Research On The Performance Evaluation Of CGM In The Merger And Acquisition Of Tong Yuan Oil Company

Mergers and acquisitions are an important means for companies to improve asset quality,exert synergy effects,and enhance industry competitiveness.Companies hope to adjust their development strategies through mergers and acquisitions,optimize resource allocation,and increase corporate value.In 1992,our country's oil companies started overseas mergers and acquisitions,and it has been nearly 30 years now.In the past few years,the mergers and acquisitions of our country's oil companies were dominated by central enterprises.However,in recent years,the investment subjects of mergers and acquisitions have become more diversified.In addition to central enterprises,private enterprises are also developing rapidly.It protects our country's energy security,responds to the call of national policies,and also greatly promotes the improvement of the petroleum industry's layout.Therefore,it is necessary to conduct in-depth research on the performance of private enterprises in the petroleum industry.On the basis of reading a large amount of data,this article sorts out and analyzes relevant domestic and foreign literature and related theories,puts forward the entry points of this article,defines related concepts,determines research ideas and evaluation methods,and introduces the development characteristics of the petroleum industry Take Tongyuan Petroleum's acquisition of CGM as an example to review its motivations and process of mergers and acquisitions,focusing on short-term performance and long-term performance,selecting relevant data from several years before and after the merger,using event research methods and financial indicators Analytical method,factor analysis method and EVA analysis method analyze the performance changes brought about by the merger and the reasons for the changes from multiple angles.The research results show that Tongyuan Petroleum's acquisition of CGM has achieved the expected results.Although from the perspective of short-term market reactions,the M&A event did not have a positive impact,but from the perspective of long-term financial performance,the M&A behavior improved Tongyuan Petroleum's performance and had a positive impact on the company's long-term development.On the basis of this conclusion,this article puts forward enlightenment and related suggestions for this merger from multiple angles,hoping to provide some reference for other private petroleum companies' overseas mergers and acquisitions in the future.