Research On The Synergistic Effect Of The Merger Of Central Enterprises In The Context Of Civil-military Integration

Led by the State Assets Supervision and Administration Commission(SASAC),the reorganization of central enterprises in the form of a combination of strong and powerful enterprises developed rapidly.With the acceleration of the progress of the reorganization of central enterprises,many central enterprises have made great achievements,but there are some problems such as unclear target strategy and no improvement in the performance after the merger and reorganization.Therefore,it is necessary to further discuss the specific synergistic effect of the merger and reorganization of central enterprises.With the adjustment of China’s economic layout and the enhancement of shipbuilding industry competition,under the background of military-civilian integration development as a national strategy,both The South Shipbuilding(namely CSSC)and the North Shipbuilding(namely CSIC)must undergo professional reorganization and merger to change the dilemma of large but not strong ship industry in China.This paper takes the north-south ship reorganization in 2019 as the main research object,and deeply discusses the motivation and synergistic effect of this enterprise merger and reorganization through the case study method.First of all,the background and theoretical basis of the research are described,and the research status of the motivation and synergistic effect of m&a in domestic and foreign academic circles is systematically summarized,and the research framework is provided.Next,from the historical evolution of the development of the two ships and the introduction of the two sides,the specific process of the merger and acquisition and the future direction of the merger and acquisition of the two sides,this paper carefully combs the process of the merger and reorganization.Thirdly,with the military-civilian integration strategy as the main outline,the motivation analysis is carried out from the two perspectives of military-civilian integration and civilian-military promotion.At the same time,qualitative and quantitative analysis is combined to evaluate the synergistic effect of the merger and reorganization of north-south ships from the perspective of military-civilian integration,financial perspective and other perspectives.Finally,the paper puts forward feasible policy suggestions for the future development of the newly established China State Shipbuilding Corporation and the further development of military-civilian integration promoted by the government.The research shows that in terms of motivation,under the background of the national military-civilian integration development strategy,the concept and requirements of military-civilian integration of CSIC and CSSC run through the whole process of building world-class innovative Marine equipment groups in China.In terms of military and civilian sectors,the merger of North and South ships will help eliminate excess capacity,improve the industrial chain,apply sophisticated military supply technology to civil and non-ship industries,and seek new interest growth points.In terms of promoting people’s military,under the dual background of civil-military integration and mixed reform of state-owned enterprises,the merger of North and South ships is mainly to absorb private capital,promote the development of military industry,inject new development mechanism and vitality into the group company,and promote the deepening of reform and innovation of the Group.In terms of synergistic effect,according to the analysis from the perspective of civil-military integration,the general capability of the north and south ships should be applied in the civil field to increase external cooperation in various forms,form regional ship industry chain groups,and drive the transformation and upgrading of the manufacturing industry.In the aspect of promoting the people’s army,the injection of private capital provided preparatory power for the in-depth merger and reorganization of the North-south Shipping company.The capital operation after the merger solved the problem of capital restriction in the process of transferring from military to civilian,reduced the financial burden of each subsidiary,and liberated the endogenous growth vitality of the enterprise.The combination of the research Institute of Munitions Industry and enterprises has realized the deep integration of civilian and military.According to the analysis from the financial point of view,after the merger and reorganization of the North and South Ship,the profitability index has increased,while the internal performance of the growth index has been different,and a certain operation synergistic effect has been achieved.Expense control index is good,but asset management index is all the way down,management synergies are mediocre.In terms of cost of capital,short-term solvency and long-term solvency do not change significantly,but the asset-liability ratio has decreased.In terms of tax saving effect indicators,income tax decreased year by year,income tax decreased to a certain extent compared with asset size,and achieved a certain financial synergistic effect.According to the analysis made by other angle of view,the merger restructuring eliminates the civilian industry surplus production capacity,promote the scientific and technological innovation and optimization and upgrading of industrial structure,improve the enterprise itself and the entire industry’s international competitiveness,improve the group’s strategic goals and strategic measures to improve the organization construction,personnel management and regional integration.The research suggestions of this paper are as follows: CSSC should make overall plans for the development of deep civil-military integration,accelerate the construction of innovation system of civil-military integration,strengthen the integration of civil-military resources in the capital level,and promote the deep civil-military integration with a more open attitude.The government’s opinion on the merger and integration of central enterprises under the background of promoting military-civilian integration is: to break down the barriers between military and civilian industries,and gradually complete the establishment of the system and mechanism;Increase financial support related to civil-military integration.This paper makes an in-depth analysis of the symbolic case of the merger of North and South ships,and provides a case study for the merger and reorganization of central enterprises under the background of military-civilian integration.The analysis is carried out from the perspective of military-civilian integration,and provides a beneficial supplement for the existing merger theory of enterprises.This paper provides suggestions for the follow-up promotion of the deep integration between the North and South vessels and provides reference experience for the merger and reorganization of central enterprise groups with the background of military-civilian integration in the future.