A Study On The M & A Performance Of Motorway Listed Company

In recent years,as the construction of motorway network is gradually improved,the demand for new construction of motorway is reduced in the future,and the rate of return of new projects drops sharply.Coupled with the uncertainty of the adjustment and change of motorway toll policy,the sustainable operation of listed companies with motorway operation as the main business is facing great challenges.The actual controller of motorway listed companies is generally provincial transportation investment platform.Under the background of deepening the reform of state-owned enterprises,the actual controller is very urgent and has the strength to achieve the sustainable development of the company through mergers and acquisitions.However,there are great differences between the motorway industry and other industries in the management system,management capacity,personnel structure and so on.Whether M & An in the motorway industry can really achieve the original goal has become an issue of concern from all walks of life.This paper uses the case study method,through the construction of EVA analysis index system and the auxiliary analysis index system composed of relevant non-financial indicators,to analyze the M & A performance of C company M & A S company.On the whole,the M & A performance of C Company fell short of expectations.From the perspective of EVA analysis index system,the EVA-related indicators of C Company for mergers and acquisitions reached the highest point in 2017,but the overall after-tax net operating profit margin of C Company declined since 2018,resulting in a decline in EVA from 2018 to 2019,which has been lower than the pre-merger level.From the perspective of the auxiliary analysis index system,M & A does not bring the increase of market share of S company,the substantial decline in the performance of S company can not be used as a stable performance source of C company,the financial synergy between the two sides basically disappeared,and the business coordination represented by intelligent transportation is slow.The main influencing factors of M & A performance falling short of expectations are the poor response to changes in the market environment,the absence of operational risk prevention and control,and the low effect of resource integration.Therefore,this paper puts forward the strategies to improve the M & A performance of expressway listed companies from three aspects: defining the overall business development layout,strengthening operational risk prevention and control,and promoting the coordination of resource integration.The point of view of this paper is that companies should carefully determine the direction of industrial transformation,strive to eliminate industry information asymmetry,and co-ordinate the overall layout of industrial development.Companies should strengthen the strategic planning control of sales and the comprehensive control of costs and expenses,and at the same time,business risk prevention and control should be extended to the front end,and strengthen the management and control of operational risks during the performance commitment period.In addition,companies should also clearly plan the coordination path of resource integration,and the coordination of resource integration should focus on business coordination,and establish a corresponding implementation guarantee mechanism and so on.There are two possible innovations in this paper.First,the sustainable operation of motorway listed companies is facing challenges,and this group generally achieves business transformation through mergers and acquisitions,but there is not much research on the M & A performance of motorway listed companies.This paper combines the characteristics of motorway industry transformation,pertinently analyzes the performance of C company M & A S company,as a supplement to the research on M & A performance of motorway listed companies.Second,there are great differences in the management system,management ability,personnel structure and capability requirements between the motorway industry and other industries,and there is a lot of uncertainty about whether other industries can meet the expectations of M & A.Combined with the conclusion of M& A performance evaluation and the analysis of influencing factors,this paper can provide some suggestions for C Company and motorway industry transformation.