| The scale of coastal ports in China continues to grow,and port construction problems have also emerged,such as severe homogenization of business,excessive resources,mismatch with social demand,and idle port terminals.The ports in Liaoning Province are densely distributed and the business is highly homogeneous.The vicious competition between them restricts the benign development of the port industry in Liaoning Province.In response,the country has introduced relevant policies to promote resource integration in ports.At the same time,the state has issued a number of policies to promote the strategic restructuring of state-owned enterprises,support the integration of internal business,improve the sustainable development capacity of listed state-owned enterprises,and under the "the Belt and Road" initiative,the construction of ports along the Maritime Silk Road has gradually accelerated.Both Port of Dalian and Port of Yingkou are ultimately controlled by China Merchants Group,both of which are state-owned enterprises.Therefore,in the context of deepening the reform of state-owned enterprises and the "the Belt and Road" initiative,in order to alleviate the competition in the port industry in Liaoning Province,both of them actively respond to policies to merge and integrate resources,hoping to achieve high-quality development.In order to explore the effect of the merger and integration of Port of Dalian and Port of Yingkou,this paper uses four methods: literature research,case analysis,comparative analysis,and qualitative and quantitative combination to study the motivation and achievements of Port of Dalian’s merger with Port of Yingkou.On the basis of referring to relevant literature at home and abroad,this article first elaborates on the relevant concepts,types,performance,and theories of mergers and acquisitions.Secondly,introduce the participants,process,plan,and results of the merger and acquisition.Thirdly,it analyzes the motivation of Port of Dalian’s merger and acquisition of Port of Yingkou and the mechanism of the merger’s impact on performance.On this basis,it analyzes the performance of Port of Dalian’s merger and acquisition of Port of Yingkou from four aspects: market performance,management synergy,operation synergy and financial synergy.Finally,the research conclusion and inspiration of this article are drawn.Through the research,this paper finds that the motivation for Port of Dalian to absorb and merge Port of Yingkou is mainly divided into two aspects: external motivation and internal motivation.There are three external motivation,one is to comply with the "the Belt and Road" initiative,the other is to promote port integration through policies,and the third is to speed up the revitalization of northeast China.There are also three internal motivations,one is to leverage economies of scale to reduce operational risks,the other is to fully utilize both parties’ advantageous resources,and the third is to improve market competitiveness.This article conducts research and analysis on the performance of mergers and acquisitions,and draws the following conclusion: in terms of market performance,investors have good expectations for this merger and acquisition,and in the short term,they are optimistic that this merger and acquisition will promote future development.However,in the long run,market performance is poor,and there will be a rebound in the stock market in the later stage.In terms of management synergy,the staff were adjusted to maximize the matching of people and posts,and the unified management mode of the division was adopted according to the requirements of China Merchants Group,which improved the professional level of Liaogang shares company’s management,reduced the management cost rate,and built a smart port project.The application of blockchain technology accelerated the turnover of goods,improved the digital management level,and played a management synergy effect.In terms of operational synergies,this merger and acquisition can promote an increase in business throughput,accelerate the improvement of logistics and transportation systems,increase R&D investment,improve R&D capabilities,expand market share,and reduce operational risks.In terms of financial synergies,after absorbing and merging Yingkou Port,Dalian Port optimized its capital structure,enhanced its solvency,improved its profitability,brought into play the scale effect,and promoted value creation.In addition,Liaogang shares raised funds publicly in the capital market,which enhanced the image of the northeast enterprise bond market and effectively boosted the capital market’s confidence in northeast enterprises.It has injected new momentum into the revitalization of northeast China.Therefore,the analysis of the above four aspects shows that the merger has achieved ideal results,but Liaogang shares need to pay attention to the turnover of assets in the future.Therefore,this paper draws the following enlightenment: choose the right merger object,choose the appropriate payment method according to their own circumstances,pay attention to the integration work after the merger,focus on asset turnover.Previous studies on mergers and acquisitions rarely involve the port industry.Dalian Port’s merger and acquisition of Yingkou Port is the first stock exchange absorption and merger event of listed companies in Chinese port industry,which is highly representative.Therefore,this paper can not only supplement and improve the research system of port industry mergers and acquisitions,but also provide certain merger and integration experience for enterprises in other port industries. |
