Research On The Performance Evaluation Of Shanghai Steel Union's Merger With China United Steel

With the maturity of the securities market and the internationalization of the capital market,More and more enterprises expand their scale and occupy new markets by means of merger and acquisition,so as to achieve their strategic goals.On the one hand,the merger and acquisition of the same industry can often make enterprises achieve the effect of strong combination,improve the profitability of enterprises;On the other hand,cross-industry mergers and acquisitions can promote industrial diversification and accelerate the transformation and upgrading of enterprises.However,M&A is not only an opportunity but also a challenge.While M&A brings many benefits,it also has corresponding risks.At the same time,no scholars have studied the M&A cases of commodity service platform so far,and there are no cases to refer to.Therefore,it is necessary to study the performance of commodity platform M&A cases.The case selected in this paper is Shang Hai Gang Lian Steel E-Commerce Limited Company merger and acquisition of Zhong Lian Gang Steel E-Commerce Limited Company.First through the literature review and theoretical analysis,build a set of the financial index evaluation method,the economic value added evaluation method and non-financial indicators of evaluation method of commodity enterprise M&A performance evaluation index system,then using this evaluation system for Shang Hai Gang Lian Steel E-Commerce Limited Company merger and acquisitions Zhong Lian Gang Steel E-Commerce Limited Company,the case for performance evaluation.The results show that in terms of financial performance,debt paying ability,profitability and growth ability of enterprises after M&A have a good response in both the year of M&A and the second year.EVA in the year of M&A changes from negative value to positive value,with a large range of changes and continuous growth of EVA in the two years after the completion of M&A.In terms of non-financial performance,the company has achieved its strategic objectives,improved its market share and enhanced its research and development capabilities.The results show that the performance of the enterprise after the merger has been improved,and the original intention of the merger has been realized.The merger is relatively successful.Finally,combined with the merger motivation,some positive inspiration is put forward to provide some reference for other commodity platform merger in the future.