| Since the reform and opening up,in order to stimulate the vitality of state-owned enterprises and improve their business efficiency,our country’s state-owned enterprises have been carrying out market-oriented reforms constantly,of which the mixed ownership reform of state-owned enterprises is an important part.After experiencing such stages as two rights separations of the management rights from ownership,the contract management rights reform and joint-stock system reform,the reform of state-owned enterprises has gradually deepened.Asset securitization is an important means and goal of the mixed ownership reform of state-owned enterprises.The main way of asset securitization is the company’s holistic listing or core assets listing.Through asset listing,the equity structure can be dispersed and the influence of state-owned assets expanded.State-owned enterprises merging with listed companies to improve asset securitization rates,is a mixed ownership reform mode encouraged by the central and local governments.On the one hand,the central government has encouraged state-owned enterprises to use the capital market to carry out mergers and acquisitions(M&A)in recent years.State-owned enterprises make use of their own resource advantages and acquire listed companies to quickly enter the relevant industries,make the enterprises larger,and get access to relevant technical or market share.Meanwhile,to use the capital market to carry out direct financing is conducive to the sustainable development of state-owned enterprises and can help to stablize economic growth,promote industrial transformation and upgrading,and make the state-owned enterprises bigger and stronger.On the other hand,as our country continues to carry out supply-side reform and the "the five priority tasks of cutting overcapacity,reducing excess inventory,deleveraging,lowering costs,and strengthening areas of weakness" policy,the listed companies of traditional industries face industrial transformation and management pressures.Due to limited resources,private listed companies have the motivation for M&A,and are willing to transfer controlling rights to state-owned enterprises due to their advantage of funds.In this thesis,the merger and acquisition performances of local state-owned enterprises merging with private listed companies are studied,taking company S merging with listed company H as a case and mixed-ownership reforms of stated-owned enterprises as the background.It first elaborates on the background and process of the M&A,analyzes the reasons from the acquirer and the acquired party and then makes empirical analysis of the M&A performance:To observe the share price changes of the listed company 15 days before and after the M&A day and analyze the short-term performance of this M&A;to evaluate the solvency,operational capability,profitability and development capability,ect.through the listed company ’s open data and analyze the M&A performance using financial indicator method;to calculate the economic added value of the listed company before and after the M&A,and analyze the M&A performance using economic value added method and from the perspective of an enterprise’s social responsibility,Finally,a summary with inspirations and suggestions both from the acquirer of the state-owned enterprise and the acquired private company is given at the end.This thesis,taking the M&A of listed company H by company S as an example,analyzes the performance of local state-owned enterprises acquiring listed companies,obtains the significance and deficiencies of this type of M&A,and provides relevant suggestions for future similar mergers. |
