A Study On The Performance Of Daye Special Steel's Merger With Xingcheng Special Steel

Special steel is an important part of the steel industry,it provides special steel for China's defense industry,high-tech industry,emerging strategic industry,machinery,automobile and other key industries,the development of the special steel industry is not only closely related to the national economy,but also has become an important symbol to measure the steel power.However,in recent years,the development of special steel industry is in a stagnant state,in addition to the impact of the overall environment of the steel industry,special steel production technology is backward,low industrial concentration,less specialized production and other problems are increasingly prominent,hindering the development of high quality of the special steel industry.In view of the development status of the special steel industry,the state not only carries out the supply side reform,but also vigorously advocates the effective merger and reorganization among the special steel enterprises to further adjust the industrial layout.This paper studies the M&A performance between Daye Special Steel and Xingcheng Special Steel.Firstly,it briefly describes the research background,practical and theoretical significance of the special steel industry,and expounds the main content and innovation points of this paper.Secondly,through reading domestic and foreign scholars' research literature on mergers and acquisitions,a literature review is formed and the relevant theoretical basis is summarized.After that,the basic situation,process and scheme of merger and acquisition are introduced in detail.Then,the performance analysis framework is constructed to evaluate the relevant financial and non-financial indicators before and after the merger of Daye Special Steel,so as to comprehensively analyze the impact of the merger and acquisition event on the performance of Daye Special Steel.Thirdly,through the above performance analysis,the problems found in the process were pointed out in time and the corresponding countermeasures were put forward.Finally,it summarizes the case study and points out the limitations and shortcomings of the article,which provides some valuable experience for the subsequent mergers and acquisitions among domestic iron and steel enterprises.