A Study On The Motivation And Effect Of Merger And Reorganization Of Central State-owned Enterprises

Since the 18th National Congress of the Communist Party of China,state-owned enterprise reform has entered a new era.With the goal of strengthening,excelling and expanding state-owned capital,the adjustment and optimization of the layout and structure of the state-owned economy is progressing steadily.At the same time,with the transformation of China's economy from a high-speed development stage to a high-quality development stage,the national demand level has improved significantly.At the same time,with the transformation of China's economy from a high-speed development stage to a high-quality development.stage,the level of national demand has increased significantly.The contradiction between supply and demand in the traditional industries where most state-owned enterprises are located has become increasingly prominent,and there is a general overcapacity.Therefore,Supply-side structural reform is imperative.Merger and reorganization has become an important way for state-owned enterprises to optimize resource allocation,promote industry development and enhance global competitiveness.This paper will take Shenhua Group and Guodian Group,the largest merger and reorganization of state-owned enterprises since the establishment of SASAC,as the case study object,and use the methods of literature research,case study and comparative analysis to study the motivation and effect of the merger and reorganization of state-owned enterprises in China.Firstly,on the basis of the current research on the M&A motivation and M&A performance of the enterprise,this paper makes a macro-level analysis on the status quo of the merger and reorganization of the central enterprises.Secondly,from the microscopic point of view,the case studies of the merger and reorganization of Shenhua Group and Guodian Group are carried out.After a brief introduction to the background and process of the merger and reorganization of the two,based on the motivation theory of merger and acquisition,combined with the event research method,financial indicators and non-financial index analysis method,this paper reasonably analyzes the motivations of the merger and reorganization of Shenhua Group and Guodian Group,and evaluates the combined effect.Finally,it gives certain suggestions for the follow-up development of the National Energy Group after the reorganization and the merger and reorganization of our central enterprises in the future.Through the research on the motivation and effect of the merger and reorganization of Shenhua Group and Guodian Group,we can find that the main reasons for the merger and reorganization of central state-owned enterprises are:at the national level,the strategic orientation of optimizing the layout of the state-owned economy and the reform of the supply-side structure;at the enterprise level,obtaining synergy effect and enhancing their competitiveness.Enlightenment to the future merger and reorganization of central state-owned enterprises:strengthen the main business and cultivate new kinetic energy,promote the coordinated development of the industry;enhance the integration effect of mergers and reorganizations,strive to achieve synergy;promote the construction of smart innovation and enhance the core competitiveness.Combining the research content and methods used in this paper,the innovative performance of this paper is expected to be:Firstly,it is closely related to the background of state-owned enterprise reform and supply-side reform,and studies on the merger and reorganization of central enterprises,which play an important position in China's M&A market.The second is to conduct a specific study on typical fresh cases,analyze the motivations and effects behind the merger and reorganization of Shenhua Group and Guodian Group,and provide inspiration for the future reorganization of central enterprises.The limitation of this paper is:Because of the short occurrence time of the cases studied,it can only evaluate its short-term combined effect,thus predicting the possibility of its long-term effect,but it cannot directly and accurately measure and analyze the long-term combined effect.