Research On The American Companie’s Merger

During the process of the company’s evoluton, merger and acquisition(M&A) is one important way. By M&A, companies could achieve the scale of economy, cut the transaction expenses, and enter into the new field of business. Then componies will eventually enhance their competitiveness, acquire more market share, higer profitability and also create favorable conditions for takeing part into the global competition.After the China’s economic reform and openess, there has been a significant growth in the Chinese companies’ M&A activities, especially in the term of scale, type and geographical areas. But there are still some problems, such as the companies’ decision are not based on the their industry’s enviroment and themselves’ s situation. Sometimes they will not follow the object economic rules when they choose the specific type of M&A. Also there are some interventions form the local government, especially the M&A will not be moved forward due to kinds of thoughts of local governments. Also there are some areas around the M&A’s environment need to be refined, such as the regualition, the development of the capital market and so forth. These are the problems need to be resolved immediately.The American companies’ s M&A has been experiencing more than 100 years, and six merger waves have happended. The companies have experienced many kinds of types, the capital market has experienced a full-blown development, and significant boosted the development of the M&A. Also the regulation around the M&A has also been established and gratually improved. The M&A has very apparent positive effect on the industry’s concentration, the corporate government structure and performance. Of course there are some negative effects raised by the M&A. Anyway, thes experiences are worthy to learn for the Chinese companiesThis dissertation mainly uses the normative analysis by way of combination of history and logic analysis, and also by way of combination of qualitative and quantitative research. On the basis of going through domestic and foreign current research situation and relative theories, this dissertation mainly analyzes the American companies’ development course, the pattern, the effects,and the role of the capital market and the regulation system,then reveals the new features and new changes,and also summarizes the more general successful experiences.At the end,this dissertation makes some suggestions on how to carry out Chinese companies’ M&A healthly.This dissertation is comprised of 8 chapters, and the briefs of every chapter are as follows:Chapter 1 Introduction: The main content is to introduce this paper’s background and the realistic meaning by the description the chines companies’ M&A in the global markt in rencent years, also the problems people can find. This chapter also introduces the general global research achievement, this paper’s structure, and the main innovation points.Chapter 2 Sumarization of the relevant M&A theory: This chapter introduces four theories about the M&A, the scale of economy, the transaction expenses,the the scope of economy and the karl Marx’s concentration of capital. Every theory’s mian content and the conncetion between the theory and the practice have been elaborated.Chapter 3 the Developmen of American companies’ M&A. This chapter introduces the basic situation of the six Merger waves in chronolocical order, such as the background, content, characteristic and effects. The six Merger Waves have also been summarized in terms of the relations between the M&A and other fields, such as the macroeconomics, the change in the field of currency, the change of industry’s structure and the evolution of technology.This summarization lays the foundation for the next chapters.Chapter 4 the Analysis of the types of the American Companies’ M&A. This chapter has studed the six types of M&A, the horizontal, the vertical, diverse, divestiture, strategic and cross-border in chronological order. After analyzing the theory behind every type and the relationship between different types, we have concluded that this is the scale fo economy that has been moving the M&A forward,and the practical ruels of M&A have been reflected by the deepening of competiton and the evolution of companies’ organization.Chapter 5 the Analysis of the function of the American capital marke during the conpanies’ M&A. Fristly this chapter introduces the basic structure and mechanism of the capital market. Then analyzes the effecs of the security market, the investors and financial tools. Finally the function of the capital marke in the activity of M&A as a whole has been presented objectively.Chapter 6 the Analysis of the regulation of the American companies’ s M&A. Firstly this chapter introduces the the frame of the regulation system, then focus on the practice of regulation, especially the anti-trust practice, specifically the issues about the confrontation between the law and practice during the first Merger Wave. In the end, the characteristic, the core and the effects to the M&A activities have been studied.Chapter 7 the Analysis of the effects of the American companies’ M&A. The chapter’s main object is to study the M&A’s effects to the economy on the middle and micro levels. The middle level relates to the industry concentration, the influence to the industry’s resource allocation and the revelant mechanism. The micro level refers to the mechanism how M&A affects the companies’ corporate government. In the end this chapter also studies the negative effects, such as the unilateral effect..Chapter 8 the Revelation of the American companies’ M&A to china. Firsty this chapter summarizes the experiences and lessons of American companies’ s M&A history, then looks back the process of Chinese companies’ M&A activities, the achievements and the problems. Finally, combined with the the experiences of American companies’ M&A, some relevations have been summarized in terms of the the stage of the M&A, the marketization fo the M&A, the improvement of the regualion and how to let the capital market play an positive role.