Inframarginal Analysis Of Resource Integration In Mergers And Acquisitions

As a course of resource disposition, enterprises merger is a kind of important way that enterprises grow up. However, it might not just mean making profits. Statistical data show that nearly half enterprises merger failed finally. In addition to some other problems that exist in merging course, the failure of carrying on resource reorganization effectively after the merger can account for the fact why so many enterprises merger failed finally.The primary form of enterprises merger at present in China is mainly horizontal merger, which theoretical foundation is Scaled-economy of neoclassical economics. But the facts illustrate that simply emphasizing on Scaled-economy has led enterprises merger to go astray. Correspond to horizontal merger, the leading defect in enterprises merger in China is the lack of resources reorganization based on specialized-economy and coordination of production. This essay studies the reorganization of resources after enterprises merger in terms of infra-marginal analysis of new classical economics and comes to the conclusions that we should focus on the reorganization of resources on the basis of specialized-economy, make great efforts to improve the level of specialized-economy of production and make the previous strategic considerations for enterprises merger successfully.In recent years, the theory on enterprises merger has became one of the most active fields in economic fields. Scholars have carried on analysis and discussion on motive and effect of enterprises merger from different angles and aspects. In general, the western merger theory is very concrete and overall, but neglects the studies of resources reorganization to some extent. As far as Chinese enterprises merger theory is concerned, it is just at the starting stage, mainly comprising the description and introduction of merger and lacking the deep theoretical research. In addition, the Chinese study on the reorganization after enterprises merger is nearly in the blank.On the other hand, in the point of research approaches, the method of the marginal analysis of neoclassical economics is usually adopted. However, with thedevelopment of economic theory, we have known that increasing return is not produced by the scale of the factory or industry, but by specialized-economy and division. One of the basic differences between neoclassical economic framework and new classical economic framework is that the former signifies Scale-economy while the latter signifies specialized-economy of production. Against the deficiency of the theory of enterprises merger at home and abroad, this essay studies enterprises merger in terms of infra-marginal analysis of new classical economics, which innovates to a certain extent , remedies Chinese and foreign enterprise merger deficiency of theory and offers the new approach to study the reorganization and effect of enterprises merger.