theory of synergy effect and enterprise competitiveness.From the analysis of M & A theory,the type and mechanism of M & A synergy theory,as well as the theory of enterprise competitiveness under the mode of M & A synergy effect are analyzed.The second part mainly includes chapter 3 to Chapter 5.Among them,the third chapter mainly discusses the reasons for the formation of enterprise competitiveness,the factors influencing synergy in M & A,and the influences of enterprise cooperation,management cooperation,financial cooperation and cultural cooperation.Chapter 4analyzes the case,introduces CITIC Securities,CLSA and their M & A from the acquisition of CLSA by CITIC Securities.And from the M & A motivation,competitiveness and advantages and disadvantages of both sides,through the data of CITIC Securities before and after the M & A,this paper analyzes the impact of competitiveness from the changes of strategic synergy,operational synergy,management synergy,financial synergy and cultural synergy.The third part is the fifth chapter,which is the conclusion of this paper.Through the theory and case analysis,the merger of CITIC Securities and CLSA set a precedent for overseas merger and acquisition.At the same time,after the merger,the company has formed a strong and powerful competitiveness.At the same time,the comprehensive strength of CITIC Securities after M & A,the development advantages in line with national strategy,investment and financing capabilities,management capabilities and competitiveness have been significantly improved.