Study On The Fit Mergers And Acquisitions Of Transportatio Enterprise Based On Complexity Science

Transportation industry is social production sector in the national economy specializes in the delivery of goods and passengers including roads,water,rail and aviation, the different modes of transport competition within the same mode of transport, As well as among the various modes of transport of competition, in the present market structure and administrative system it is more difficult to solve inefficiencies and poor co-ordination problems. Transport is the transport network, and only intensive, network-based can produce economies of scale, while the merger is an effective way to achieve this effect. Transportation M&A(mergers and acquisitions),whether the number of mergers and acquisitions or M&A transactions took place, the M&A transactions in China account for a large proportion of the M& A market in both, but the actual effects of mergers and acquisitions are not obvious. M&A is a complex activity, performance of mergers and acquisitions is influenced by the target company, apart from the impact the choice of objects, but also by the wish of the Government, the motivations and capabilities of the leaders, mergers and acquisitions time and the resources and capacity factors, The combined effect of these factors makes the acquisition of performance change is very complex, small changes in any of these factors could cause unpredictable results. M&A performance sensitivity to initial conditions makes the traditional linear paradigm has been ineffective. This paper is trying to use entropy theory, dissipative structure theory and synergy theory in complexity science as the theoretical basis, to clarify the need for transportation industry mergers and acquisitions, put forward fit M&A concept of transport industry, find the factors affecting performance of mergers and acquisitions, thereby to achieve the purpose of improving the performance of mergers and acquisitions.According to the complex scientific theory, business is a multi-level, multi-factor complex open systems, enterprise systems is often a non-equilibrium open systems in operation process, M&A behavior is the evolution of enterprise systems in a mutant, M&A is a complex and risky task. To achieve good performance of mergers and acquisitions, according to the theory of dissipative structure theory and the system theory must be in the implementation of M&A process, a detailed analysis of micro-enterprises and transportation systems, the concept of systems and macroscopic systems. Focus on micro-system to study the enterprise's own M&A capability in view of the system and to analyze the main objectives of enterprises and between enterprises in resources, size, strategy and so links, macro-system to analyze the external environmental factors, including the stakeholders, the status and characteristics of the transport sector, with particular emphasis on mergers and acquisitions in the transport and handling of government relations. Taken together this paper, the matching transport companies thinking of mergers and acquisitions, mergers and acquisitions must meet three fit:First, M&A activity must fit with its ability that is, to have the material and energy absorption capacity of the outside world. This is a prerequisite for the performance of merger and acquisition; Second, M&A business must be fited with the target company, the fit is to produce the most important guarantee of performance mergers and acquisitions; third, M&A strategy and motivation must fit with the external environment.The fit of these three areas determines the difficulty of post-merger integration is also a good basis for the performance of mergers and acquisitions. In this paper, according to fit analysis of these three aspects, demonstrated the relationship between performance of mergers and acquisitions and fit, based on the nature of the fit, establish dynamic fit assessment model on the basis of set pair analysis, through which the model can calculate the matching M&A after several stages of the final steady-state after the change when the set of pairs of connection degree, the model for the establishment of a dynamic fitting concept.M&A fitting dynamic control is throughout the entire acquisition process, in order to prove that the importance of fit in mergers and acquisitions, after the fitting analysis, analyze the relationship between fit and M&A performance, use synergy theory reveals the evolution of business performance after M&A, combined with the transport industry characteristics of mergers and acquisitions, highlights the complex nature of the transport industry in M&A, improve traditional performance evaluation way of short-term and long-term, proposed to short-term performance evaluation model based on the chaotic neural network, and long-term performance gray evaluation model based on rough set theory.Finally, papers use Jiangxichangyun as actual case, using the model established in front of the charpter to evaluate dynamically company's ability in mergers and acquisitions, and use Huangshan acquisitions and fuzhou acquisitions as the research object in the company's M&A history, analyze and evaluate fit situation of these two acquisitions, in the last, combinate these two post-merger performance of short-term and long-term, analyze the relationship between performance and fit situation, and propose appropriate countermeasures and measures.