A Study On The Motivation And Performance Of The Merger And Acquisition Of Overseas Commercial Banks By Real Estate Enterprises

As an important economic pillar industry,the real estate industry should accurately implement the new development concept,and overall plan the effective improvement of quality and reasonable growth of quantity.However,in recent years,after the rapid expansion of the real estate industry in the early stage,the market demand gradually shows saturation,and even the phenomenon of excess supply.Therefore,real estate companies urgently need to find a new growth path.As one of the enterprises directly supervised by Guangzhou State-owned Assets Supervision and Administration Commission,Yuexiu Group gradually formed a modern industrial system of "4+X" after the merger and acquisition of Chuangxing Bank,and was successfully listed in the list of "two hundred Enterprises" in the reform of state-owned enterprises by The State Council.Therefore,this thesis takes Yuexu Group’s acquisition of Chuangxing Bank as an example to study the motivation and performance of real estate enterprises’ acquisition of overseas commercial banks,in order to provide useful reference for optimizing the combination of industry and finance of real estate enterprises.First of all,this thesis systematically reviews the relevant literature of overseas M&A and clarifies the existing research status and shortcomings.Secondly,based on the synergistic effect theory,market power theory,transaction cost theory and global value chain theory,this thesis analyzes the motivation and performance of real estate enterprises’ M&A of overseas commercial banks from the theoretical level.Then,it introduces the general situation of both sides of the case,analyzes the competitive environment of Yuexiu Group based on SWOT method,and expounds the process of Yuexiu Group’s merger and acquisition of Chuangxing Bank.On this basis,the motivation of Yuexiu Group’s merger and acquisition of Chuangxing Bank is analyzed,and the short-term and long-term performance of merger and acquisition is explored by using event study method,financial index analysis method,EVA and other methods.The research findings are as follows:(1)The motivations of Yuexu Group’s acquisition of Chuangxing Bank mainly include the pursuit of synergies,the acquisition of strategic resources,and the search for new profit growth points;(2)From the short-term capital market reaction,the change of CAR value caused by Yuexu Group’s merger and acquisition of Chuangxing Bank showed a trend of first increasing and then decreasing;(3)In the long run,after the acquisition of Chuangxing Bank,the financial indicators of Yuexiu Group have been improved,and the value creation ability also shows an upward trend.Finally,the thesis summarizes the full text of the study,and puts forward some countermeasures and suggestions to optimize the acquisition of overseas commercial banks by real estate enterprises from the aspects of focusing on business integration after merger,controlling merger risks,strengthening enterprise innovation and so on.This thesis constructs the "motivator--behavior--performance" theoretical analysis framework of real estate enterprises’ M&A of overseas commercial banks,which enricfies and expands the theoretical research of enterprise diversified M&A.Measuring the performance of Yuexu Group’s merger and acquisition of Chuangxing Bank is conducive to testing the effectiveness of the merger and acquisition,providing targeted optimization plans,and exploring a road of transformation and upgrading for Chinese real estate enterprises.