Research Of Merger Performance Of CSR And CNR

In order to occupy more market share and achieve faster performance growth in the world,in today's highly developed global market economy,many companies have adopted mergers and acquisitions to exaggerate the scale of enterprises and concentrate capital.my country's state-owned enterprises have also gradually followed the wave of mergers and reorganizations.Since the establishment of the SASAC,national policies have played an active role in the mergers and acquisitions of state-owned enterprises.With the implementation of my country's "Belt and Road" strategy,my country's state-owned enterprises continue to carry out "strong and strong alliances" and "strong and weak alliances" in order to expand their market share in the world,go abroad,and go to the world.Based on policy-oriented strategic mergers and acquisitions,whether it is a positive or negative effect for state-owned enterprises also depends on the motivation of mergers and acquisitions and whether the merger and target companies can play a synergistic effect after the merger.Therefore,this article takes the merger and acquisition activities of China South Locomotive Co.,Ltd.(referred to as China CSR)and China North Locomotive Co.,Ltd.(referred to as China North Locomotive)as examples,and analyzes in depth the motivation and synergy effect of this case.This article first sorts out the merger and reorganization,synergistic effect theory and other theoretical foundations,and explains the reasons for the merger and acquisition of China South Locomotive and China North Locomotive to provide a theoretical basis for the subsequent case analysis.In the case part,the EVA calculation based on the financial index method is used to analyze the development of China's north-south vehicle mergers and acquisitions,and then from the perspective of synergy effects,the analysis of the synergy effects in the four aspects of operation,finance,management,and intangible assets.Based on an in-depth analysis of the case,this article concludes that China 's north-south vehicle mergers and acquisitions have achieved a certain degree of synergy in the short term.The inspiration for the realization of the horizontal merger and acquisition synergies of stateowned enterprises is that mergers and acquisitions must comply with market-oriented merger and acquisition options,and focus on target companies.The relevance of the choice,the rationality of the payment method,the effective resource integration completed by the merger and acquisition,and the establishment of an evaluation system for long-term synergy and triggering the incentive effect.