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The Empircical Research of M&A Performance of List Companies in China’s Steel Industry

Author: ChaiZiJun
Tutor: ChenHePing
School: Southwest University of Political Science
Course: Business management
Keywords: Steel industry SCP Model M&A Performance Empirical Research
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 49
Quote: 0
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Recently, China Steel Industry is in the critical period of structural adjustment whichbecomes the world’s first. But, the structural improvement does not directly help to makegreat efficiency for the steel industry. In this reason, to improve the market concentration isbecoming the effective methods for the M&A of steel industries.Forecast, the scale and thenumbers of mergers and acquisitions in the steel industry is greatly increasing in the nextcoming years; and for the undesirability of the structural adjustment, we have to make moreefforts for the improvement of China steel industry.Based on the theory of the M&A motivation theory and performance, and combine withthe SCP model, this study thoroughly analyses the market structural, market behavior andmarket performance of the China steel industry.My conclusion for the inefficiency structuraladjustment for the steel industry: On one hand, the markts of steel industry is the low marketsconcentration, un-diversification products, low market entry barrier; On the other hand, withthe high market retreat barrier, the market pricing is mainly in the control of the large steelcompany, and with passivity part of the small steel companies. At the same time, the marketcompetition is chaos, and the major power for M&A of steel industry is from government, notdeveloping with the market behavior. As the result, is the low profit in the China steel industry,and not good for the energy conversation of steel companies. Above all, Our China steelenterprises have to change this situation through the M&A. Moreover, this study alsoempirically analyses from the samples of the25listed steel enterprises from the year2005to2010, and applying for the financial index from the nine index which accurately reflects theenterprise merger efficiency, with using the factor analyses to prove for the unsubstantialimprovement from M&A improvement for steel industry.Concerned above empiricallyanalysis, my conclusion to the inefficiency results of the M&A in steel company is thechangeable environment of at home and abroad environment, with the simplification of M&A,and too much government interference.Aiming at the matters for M&A, I have twosuggestions for the efficiency of M&A in the steel industry: One important aspect is toenhance the strategic targets before applying the M&A, and another is to effectivelystrengthen the integration after the M&A.

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