The Researches Of M＆A About Petroleum And Chemical Enterprises Based On Core Competence

With economic globalization, enterprises have to face the pressure of internal and external competition for their long-term development. Mergers and Acquisition (M&A), as the main method of capital operation under the intellectual economy, has become an effective way of the enterprise expansions. For over two hundred years, western petroleum and petrochemical companies have grown and developed through constantly competing and M&A. The research of M&A and reorganization of upstream Chinese petroleum and petrochemical companies with core competitiveness will not only help Chinese petroleum and petrochemical companies make appropriate strategy for the successful implementation of the M&A, and realize the expansion of resource and rapid development of enterprise, it can also provide suggestions on the improvement of core competitiveness. It is meaningful both for the development of upstream Chinese petroleum and petrochemical enterprises, and for the deepen system reformation of Chinese petroleum and petrochemical industry.It is very important for the petroleum and petrochemical companies to, on the base of having recognized its core competitiveness, purposefully choose targeted companies and make the decision of M&A, and establish a set of evaluation criteria for the choosing of M&A on the base of complete researches. That will be a good guide for the recognition of its core competitiveness that current enterprises live on, and for the improvement of the recognizing and analyzing ability on M&A. At the other hand, the evaluation of enterprises comes with improvement of resource, technology and management, the raising of profits and overall sociality. A set of reasonable criteria will also useful for evaluation of enterprises after the M&A.This paper tries to make the core competitiveness as the main method and streamline of researching, specify the theory of core competitiveness, combining with the practical behaviors of M&A of petroleum and petrochemical companies, and make the core competitiveness as the main starting point. It is not only a summary, supplement and improvement on the theory of core competitiveness research, but also will guide upstream petroleum and petrochemical companies to effectively monitor core competitiveness, provide instructions on the M&A strategy choosing and practical operation, which will in return raise the success rate of M&A and help enterprise constantly build up and strengthen its core competitiveness through M&A.Based on the international research results and domestic reality, and through statistical analysis and empirical research, this research makes comprehensive quantitative analysis and evaluation on the current situation of M&A of petroleum and petrochemical enterprises, and further establishes a pragmatic M&A evaluation system for Chinese upstream petroleum and petrochemical enterprises.The paper further improves the M&A theory and method of petroleum and petrochemical enterprises, which is beneficial for the strategy implementation of M&A of Chinese petroleum and petrochemical enterprises. It is the first time to put Path Dependence into M&A field, bringing out a new way of M&A behavior research from the view point of history. The paper analyzes the impact of M&A on the corporate profits to research the strength that M&A bring, and combined with time points factors, analyze the possibility on whether the M&A decision of past time point will increase the M&A of future time point through Path Dependence, and work out the method of calculating the cooperation factors between enterprises. The research will to some extent rich the contents of M&A theory and Path Dependence theory, and in practice as a guide on the monitoring the choosing and result of M&A.The paper establishes core competitiveness model and objective evaluation model of petroleum and petrochemical enterprises , use grey theory and quantitative analysis on petroleum and petrochemical enterprises M&A to provide a guidance for scientific quantum decision on M&A, and make suggestion on the factor integration after M&A and on M&A policies.The paper mainly makes researches of the following aspects:1. Having a good researching on the theory and the measuring criteria for the core competitiveness of enterprises. Having a review and concluding about the theory of completing and M&A . Analyzing the characters of core competitiveness of enterprises, especially petroleum and petrochemical enterprises. Giving an commonly evaluation method and evaluation on the core competitiveness of petroleum and petrochemical enterprise. Researching and constructing the core competitiveness which composed resource ability, profit ability, containable developing ability, technology innovation ability, international operation ability and operational management ability.Have a theory and mensurable research about core competitiveness of enterprises on the B-P neural networks modle.2. One of the important way to improve core competence is to obtain strategic resource .Summarizing the meaning and characters of strategic resource and sum up the evaluation method.To point out that it is important to improve the matching to both side of enterprises,and having a research of M&A strategy based on strategic resource.3 .Research on the choosing of M&A targets based on the synergy of competitive elements and give the modle of choosing of M&A targets on analysis,which have the very important meaning to guiding the success M&A. On the condition of synergy of competitive elements, the M-C game model analyzing boundary which enterprises have the motivation and desires of M&A.4.Working out the model of choosing of M&A targets used grey theory and math,researching the analysis and decision model on the basis of Path Dependence,which inducting time factor to the decising of M&A.Having a actually analysis using the data of petroleum and petrochemical enterprises .5. Research on the M&A of upstream enterprises of petroleum and petrochemical . Through the game analysis on enterprise before and after M&A, it researches the horizontal and core competitiveness, vertical M&A and core competitiveness, horizontal M&A and vertical M&A, and further researches the internal relations between the cross-national M&A and core competitiveness, and gives a comparison between M&A methods. Through game analysis on the prizing decision of M&A, the paper analyzes the problems that merit attention in Chinese petroleum and petrochemical enterprises M&A prizing decision.6. On the basis of the improvement of core competitiveness, the paper analyzes the characters of M&A under different M&A module, researches the factors integration after M&A, analyzes the integration strategy after M&A, and brings out the game models of two periods of"M&A and integration"on the base of core competitiveness.