Evaluation Of M&A Performance Based On The Perspective Of Industrial Evolution Theory

As a pillar industry in China,after the global economic crisis in 2008,the steel industry has exposed many problems,such as overcapacity and immature industrial structure.These problems have led to the development of China's steel enterprises in an embarrassing situation,and the increasing number of loss-making enterprises,seriously threatening the healthy and sustainable development of the steel industry.In the face of a series of urgent problems,referring to the experience and lessons of foreign developed countries,and exploring the path and methods suitable for the development of China's steel industry,the state has issued a number of steel industry policies to guide and encourage large and medium-sized enterprises to enhance their strength through mergers and acquisitions and restructuring,and to stabilize their position.For M&A under the new economy in the new era,the Countermeasures of Chinese steel enterprises have attracted wide attention from academia.Based on the theory of industrial evolution,this paper will use case analysis to analyze the M&A of China's steel industry.Taking Baoshan Steel as the research object,this paper will analyze the M&A activities in different industrial stages,evaluate the M&A performance.Finally,it draws conclusions and provides feasible and effective countermeasures and suggestions.The results show that China's steel industry is in the stage of industrial evolution agglomeration.After the vigorous promotion and implementation of capacity policy in 2016,although the industrial concentration degree has been improved,it is still too low compared with the international level of the same industry.Overcapacity is an important problem facing China's steel industry.Reasonable merger and acquisition is the only way for China's steel industry to develop and grow.Based on the application of theory,this paper evaluates the performance of M&A,hoping to provide constructive suggestions for industrial policy makers,explore better M&A strategies and development paths for steel enterprises,and further enrich the theory of industrial evolution in the future development of steel industry.