Research On The Financial Integration Of State-owned Enterprises After Merger And Acquisition In China

M & A can help enterprises expand effectively based on strategic needs and allocate resources effectively,which is a reflection of the continuous progress of market economy.Whether an agreement can be reached in the negotiation process is not the only standard to measure the success of M & A,but also depends on whether the effective integration can be achieved after M & A.Financial integration is an important part of post merger integration.Whether the financial integration is successful or not will play a decisive role in the development of enterprises after merger and acquisition.After M & A,enterprises should immediately start to carry out financial integration.Before the integration,they should fully review the financial situation of the merged enterprises;during the integration,they should carry out one by one according to the integration content;after the integration,they should implement effective financial control over the merged enterprises.Only in this way can the success of M & a be boosted,the financial synergy be realized,the optimal allocation of resources be realized,the financial management and operation efficiency be improved,the financial risk be controlled,the competitiveness of enterprises be increased,the market share be increased,and the enterprise value be maximized.In addition,enterprises should effectively evaluate the effect of financial integration after M & A,timely find out the problems existing in the enterprises,and solve the problems,so as to ensure the expected effect of financial integration.China’s special institutional background,state-owned enterprises for China’s economic development plays a supporting role,it can be said that the better the development of state-owned enterprises,the higher the efficiency of China’s economic operation,the better the effect of value preservation and appreciation of state-owned assets,the stronger the role of promoting the development of the national economy.Merger and reorganization has become the trend of the reform of state-owned enterprises.Therefore,it is time to study the content of financial integration of state-owned enterprises after merger and acquisition,and provide new ideas for the financial integration of state-owned enterprises.This paper adopts the method of combining theory with case study,mainly studies the related problems of financial integration after the merger and acquisition of state-owned enterprises.First of all,in the literature review part,by combing the previous research results on the merger and reorganization and financial integration of state-owned enterprises,we can understand the current research trends at home and abroad.Secondly,it introduces the concepts and related theories of M & A and financial integration.Then it elaborates the necessity,principles,specific contents and key control points of financial integration of state-owned enterprises.In the part of case analysis,this paper selects Shenhua Group’s merger and acquisition of Guodian group as the case study object,analyzes the financial integration methods adopted by Shenhua Group and Guodian group after the merger and reorganization,and evaluates the effect of financial integration from non-financial indicators and financial indicators.After analysis,it is found that through a series of financial integration measures,the market share of national energy group has increased,the core competitiveness has improved,and the asset quality is also better.However,there are also some problems,such as heavy debt burden and neglect of cultural integration.Finally,according to the analysis of the case,this paper summarizes the common problems existing in the process of financial integration of China’s state-owned enterprises after M & A,and puts forward the corresponding countermeasures,so as to provide reference for the financial integration of China’s state-owned enterprises.