Research On The Performance Of Convertible Merger Of CSR Corporation Limited

With the acceleration of the process of economic globalization in the 21st century,the economic links between countries around the world are becoming closer and closer,which leads to more and more fierce competition in the international market,and enterprises of various countries are competing for ways to expand.Mergers and acquisitions,as an effective way to expand the scale of enterprises,adjust the industrial structure,centralize capital and superior resources,have been widely adopted by large enterprises,and have aroused several waves of mergers and acquisitions since the end of the 19th century.Mergers and acquisitions are becoming more and more diversified in terms of scale and mode,but the most important is the trend of "strong-strong alliance",which is also the mainstream trend of capital market development.With the development of mergers and acquisitions,the payment mode of mergers and acquisitions,has changed greatly.Convertible merger is more and more popular among Chinese enterprises in recent years because of its advantages such as effectively relieving the pressure of cash expenditure,enjoying tax preferences,enriching the means of merger payment,reducing the debt rate of enterprises and enhancing the anti-risk ability of enterprises.Coupled with the promotion of China's economic system reform,the implementation of the state supply side reform and the implementation of the national strategy of"one belt and one road "and" going out",industrial integration and upgrading become the only way.In this context,it is of great practical significance to study the performance of the state-led large-scale state-owned enterprises'convertible merger.In this paper,case studies are used to select the typical convertible merger events in recent years,ZGNC corporation limited(hereinafter referred to as ZGNC)and ZGBC corporation limited(hereinafter referred to as ZGBC)as the research object,combing the merger motivation and related issues of the convertible merger behavior,focusing on the market performance,financial performance and integration performance to evaluate the three levels.Whether the effect of merger has reached the expectation or not,and on this basis,it can provide some experience for other enterprises to implement convertible merger.This paper is divided into five chapters.The first chapter is an introduction,which elaborates the research background and significance,literature review at home and abroad,research ideas and methods,etc.The second chapter is the definition of the concept and related theoretical basis.It mainly defines the concepts of convertible merger and merger performance,and elaborates the merger motivation theory,merger performance theory and analysis method.Chapter three is the introduction of ZGNC convertible merger case,mainly introducing the status quo of the merger parties,industry,merger motivation and the general situation of the convertible merger scheme.Chapter four is the performance analysis of ZGNC 's convertible merger.It mainly analyses the market performance,financial performance and integration performance of ZGNC 's convertible merger through data and analysis methods,and evaluates the results of the merger.The fifth chapter is the conclusion and outlook.It elaborates the conclusion of ZGNC's convertible merger,puts forward pertinent suggestions,and summarizes the research deficiencies and future prospects.The study finds that the convertible merger has achieved a good market response,and the effect of the merger is more significant,but the financial performance has not yet achieved the expected,which needs to be followed up by sustained attention.The main contribution of this paper is:based on market performance,financial performance and integrated performance evaluation,whether the ZGNC 's convertible merger has achieved the desired results,the in-depth analysis of this merger can provide rich experience for other large enterprises in China.