| In recent years,China's economy has grown by leaps and bounds,and enterprises have countless opportunities for development.At the same time,they have to face the rapid changes in market competition.It is the magic weapon for a healthy and stable development that enterprises can improve their self-comprehensive ability.However,this requirement is difficult for many companies to rely on,which has led to more and more companies joining the ranks of mergers and acquisitions.Through the analysis of many companies' mergers and acquisitions,we can find out whether the financial performance of mergers and acquisitions meets expectations,and whether the efficiency of mergers and acquisitions is efficient and who is inseparable.This paper uses the relevant theories of mergers and acquisitions to explain,mainly related to efficiency theory,agency theory,market power theory and financial synergy theory.Based on these theories,we select government-led M&A cases(Baosteel M&A WISCO)and market-oriented M&A cases(Hegang acquired the Serbian Smeder Revo Steel Plant for analysis.Firstly,it explains the background of M&A,the process of M&A and the motivation of M&A,and then compares the government-led M&A and market-driven M&A efficiency from micro and macro perspectives..In terms of micro-efficiency,research is carried out from three aspects: M&A transaction efficiency,M&A integration efficiency and synergy effect.In terms of macro efficiency,we study the efficiency of resource allocation and the efficiency of industrial structure optimization,and draw the conclusion that the efficiency of mergers and acquisitions is high.The research in this paper finds that the difference in leading methods leads to the difference in the motivation of M&A,which in turn affects the efficiency of M&A.The reason for Baosteel is that the global economy is slowing down,China's steel production capacity is overcapacity,and it is forced by the requirements of competitiveness to expand the scale of enterprises and policies;WISCO's motivation lies in its poor operating performance,high steelmaking costs,and backward management concepts and methods.The non-steel industry is developing slowly.The driving force of Hegang is to resolve the problem of overcapacity,to lay out an international strategy,to improve international competitiveness,and to adapt to changes in the external environment;Serbia belongs to the economically underdeveloped country,its domestic infrastructure is backward,and the driving force of Saigang is to get rid of the troubled situation..Themergers and acquisitions of the two cases have the same part.The main difference is that Baosteel's merger and acquisition of WISCO has government-driven factors,and it is this different motivation that leads to different levels of M&A efficiency.In addition,the micro and macro efficiency of M&A is mainly influenced by the different parties.At the micro level,according to the efficiency of M&A transactions,after Baosteel completed the acquisition of WISCO,Baosteel's M&A efficiency decreased,and WISCO's M&A efficiency increased.After Hegang's acquisition of Sail Steel,Hegang and Saigang's M&A efficiency increased..From the perspective of M&A integration efficiency,after the acquisition of WISCO by Baosteel,the merger and acquisition efficiency of Baosteel and Wuhan Iron and Steel Co.,Ltd.decreased.After Hegang Steel acquired the steel,the merger efficiency of Hegang and Saigang increased.From the perspective of synergy,the efficiency of mergers and acquisitions of Baosteel and Wuhan Iron and Steel,Hegang and Saigang have improved.Overall,market-led M&A efficiency is higher than government-led M&A efficiency.On the macro level,both parties in the two cases have significantly improved the efficiency of resource allocation.On the optimization of industrial structure,the performance of Hegang's M&A Steel is better than that of Baosteel's acquisition of WISCO,and the M&A efficiency is also higher.Overall,market-led M&A efficiency is higher than government-led M&A efficiency.Finally,we can learn from the M&A model of market-leading companies to improve the efficiency of government-led mergers and acquisitions.Overcapacity,environmental pressure,and capital pressure are the serious problems facing China's steel industry.Under the influence of these problems,mergers and acquisitions will also cause some problems.In the final analysis,China's M&A market is still in the development stage,and the government's intervention in the industry is obviously too large.The development of the system related to M&A is far less than the practice of M&A.Therefore,in the face of these problems,this paper proposes to reduce government intervention and give play to market functions,requiring the government to position itself,and more to give policy support from a macro perspective,rather than strong intervention,so that enterprises can fully face the market.Make M&A more conducive to its own development;propose to establish a complete set of M&A system as soon as possible;propose to expand trade in the external steel industry and solve current problems through overseas markets;this paper also believes that due to the actual situation in China,China should The model of mergers and acquisitions has been changed.Diversification is the best solution.It adopts diversified mergers andacquisitions and other proposals to promote the transformation and upgrading of the steel industry,seek economic growth points,and solve the current problem of thin profits in the steel industry. |
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