Analysis On The Motivation And Performance Of Mergers And Acquisitions Of Enterprises Under The Same Control

The reform of state-owned enterprises has continued to advance,and various reform measures and approaches have been carried out in parallel to improve the profitability of state-owned assets and the market competitiveness of state-owned enterprises.Introduce the power of the market and the law to regulate the operation of state-owned enterprises,and continue to promote reforms in terms of defining property rights,accelerating the construction of the market system,deepening the reform of ownership,and building a general pattern of state-owned assets supervision,so as to inject vitality into the reform of the economic system.Henan Province has carried out the reform guidance work of "three coals and one steel" to provide top-level guidance and scientific planning for the reform of large-scale heavy industry state-owned enterprises.In the specific implementation,through mergers and acquisitions and reorganization,different payment and consideration methods are used to realize capital operations such as asset reorganization,resource integration,non-performing asset divestiture,and high-quality asset injection,and make adjustments at the business,structure,personnel and other levels.As far as business is concerned,business results and business scope are the two main contents.At the same time,the business scope is not static.Facing the various market and consumer choices,companies need to adjust development direction and business strategy in a timely manner,so as to better adapt to the market and achieve profitability.This article focuses on Yicheng New Energy’s merger and reorganization of Kaifeng Carbon,introduces in detail the production and operation status of the acquirer and the acquiree,pays attention to the development prospects of the industry to which the company’s business scope belongs,and analyzes the company’s business changes based on policy information and technological changes.This paper interprets the motivation of this merger and reorganization from the perspectives of the acquirer,the acquiree and the strategic development of the group,and points out that the listed company has chosen the method of high-quality asset injection to avoid the delisting crisis under the pressure of delisting.Evaluate and analyze the performance of M&A and reorganization through event research method,comparative analysis of financial indicators and post-M&A business analysis.Combined with post-M&A business changes and operating results,relevant conclusions are drawn.It is pointed out that M&A and reorganization should be the means to create business value.And based on this,put forward suggestions for the follow-up development of the company.Research conclusions: First,this case is a merger and reorganization under the same control,which realizes the expansion of the main business and injects high-quality assets to avoid the risk of delisting.Second,the merger and reorganization in this case is an important step in the company’s development strategy.It belongs to vertical mergers and acquisitions.It expands the "new materials" business line to meet the diversification strategy,and at the same time extends the industrial chain in key links to achieve business synergy.Third,this merger and reorganization significantly improved financial performance in the year of merger,but the subsequent uncontrollable factors such as market changes showed a downward trend.Based on the research conclusions,suggestions are put forward: first,the non-performing assets should be stripped in time,and new profit points should be actively searched according to the current policies and market development.Second,attach importance to R&D investment,promote product upgrades,and take the road of innovation-led development.Third,the merger of enterprises under the same control should pay more attention to the integration of resources to achieve synergy.