Research On Supply-side Reform Model And Performance Of State-owned Enterprises Promoted By M&A

After more than thirty years of state-owned economy reform,it has made remarkable achievements,but at present there are still remain some problems,such as unreasonable state-owned economic layout and structure,excess capacity,low efficiency,lack of creativity,which have seriously affected the quality and efficiency of economic development of our country.At present,promoting the supply-side structural reform of state-owned enterprises is determined by the current layout and structure of state-owned economy and status of state-owned enterprises.At present,the supply-side reform of state-owned enterprises driven by Mergers and Acquisitions is in full swing,which is conducive to deepening the reform of state-owned enterprises,optimizing the layout and structure of state-owned economy and improving the competitiveness of state-owned enterprises.In order to study the progress,mode and effect of supply-side reform of state-owned enterprises promoted by mergers and acquisitions,this paper mainly carries out research from the following aspects:Firstly,we study the related concepts and theories of mergers and acquisitions effect,which provides theoretical support for the follow-up study of supply-side reform of state-owned enterprises driven by mergers and acquisitions.Secondly,we study the status and existing problems of the current layout and structure of state-owned economy and state-owned enterprises,which can better grasp the adjustment requirements and reform direction of supply-side structural reform of state-owned enterprises.Thirdly,we review the progress of supply-side reform of state-owned enterprises driven by merger and acquisition,and summarize the mode and the internal motive mechanism of merger and acquisition.Fourthly,this paper investigates the role of M&A in optimizing the layout structure of state-owned economy and improving the efficiency of state-owned enterprises taking the case of the merger of Baosteel and WISCO,and evaluates theeffect of the merger of Baosteel and WISCO by using five-force competition model,SWOT model and financial effect analysis method.Finally,in order to further promote and optimize the supply-side reform of state-owned enterprises driven by M&A,this paper puts forward some countermeasures and suggestions from the perspective of state-owned enterprises and the national.At present,the mergers and acquisitions to promote the supply-side reform of central enterprises can be summarized into the following four types: The first type is to remove capacity,which improves the efficiency of supply through horizontal mergers and acquisitions within the industry.The second type is to enhance competitiveness,which improves the quality of supply through horizontal mergers and acquisitions within the industry.The third type is the integration of industrial chain,which achieves complementary advantages in the industrial chain and the integration of upstream and downstream industrial chain through the strong and strong combination of enterprises in different positions of the industrial chain.The fourth type is the integration of industrial chain,which promotes the quickening of state-owned capital from areas lacking competitive advantages and low-end links in the value chain through mergers and acquisitions between enterprises in the industrial chain.Through theoretical analysis and case study,this study found that M&A is the effective means of market allocation of resources under the background of supply side structural reform,M&A of state-owned enterprises not only improves the quality and efficiency of development at a micro level,but also optimizes the layout and structure of state-owned economy on the macro.