Research On The Corporate Merger & Acquisition Of Investment Bank

The famous American economist Stegera says: "almost none of the big companies in America doesn't grow up by certain kinds of annexation and merger. And almost no big company can grow up by internal expansion. Looking extensively the American history of merger we'll find that it is investment bank that adds fuel to the flames. If there isn't its participation, it is difficult for the enterprises to merge successfully.As it becomes common knowledge that rationalization disposition of resources is achieved by the flow of property right, there are great potentialities in the merger market of enterprises in our country. A large number of security companies and trust investment companies - investment banks of our country immediately set foot in this field. Then, what's the relationship between enterprises merge? and investment bank? Why do we say the participation of investment bank as a medium is the key to successful merger? How should the investment banks in our country develop merger business? This thesis tries to probe into these.This thesis can be broken down into three chapters. In chapter one firstly the concept of merger is introduced and some major theories about the reasons of merger is presented, then the features and problems of enterprises merger in our country is summarized.The merger business of investment bank is detailed in chapter two. In section one the brief introduction of investment bank is made from the aspects of concept, types, history and functions. Section two emphasized on the demonstration of the role of investment bank during the course of merger with the five merger waves in American history as examples. In section three the financial innovation of investment bank in the enterprises merger is illustrated with the example of leverage buyout. In chapter three, section one, the present situation of investment banks in our country is briefly analyzed. And the necessity and possibility of the development of investment bank in our country is shown in section two. . In section three, some counter-measures on the development of merger business are proposed.The conclusion in the thesis is: as a medium, investment bank plays an important role in the enterprises merger. It is necessary and possible for the investment bank in our country to develop merger business. We should firmly grasp the present opportunity and support the investment bank to develop merger business.