| With the rapid development of China’s economy,various industries are continuously integrated under the driving of market competition.The number and scale of corporate mergers and acquisitions have risen sharply.Among which the real estate industry,as an important part of the economy,has become more frequent in recent years.Due to the rapid growth of house prices in recent years,the industry’s concentration has continued to rise,and the state’s control over the real estate industry has become more and more strict.In this context,many real estate companies in order to develop better and operate,improve their financial situation or expand their scale,have embarked on the road of M & A and restructuring..Taking COFCO Property’s merger and acquisition of Joy City as an example,this paper studies the motives and performance of the merger and acquisition of enterprises.The merger and acquisition of real estate enterprises often involves large-scale assets and takes a long time,which requires comprehensive evaluation in many aspects,so as to more objectively reflect the effect of the merger and acquisition.First of all,through reading a large number of domestic and foreign literature,this paper establishes the theoretical basis and summarizes the relevant research theories and evaluation methods.Then it analyzes the development of the real estate industry in recent years and the current situation of M & A,on this basis,it introduces the background of all parties in this M & A case,combs the time line of the M & a process,and then analyzes the M & a motivation of COFCO real estate according to the actual situation.Then,in order to comprehensively evaluate the performance of this M & A,the event analysis method and financial index analysis method are used.At the same time,combined with the non-financial index analysis method,the M & A is analyzed from three dimensions,namely market performance,financial performance and enterprise related non-financial index performance.Finally,according to the analysis results,the paper puts forward some targeted suggestions forthe follow-up development of COFCO real estate integration,and summarizes the relevant experience for the same type of enterprises.Through research and analysis,this paper finds that the merger and acquisition are based on internal and external comprehensive considerations of state-owned enterprise reform and corporate strategic transformation.The success of mergers and acquisitions has a positive impact on the market performance of enterprises,and has caused investors to obtain excess returns.In general,the financial performance of the enterprise has also been improved,the profitability and short-term solvency have been temporarily reduced after M & A,and the growth ability and operation ability have been greatly improved.The non-financial indicators closely related to the operation and development of the enterprise performed well,laying a solid foundation for the follow-up development.Due to the nature of the industry and enterprises,the positive effects brought by mergers and acquisitions at this stage have not yet been fully realized,and they need to be gradually released in the future development.The merger and acquisition for COFCO real estate is relatively successful,achieving the expected purpose of the enterprise,and the relevant experience in the process can also bring enlightenment for the same type of state-owned enterprise real estate companies. |
