The Research On The Performance Of Mergers And Acquisitions By China Tungsten And Hightech Materials Co.,Ltd.

With the continuous promotion of the reform of state-owned enterprises in our country,more and more state-owned enterprises choose to restructure their ownership structure and optimize the allocation of resources through mergers and acquisitions,so as to achieve the goal of enhancing competitiveness and improving operating performance.So,it is worth thinking how about the performance of the enterprises after the M&A and whether there is room for improvement of the performance.The paper takes the M&A that was implemented in 2013 by China Tungsten and Hightech Materials Co.,ltd.which is a state-owned listed company,and studies the performance of the company after the completion of M&A.The paper mainly applies normative research method.On the basis of introducing the relevant theories and existing literatures of the performance of M&A,firstly,the paper evaluates the performance of M&A implemented by China Tungsten and Hightech Materials Co.,ltd.after analyzing the annual financial statement data of the one year before the M&A and the four years after the M&A,comparing the results of the analysis with the average level of 2 listed companies in the same industry;secondly,the paper reveals the main factors that influence the performance of the company's M&A from two aspects,internal and external;finally,suggestions for improvement are put forward.The paper has seven parts.The first part introduces the background,purpose and significance of the study,and clarifies study methods and ideas.The second part expounds the theoretical basis of the study and reviews the existing literature.The third part introduces the process of the M&A.The fourth part analyzes the pcrfonnance of the company after the M&A.The fifth part reveals the main factors that influence the performance of the company's M&A.The sixth part puts forward the suggestions for improvement.The seventh part has a conclusion of the study,and puts forward the following study directions.The conclusion of the study is that the company achieved the goal of the M&A,and improved its performance significantly.The performance of the company's M&A also has some disadvantages,the main reason is that the ability of cost control is not strong,the efficiency of management is not high,the industry chain is not perfect,the degree of product processing is not deep,the burden of personnel is serious and the regulatory policy is strictly,the development of the industry is down.To solve the problem,the paper puts forward 5 suggestions,such as optimizing production process and strengthening cost management;accelerating management integration and improving management efficiency;further improving the industrial chain and making up the short board;optimizing structures of products and increasing added value;improving the incentive mechanism and reducing manpower cost,which has reference value for the similar enterprises.The study is expected to have a certain reference value for similar enterprises.