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Study On The Merger And Acquisition For Agribusiness In China

Posted on:2004-04-05Degree:DoctorType:Dissertation
Country:ChinaCandidate:X W LiuFull Text:PDF
GTID:1116360092493788Subject:Agricultural Economics and Management
Abstract/Summary:PDF Full Text Request
At present, China's agriculture is stepping into a new development stage. Facing the challenges derived from the entry into WTO and the arduous task of building up a well-off society in rural area, we must promote agricultural strategic adjustment and implement the transfer from traditional to modern agriculture so as to enhance the competitiveness of China's agriculture. During this course, it is necessary to promote agricultural integration and to make agribusinesses exert the "leading roles". It is quite an important issue in agricultural development study on how to develop and enhance our agribusiness so as to speed up our agricultural and rural modernization. Merger and Acquisition (M & A), as an important manner of enterprise capital increase and society resources distribution, has the advantages including increasing the capital of enterprise, reducing the barriers of entrance and exit to the market and enhancing resources distribution efficiency.Adopting the methods (including theory analysis, positive analysis and system analysis) and applying the typical case study analysis, this paper systematically studied the theories of M & A and its developmental process under the analyse of current status of our agricultural enterprises, followed by the methods of choosing and assessing merger objective value, analysed the M&A status of listed agribusiness development, followed by the Xinjiang De Long group's M&A course in an all-round way, and systematically studied the problems existing in China's agribusiness's M & A, thus presenting corresponding countermeasure, construction mode and agribusiness's merger integration mode based on core competence. All of these would provide theoretical base, M & A mode and operation proof for China's agribusiness.Using the M&A (an exterior exchange strategy in capital increase) as a view and integrating theory with practice, this paper paid great attentions to the analysis and research for the positive functions of M & A on enhancing agribusiness's scale and realizing scale benefit on the basis of developmental status of our agribusinesses. It is a pioneer research work. This paper conducted a relatively deep and systematic exploration from the following aspects:1. The course of choosing the merger was systematically demonstrated, and 4 modes of assessing the objective agribusiness' value (asset basement method, income method, discount cash flow method and formulary assessment) were presented and discussed.2. Based on the case analysis of M & A of China's listed agribusiness, the four-side game issue that should been noticed in the course of M & A conducted by the state-owned enterprise, was discussed, and the policy suggestions on promoting China's agribusiness by making advantages of securities market, were given.3. The typical modes and the existent problems of China's agribusiness in the course of M&A were analysed, and the basic M&A mode (merger in proper sequence, superto super merger, landscape orientation merger and regional merger first) for China's agribusiness was presented from 4 aspects (strategy, mode, style and region of M &A).4. Based on the theoretical analysis and the positive study, the key factor of China's agribusiness's M & A success was merger integration. Combining with practical case, the post-merger integration mode based on core competence was put forward and as follow: constructing enterprise's strategic asset via core integration, constructing core internal foundation via factor integration and starting with function integration so as to obtain, construct, strength and promote the enterprise's core competence.As above mentioned, China's agribusiness must rapidly enlarge enterprise scale by the M & A of asset to form a batch of international competition-participating agribarons and groups with famous band and independent knowledge property right, and thus displacing the dispersive small-scale peasant economy, ending the period of Chinese several thousand rural self-supply natural economy and petty commodity economy,...
Keywords/Search Tags:Agribusiness, Merger and Acquisition, Value Assessment, Mode, Integration
PDF Full Text Request
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