这篇文章是针对证劵行业两大券商的并购进行的分析。本案中两家公司都被同一家国有投资公司控制,本案的特殊性也正在此。从对相关时间段数据的分析和新闻的研究,发现并不是官方的公告中所述;再对收购溢价进行研究,分别从盈利能力和二级市场表现、市场周期和国有企业公司规模各方面对案例进行并购溢价方面的分析;最终通过事件分析方法考虑收购绩效的反应。 This article is an analysis of mergers and acquisitions by the two largest brokerage firms in the securities industry. In this case, both companies were controlled by the same state-owned investment company, and the particularity of the case is also here. From the analysis of relevant time period data and the news research, it is found that it is not mentioned in the official announcement. Then the research on the premium of acquisition is carried out. From the aspects of profitability, secondary market performance, market cycle and the scale of state-owned enterprises Case analysis of mergers and acquisitions premium; Eventual analysis of the eventual consideration of the performance of the acquisition response.