중국항만운영사의 M&A 사례연구

This study focuses on the motivation the performance of M&A of port terminal operation companies. It is thought that a port operation company attempts to acquire a not her company to strengthen the competitive power. This paper examines in detail the case of M&A between SIPG(Shanghai International Port Group) and SPC(Shanghai port Container). In order to analyze the financial performance of this M&A the share data were collected from Shanghai Stock Exchange. By using the market model, we calculates the cumulative abnormal return(CAR) for 30 days before and after M&A. The estimated CAR shows a positive return of 13.72% and this implies that the market appraises M&A of SIPG and SPC positively. This study also discussed the financing, composition of shareholders and the financial and business synergy, further analyses the M&A motivation between port companies. In particular, through the M&A between SIPG and SPC, SIPG increased its international competitive power and now holds a ruling position in the world shipping industry. And it is expected that the business performance of SIPG in the future will be improved continuously.