Research On Corporate Boundary Reconfiguration Based On Dynamics Of Market

Enterprise alliances, mergers and acquisitions, and spin-off are the basic laws of the activities for enterprises. And any behavior is the reconstruction of the enterprise boundary, which will directly affect the allocation and optimization of human resource, and financial and material assets and change the strategic orientation and competitive edge. Therefore, it is very important for us to analyze the motivation of the enterprise boundary reconstruction, find new theoretical basis, to discuss the effects, scale, and trend, and conduct a comprehensive evaluation of reconstruction effect to provide workable ways for the optimization of enterprise boundary reconstruction. Especially in a highly dynamic market environment, that enterprises build alliances to ride out the storm, conduct bankruptcy sale to get out of the game, or they stripping assets for survival are the thorny questions for administering authority. These practical questions cannot be avoided and decides what ways enterprises will choose to change enterprise boundary.Based on the research results at home and abroad, this dissertation uses the method of qualitative and quantitative and conducts a systematic research on the link between enterprise boundary reconstruction and dynamics of market, completing the works as follows:1. Discussion of related theories about enterprise boundary. First of all, the dissertation illustrates the opinions about enterprise boundary from of Marshall, Chandler, Kos and Chis and analyzes attributes of enterprise boundary. Following, the dissertation analyzes the changes of enterprise boundary based on Technology paradigm and discusses the relation between enterprise boundary changes and participation in market competition. Moreover, it makes a analysis of enterprise boundary’s determination from asset allocation theory and access theory. Finally, it provides the new rationale of enterprise boundary reconstruction from the perspective of synecology, fluid mechanics and genetics and makes a comment to related literature.2. Analysis of agents on enterprise boundary reconstruction. Firstly, it analyzes the reason for enterprises to allied from the perspective of Resource-Based Theory, transaction cost economics and Core Competence and discusses the actual driving factor of enterprise alliance. Afterwards, it analyzes the driving factors of Mergers and Acquisitions from enterprise value creation, value transfer and value guidance. Last but not least, it analyzes the agents of corporate split from the perspective of Transaction Cost Theory, new theory of property rights and Ability theory. 3. Analysis of effects on enterprise boundary reconstruction. In the first place, it analyzes the positive effects of enterprise boundary reconstruction such as crowding out effect, technology innovation effects, learning effect, agility effect, amplification effect, linkage effect, management mynergies effect, production mynergies effect, cultural mynergies effect, integration effect, structural effect and value diffusion effect based on enterprise alliances, mergers and acquisitions, and split. After that it analyzes the negative effects such as dependence on strategic alliances, cultural conflict, contract risk, lack of leadership, increase of mergers and acquisitions cost, rise of agent cost, incomplete and asymmetric information as well as that the high quality resources from split cannot be shared by investors, profit level of parent company is pulled down, the operation of separate subsidiary is not satisfying and operating cost and regulatory cost also increase.4. Empirical analysis of history and trend on enterprise boundary reconstruction based on market data. First of all, select the market data from2002-2011, analyze the trend of mergers-and-acquisitions market, make a correlation analysis of the quantity and amount of money and forecast the future trend of mergers and acquisitions. Then, the dissertation analyzes the relevance between corporate alliances and market dynamics and analyzes their trends. Last but not the least, it comments and predicts the relevance between enterprise boundary reconstruction and dynamics of market. It turns out that there is a critical point between active degree of enterprises and dynamics of market. Before the critical point, dynamics of market is weak and the scale of enterprise boundary reconstruction is low while dynamics of market increases and the scale of enterprise boundary reconstruction broaden according.5. From resource sharing and replacement of system members and against the limitations of traditional comprehensive evaluation methods can not break the comparability of decision making unit and weaknesses which can not be based on any reference to provide evaluation information, the essay provides the generalized sample data envelopment analysis model which evaluate ihe efficiency of enterprise boundary reconstruction, and it analyses the relationship between reconstruction validity, weak validity of the related model depicts and relevant multi-objective programming non-dominated solutions, and it also discusses the projection properties of reconfigurable unit in the sample may be concentrated and the ways and scale invalid unit efficiency improved, and it further provides typical measures and evaluation procedures of reconstruction unit group of overall eifficiency measure;6. Discussion on optimization of enterprise boundary reconstruction. First it analyses the optimization problem of enterprise boundary reconstruction under lower dynamics of market. In this case, corporation behavior should give priority to endogenous growth and mainly focus on internal optimization of enterprise boundary. Then, the essay analyses the optimization problem of enterprise boundary reconstruction under higher dynamics of market. On this occasion, the behavior of enterprise should transfer from "reserved" to the combination of both inside and outside. Meanwhile, on the basis of evaluation of the market and related Businesses we can determine the specific model of enterprise boundary reconstruction, on this account the final boundary of enterprise is determined. Finally, from the "interface" of the corporation alliance, implementation of corporation mergers and acquisitions, maintenance of interest of subject and object in corporation split, the essay discusses the issues that need to pay attention to in the process of optimization of enterprise boundary reconstruction in a dynamic market.Through analysis of this dissertation, it aims to establish a theoretical framework of "enterprise boundary reconstruction" based on dynamics of market and to provide a new perspective for the formulation and implementation of strategies of corporation alliance, mergers and acquisitions, split, as well as the evaluation of implementation effect and optimization problem.