Research On The Choice And Influence Effect Of Strategic Merger And Reorganization Of State-owned Enterprises

In order to adjust the layout structure of the state-owned economy,deepen the reform of state-owned enterprises,further focus on the main ship industry,and strengthen the competitiveness of my country’s shipbuilding industry,my country’s shipbuilding industry has entered a new historical development stage,facing unprecedented opportunities and challenges."Big but not strong" is a chronic problem in my country’s shipbuilding industry.In the new environment,how to promote the transformation and upgrading of shipbuilding enterprises and achieve high-quality development has become an urgent problem to be solved.This thesis adopts the case study method to analyze the strategic merger and reorganization events of North and South Shipbuilding in 2019.First,define the concept of strategic,merger and reorganization;secondly,introduce the development status of the two ships,analyze their merger and reorganization motivation and merger and reorganization goals from both internal and external aspects;thirdly,analyze from the perspective of the group as a whole and listed companies Choice of reorganization method.Finally,using the financial index method and the corporate performance evaluation standard to assist,analyze the effect of merger and reorganization at the group level;based on the event study method and principal component analysis method,analyze the merger and reorganization effect at the listed company level;from the four aspects of brand,strategy,industry and efficiency Dimension,based on the motives of the merger,to evaluate other effects of the merger and reorganization of the North and South ships.Finally,it puts forward policy suggestions for enterprises and governments to implement strategic mergers and reorganizations.The effect analysis based on the perspective of the group company shows that after the merger and reorganization,the profitability and development ability of North-South Shipbuilding have been significantly improved,and the short-term solvency has changed steadily.dropped.The effect analysis based on the perspective of listed companies shows that the market has responded positively to the merger and reorganization event in the short term,bringing about a positive shareholder wealth effect,and the reorganization benefits of China Shipbuilding Corp.Analysis of other effects shows that this merger and reorganization is conducive to enhancing the comprehensive international competitiveness and building a national team of ship brands.It is conducive to accelerating the construction of a maritime power,optimizing the industrial structure,eliminating excess capacity,improving the industrial chain,and exerting synergistic effects.It has been well reflected in the four dimensions of brand,strategy,industry and efficiency.The case inspiration of this thesis is: the merger and reorganization of central enterprises should focus on unifying the coordination relationship under the group strategy,improve the efficiency of asset integration,increase investment in scientific research,and improve innovation capabilities;the government should strengthen demand-side management in promoting the merger and reorganization of central enterprises,and implement precise policies to help enterprises.Overcoming the difficulties of the new crown epidemic,while constantly improving the anti-monopoly review.This article has 29 figures,31 tables,and 71 references.