| Today,the integration trend of China's securities industry continues to strengthen.At the same time,in order to increase market share and expand business scale,various securities companies have embarked on the road of integration.For the capital market,only by seizing the opportunity to become bigger and stronger can it occupy a favorable position in the industry.Merger and acquisition between securities companies is one of the ways to expand the scale of the company and quickly accumulate capital.The merger and acquisition of "founder securities" and "national securities" is the first successful merger and acquisition case of a listed securities company in China.At the same time,this case is also a typical case of the merger and acquisition of small and medium-sized securities companies by large and medium-sized securities companies.It has a good representation and is of great significance to the research on the motivation and performance of the merger and acquisition.Firstly,this paper analyzes the motivation of "founder securities" merger and acquisition of "national securities" from the perspectives of policy promotion,operating environment drive,company strategic transformation,market expansion and synergistic effect.Then,based on the event research method,the short-term m&a performance was analyzed,and it was found that Founder securities obtained a positive cumulative excess return before and after the announcement of m&a.Medium and long term performance due to merger is affected by the running-in and shareholder disputes,performance growth began to deteriorate.The balance between corporate development strategy objectives and post-merger business performance needs to be carefully considered before mergers and acquisitions.Finally,this paper draws some inspirations for balancing strategic needs and business performance,as well as personnel arrangements,conflicts between shareholders and development advantages of both parties. |
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