Research On Synergy Effect Of Group B's M & A Tntegration

In recent years,the domestic iron and steel industry has been developing rapidly,but the situation of the majority of small and medium-sized enterprises is becoming more and more serious.The government has introduced various policies to try to promote the merger and reorganization between large-scale and state-owned iron and steel enterprises,aiming to raise the entry threshold of the steel market to a higher level again,and allow the market to eliminate the small-scale and backward steel enterprises as soon as possible.We should accelerate the merger and reorganization of iron and steel enterprises and improve the enterprise concentration and influence in the international market of China's iron and steel industry.This paper mainly studies the synergy effect of group B and group W after merger and reorganization and explores the realization way and evaluation method of horizontal merger synergy effect among the same industry.Through the study of domestic and foreign literature,this paper summarizes the current research status of the synergy effect of enterprise merger and integration,and then describes the general situation of group B and group W,analyzes the main motivation of the two enterprises' merger from two aspects of external and internal motivation,and combs the process of merger and reorganization and the content of merger scheme,from the aspects of business operation and organization business,this paper gives an overview of enterprise integration.The case analysis of merger and reorganization of group B and group W is based on the synergy effect of enterprise merger and acquisition.The evaluation indexes are selected from three aspects of operation synergy effect,management synergy effect and financial synergy effect.According to the analysis and comparison of index data before and after the merger,the effect of integration synergy after merger of group B and group W is obtained.Through the analysis,the main conclusions of this paper are as follows:(1)After the merger,the business synergy effect has been effectively released.Ten indicators are selected from three aspects of resource integration,enterprise profitability and growth ability to study the business synergy effect of enterprises.The results show that after the merger and reorganization of group B and group W,the resources of the enterprises of both sides have been effectively integrated.After the merger and reorganization,the original market share has been continuously increased,and the main business income and operating profit of the merged enterprises are also rising,which reflects the scale effect of the merged enterprises,and on the whole,realizes the operation synergy effect of merger and acquisition.(2)After the merger,the management synergy has been effectively released.Six indicators are selected from two aspects of asset management level and expense management level to study the management synergy effect of enterprises.The results show that after the merger and reorganization of group B and group W,the level of enterprise asset management has been improved in varying degrees,and the merger and acquisition has improved the asset management level of the merged enterprise;The decline of sales expense rate and management expense rate also shows that the enterprise has entered a good and orderly cycle development process after merger and reorganization.The merger and reorganization of group B and group w can release their management synergy effect.(3)After the merger,the financial synergy effect has been partially released.Four indicators are selected from two aspects of debt paying ability and tax saving ability to study the financial synergy effect of enterprises.The results show that after the merger and reorganization of group B and group W,the solvency of the enterprise has been improved,but there is no obvious tax saving effect.