| Today,mergers and acquisitions by China's financial enterprises have become a common strategy,which can make the company grow up.That means a company can not only expand its scale and impr ove its efficiency to seize the market through M&A,and also it can make an achievement of diversification and internationalization development strategy.M&A can also reduce the cost of a company so as to get more profits.It is conducive to promote China's ascendant position in international financial market and to explore the law of mergers and acquisitions in China by research on M&A theory and M&A cases.Through the study of the motivation and performance of Ping An's merger and acquisition with Shenzhen Development Bank,this thesis aims to complement and improve the evaluation system of the motivation and effect of M&A and analyze the laws and problems in China's financial M&A.The first chapter introduces the research background,research significance,research contents,methods and framework of this paper.In the second chapter,both domestic and abroad research theory on M&A motivation and performance were collated.In the third chapter,the external market environment of the enterprise was analyzed by using the PEST analysis method and the national and regional market data.Secondly,internal conditions of the enterprises before and after the acquisition of Ping An and Shenzhen Development Bank was analyzed in order to explain the motive of the parties involved in the M&A.The fourth chapter introduces the implementation process of the M&A,the price of convertible and the integration.The last chapter analyzes the implementation effect of M&A from four aspects: "adjust structure,make up short board,maintain growth and control risk”.First of all,by using the ratio analysis method,combined with the Ping An Bank and the interbank bank from 2006 to 2015,M&A impact of Ping An Bank was analyzed.And by using the EVA(economic value added)Mo del analysis and ratio analysis,Ping An 'financial data before and after the M&A was analyzed so as to explain the impact of Ping An by M&A.Again,evaluate its performance and offering suggestions on its problems.Through the study of this case,it is found that the most fundamental motivation for mergers and acquisitions in the financial industry is to raise profits and control risk,usually by adjusting the structure and reinforcing the short board.After this M&A,Ping An allocate the group's resources to the bank and the enterprise resource allocation is optimized,which make the bank assets to be added and enhanced.Ping An Bank has also become the Group's new stable profit growth point.In the meantime,Ping An Group also improve the utilization of group assets and reduce operating costs through the acquisition.Whereas,Ping An Bank also has the problem of profitability decline,the risk of management capacity deterioration,and Ping An Insurance and Ping An Bank cross-selling issues,all needs to be resolved by integration in the future.The law of China's financial industry mergers and acquisitions could be explored through this case study.It can also complement and improve the evaluation system of the motivation and effect of M&A.Through these studies,it is possible to promote the research on the theories and methods of acquisition motivation,performance and other related fields in China.Also it can provide a more scientific theoretical basis and practical guidance for the smooth progress of M&A activities in China and eventually to improve the efficiency of corporate mergers and acquisitions. |
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