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A Study on the Happening Mechanism of Cross-region M&As in China’s Iron and Steel Industry

Author: RenMeng
Tutor: WangFengRong
School: Shandong University
Course: Finance
Keywords: Iron and steel industry Trans-regional mergers and acquisitions Comparative advantage Agglomeration advantages Government intervention
CLC: F426.31
Type: Master's thesis
Year: 2011
Downloads: 48
Quote: 0
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Abstract


After the reform and opening up, especially since the 1990s, the scale of China's iron and steel industry rapid growth since 1996 production exceeded one hundred million tons, crude steel production for 13 consecutive years, ranking first in the world. In 2008, China's crude steel output exceeded 500 million tons, accounting for 381% of the world's total. It can be said that our country is a veritable \However, the development of China's iron and steel industry is built on the basis of the extensive operation, there is serious excess capacity, low industrial concentration, irrational industrial layout, innovation is not strong, a series of problems such as resource control is weak, and nowhere near as can be steel power. Especially with the proliferation of the impact of the global financial crisis, the price of steel products dropped sharply, a large number of enterprises operating difficulties, industry-wide loss grim situation, the need to adjust the industrial structure. According to the new theory of economic geography, transportation costs, industry forward and backward linkages and technology spillover factors cause agglomeration trend of economic activity in space. Case in the corporate headquarters and factories across districts separation, with the decline of the generalized transportation costs will appear the headquarters agglomeration, factories dispersed the trend. Comparative advantage relative to traditional gathering advantage of the characteristics of self-reinforcing, distribution plays an increasingly important role in today's world space industry. In the context of China's iron and steel industry scattered layout, trans-regional mergers and acquisitions can actually play the headquarters agglomeration, factory dispersed acquisitions both sides seat advantage, and is conducive to the healthy development of China's iron and steel industry. M \u0026 A activity, with other areas of China's iron and steel industry, there are also low proportion of trans-regional mergers and acquisitions. In recent years, under the guidance of the severe international and domestic situation and industrial policy, the proportion increased, but the increase is limited. China is in a special period of economic restructuring, the degree of market is not high, excessive government intervention are frequent generalized transportation costs virtually spatial mobility industry resources to be raised, the rational allocation of the resources between the regions affected to some extent distorted. This real case, we have to ask: what mechanism of China's iron and steel industry spanned acquisitions? Existing inter-district of China's iron and steel industry mergers and acquisitions reflects the location advantage of M \u0026 A parties further optimize the industrial resources space configuration motivation? low proportion of trans-regional mergers and acquisitions in the steel industry in China phenomenon is the result of rational choice of the enterprise itself, or in transition, institutional factors especially local government intervention in nature? choosing this topic make precisely based on the background and thinking. In this paper, the relevant theoretical results, as well as the special context of China's economic transformation, analysis of the causes of China's iron and steel industry spanned acquisitions. The research results show that the agglomeration advantages of the new economic geography trans-regional mergers and acquisitions occurred in China's iron and steel industry has significant impact, resource endowments, geographical location and other traditional comparative advantage factors is not obvious, trans-regional mergers and acquisitions to some extent reflects the main mergers and acquisitions where the enterprise headquarters agglomeration advantages, the initial accumulation of advantage and the location of the acquired company factory agglomeration advantages motivation. However, further studies have shown that the location of the main M \u0026 A business advance accumulated advantages mainly in size, while the vital technical advantage of the development of the steel industry is not fully reflected. In addition, through regression analysis, we found that a low proportion of trans-regional mergers and acquisitions in China's steel industry on the one hand reflects the trans-regional expansion in the first area within the integrated enterprise development law, but also to a certain extent by the impact of the intervention of the local government. The local government intervention led to the lack of industry resource transfer costs are too high and transfer mechanisms important reason may be the relatively low proportion of trans-regional mergers and acquisitions. Therefore, this study suggests strengthening policy guidance, to strengthen the role of the technical advantages of trans-regional mergers and acquisitions in the steel industry; reform the existing taxation system and the performance evaluation system, and promote the transformation of government functions; accelerate the reform of the state-owned steel enterprises system, to avoid excessive intervention of the local government; sound M \u0026 A support facilities, improve resource transfer mechanisms; combined with the actual situation of enterprises and the regional advantages, the use of trans-regional mergers and acquisitions appropriate to speed up the layout of waterfront strategic shift in China's iron and steel industry in order to effectively promote the revitalization and healthy development of China's iron and steel industry.

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