The Research On M&A Performance Of Securities Company In China

With the guidance of the loosening of monetary policy and the relevant regulatory authorities,Internet financial impact,and the development of traditional brokerage has not adapted to the bottleneck of the development of the market demand,brokerage business with the traditional brokerage needs resources reorganization and integration,triggering a wave of wave of mergers and acquisitions.The enterprise wants to develop further,create value,the allocation of resources within the industry to integrate enterprise merger is one of the road.Brokerage mergers and acquisitions is the result of the market appeal,the securities industry wants to further development,it is to take the road of mergers and acquisitions.At present,the number of mergers and acquisitions in China is limited by the number of times and the occurrence of a short period of time,the academic research on the performance of the brokerage business is still very scarce,brokerage mergers and acquisitions are still in the initial stage of feeling the stones.Brokerage mergers and acquisitions in the enterprise to bring the integration of resources,scale expansion,efficiency,complementary advantages,whether it is really for the broker to bring performance improvement and performance changes is very important.The 2013 SW mergers and acquisitions Hong Yuan Securities the largest market of mergers and acquisitions of brokerage merger behavior really is conducive to improving the efficiency,improve the financial performance of firms,and to hope for mergers and acquisitions of similar reference significance,also can provide a reference for the later,to help promote the further development of the securities industry.The first part of this paper briefly describes the macro background of the securities industry,briefly summarizes the contents of this paper and the methods used in this paper.The second part from the event study method and financial index method in recent years,domestic and foreign research on the performance of enterprise mergers and acquisitions in the literature to collate and review,and on the financial industry and the securities industry,the performance of mergers and acquisitions.The third part is divided into two sections,the first is the introduction of the theory of the performance of mergers and acquisitions,and then explain the performance measurement method of M & A.In this paper,from three aspects of the event study,financial indicators and non-financial indicators to study the performance of brokerage mergers and acquisitions.First of all,this paper introduces the event study method and its calculation points.Secondly,itintroduces the selection of financial indicators,and finally introduces the content of non-financial indicators.The fourth part is the case analysis,first introduced mergers and acquisitions(M & A)on both sides of the situation and the implementation of M & a situation,then carried on the analysis to the case,carries on the analysis from three aspects of event study method,financial index and non-financial indicators on the performance of M & A cases.Calculated excess return rate and cumulative abnormal return rate to analyze the market of merger and acquisition activity reaction and expected by the event study method,financial index method by comparing the M & A case before and after the relevant financial indicators analysis of M & A activity is to improve the financial performance of brokerage;nonfinancial index analysis of M & A case of M & A efficiency.Finally select the industry within a few comparable enterprises and the case of enterprises to carry out horizontal comparison.Finally select the industry within a few comparable enterprises and the case of enterprises to carry out horizontal comparison.The fifth part is a summary of the case study,and it is helpful to the acquisition of securities firms in China.