Research Article
Open access
Published on 26 July 2024
Download pdf
Cai,Y. (2024). A Study on the Performance of Mergers and Acquisitions in the Context of State-Owned Enterprise Reform: The Case of Ansteel and Benxi Steel. Advances in Economics, Management and Political Sciences,95,149-156.
Export citation

A Study on the Performance of Mergers and Acquisitions in the Context of State-Owned Enterprise Reform: The Case of Ansteel and Benxi Steel

Yushan Cai *,1,
  • 1 Beijing Jiaotong University, Beijing, China

* Author to whom correspondence should be addressed.

https://doi.org/10.54254/2754-1169/95/20241093

Abstract

The State-owned Assets Supervision and Administration Commission emphasizes that promoting the reorganization of state-owned enterprises (SOEs) can focus their advantageous resources, which plays a positive role in addressing issues such as the uneven distribution of state-owned capital, inefficient resource allocation, and homogenized development. This paper, set against the backdrop of SOE reform and central enterprise reorganization, uses the merger and reorganization event of Ansteel Group and Benxi Steel Group as a case study to investigate how central enterprise reorganization can improve the performance of central enterprises, based on the theory of synergistic effects. The study finds that under the theory of synergistic effects, after the reorganization of Ansteel Group and Benxi Steel Group, the operational, financial, and managerial synergistic effects of Ansteel Group continue to be realized, thereby enhancing the performance level of Ansteel Group. This paper aims to demonstrate the improvement of enterprise performance through central enterprise reorganization and calls on other central enterprises to actively respond to the national requirements for mergers and reorganizations, offering suggestions for subsequent reorganizations of central enterprises.

Keywords

Ansteel Group, Merger and Reorganization, Synergy Effect, Performance Evaluation

[1]. Ansoff H I. Corporate Strategy: An Analytic Approach to Business Policy for Growth and Expansion [M]. New York: McGraw-Hill Companies, 1965.

[2]. Zhang Qiusheng, Zhou Lin. Research and Development on the Synergy Effects of Enterprise Mergers and Acquisitions [J]. Accounting Research, 2003(06): 44-47.

[3]. Weston J F, Chung K S, Hoag S. Mergers, Restructuring, and Corporate Control [M]. Upper Saddle River: Prentice Hall, 1990.

[4]. Wang Hongli, Zhou Xianhua. The Operational Synergy and Its Value Assessment in Enterprise Mergers and Acquisitions [J]. Contemporary Economic Research, 2003(07): 48-51.

[5]. Wang Xuefeng. A Brief Discussion on the Synergy Effects of Enterprise Mergers and Acquisitions [J]. Population and Economy, 2011(S1): 107-108. Hu Haiqing, Wu Tian, Zhang Lang, et al. Research on the Performance of Overseas Mergers and Acquisitions Based on Synergy Effects: A Case Study of Geely's Acquisition of Volvo [J]. Management Case Study and Review, 2016, 9(06): 531-549.

[6]. Hu Haiqing, Wu Tian, Zhang Lang, et al. Research on the Performance of Overseas Mergers and Acquisitions Based on Synergy Effects: A Case Study of Geely's Acquisition of Volvo [J]. Management Case Study and Review, 2016, 9(06): 531-549.

[7]. Zhang Baoqiang. Performance Evaluation of Financial Synergy in Enterprise Groups [J]. Friends of Accounting, 2013(01): 29-30.

[8]. Cao Cuizhen, Wu Shenyin. Empirical Analysis of Financial Synergy Effects in Enterprise Mergers and Acquisitions [J]. Friends of Accounting, 2017(24): 35-39.

[9]. Yin, R. K. Case Study Research: Design and Methods [M]. Los Angeles: Sage Publications, 2013.

Cite this article

Cai,Y. (2024). A Study on the Performance of Mergers and Acquisitions in the Context of State-Owned Enterprise Reform: The Case of Ansteel and Benxi Steel. Advances in Economics, Management and Political Sciences,95,149-156.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

Disclaimer/Publisher's Note

The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

About volume

Volume title: Proceedings of the 2nd International Conference on Management Research and Economic Development

Conference website: https://www.icmred.org/
ISBN:978-1-83558-499-6(Print) / 978-1-83558-500-9(Online)
Conference date: 30 May 2024
Editor:Canh Thien Dang
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.95
ISSN:2754-1169(Print) / 2754-1177(Online)

© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open access policy for details).