Enterprise Mergers And Acquisitions Analysis

In this dissertation I expound the theories, analytical methods and manipulation approaches of Merger & Acquisition (M&A) primarily with the theoretical support of neo-classic economics, transaction cost theory and principal-agent theory, applying hoth positive and normative research approach and financial analysis tools. This dissertation is divided into four parts. The first part (Chapter One) elaborates the important corporate theories, the M&A' theories, and the definition and classification of M&A., make a retrospective discuss and comparison of the sino-western M&A' histories. The second part (Chapter Two) is related to the analysis of M&A and development strategies. The third part(Chapter Three to Eight) set forth M&A financial analysis comprising the selection of the targeted corporation, the valuation of finance and risk, the calculation of corporate value, the determination of acquisition pricing, the decision of acquisition financing, the conformity of the acquirer & the target, and the corporate divestiture. The fourth part (Chapter Nine and Ten) deals with the analysis of anti-acquisition's tactics and the legal practicability of M&A.