Analysis On The Motivation And Effect Of TCL Technology M & A Zhonghuan Group Under The Background Of Mixed Ownership Reform Of State-owned Enterprises

Strengthening State-owned Enterprises,Benefiting the Country and the People.General Secretary Xi Jinping has repeatedly stressed the necessity of mixed-ownership reform of state-owned enterprises.The year 2020 is the first year of a new round of SOE reform in China,and we are fully confident in pushing forward the reform.The combined reform of state-owned enterprises and the capital market have created a good opportunity for mergers and acquisitions.This dissertation selects TCL technology 12.5 billion yuan to buy central group as the research case,aimed at to TCL,the perspective of science and technology,combining with the tianjin state-owned enterprises to create the background of the development opportunity,based on the acquisition performance of m&a motivation research,Summarize the experience of equity mergers and acquisitions under the situation of SOE reform,It provides practical reference for private capital to acquire 100% state-owned capital.First,based on modern property rights theory,corporate governance theory,synergy effect theory and Market efficiency theory,this dissertation reviews the literature on state-owned enterprise mixed reform,M&A motivation,and M&A performance,and builds a rigorous theoretical framework system.Secondly,this dissertation analyzes the motivation of M&A and acquisition from the perspective of the the acquiring firm,studies the reaction of the capital market with the event study method,analyzes and tables the effect of the mixed reform and the contribution rate of operation result of the subsidiary with the accounting study method,and design evaluation indicators based on the motivation of the merger and acquisition to comprehensively analyze the performance of TCL Technology.Finally,draw relevant conclusions and revelations based on the research data.Judging from the reaction of the capital market,the excess return of TCL technology stocks is a positive and negative change,and the abnormal cumulative rate of return obtained is negative.This shows that the short-term securities market reaction is generally average,but in the medium and long term,the capital market has a positive evaluation of this economic events.In terms of the company’s operating performance,after being merged into the Zhonghuan Group,TCL Technology integrated its resources according to its experience in the mixed reform of state-owned enterprises,and the corporate governance structure of its subsidiaries was improved after the mixed reform,and its operating performance has rapidly improved,which is beneficial to the parent company TCL Technology.Great contribution rate.In general,after the merger,TCL’s technology business scope will increase,profitability will be improved,and synergies in the industrial chain will be effectively brought into play.