Case Analysis Based On Event Analysis And EVA Value For The M & A Performance Of CSR And CNR

With the continuous development of China's capital market,the amount of the transaction of China's M&A transactions has been increasing with the increasing trend of the number of M&As.In the era of increasingly complex economic market changes,theoretical support and guidance are still needed.The published in 2015 of "The Opinions on Deepening the Key Work of Economic System Reform in2015"."The formulation of a plan for the restructuring and restructuring of the central enterprises" has attracted everyone's attention and heated discussions.After the two large rail transit equipment manufacturers,CSR and CNR,separated from each other in 2000,the reintegration after 15 years was equivalent to the duopoly merger in China's rail transit equipment manufacturing industry,which aroused people's concern.The main customers of CSR and CNR in the domestic market are The National Railway Administration of the People's Republic of China.Because the structure and product technology of the two companies are very similar,the overlapping of business scope is very serious.This resulted in vicious competition for orders,which later led to the price war.In the modern era,when all kinds of old financial management methods are being replaced by the new system,corporate mergers and acquisitions activities have not only gradually faded,but have become increasingly fierce with the development of the economy and the market.This paper selects the first large-scale central state-owned M&A case under the new economic normality as the research object.Based on the existing relevant theories,using the event analysis method to analyze the short-term market reaction of M&A,using the calculation of economic value added(EVA)in combination with non-financial indicators to analyze the long-term economic benefits of CRRC,from the perspective of long-term and short-term performance,we analyzed the impact of M&A on the economic consequences of CRRC.So drawed the conclusions based on this.This paper tries to supplement thecase study,allowing the traditional theory to bloom new vitality and show new activity.