中國港灣運營社의 M&A 事例硏究

Abstract

In order to accomplish the efficiency of operation and to increase the market share, global port operation enterprises have been actively carrying out M&A(merger and acquisition) strategies.

The 5 biggest global port terminal operators such as HPH, DP WORLD, APMT, PSA and COSCO expands the market share gradually. They currently cover nearly a half of the world port industry from 43.8% in 2004 to 50.7% in 2006 and their share is still increasing.

With the rapid change of the international shipping environment, the Chinese government aimed at getting the 3^(rd) position of all the shipping countries by 2010. In order to strengthen the competitive power, the M&A between state-owned shipping companies and port enterprises is now on the way.

This study focuses on the motive and the performance of M&A of port terminal operation companies. It is thought that a port operation company attempts to acquire another company to strengthen the competitive power. This thesis reviews the motivation, characteristics and results of M&A through the existing literatures.

This thesis 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.