Research On The Mechanism And It's Working Efficiency Of Merger And Acquisition Of Enterprises

In this thesis, principles of merger and acquisition were discussed based on market mechanism. The working efficiency of these principles was also investigated through both micro and macro aspects. At the end, related conclusions were drawn.Merger and acquisition is a spontaneous act in the process of enterprise developing as well as a must in market evolution. It is not only a transaction of enterprises property rights but also an optimization of resource distribution. Merger and acquisition's nature is a complicated market mechanism which consists of enterprise scale control, resource redistribution and management stimulation.The working efficiency of merger and acquisition includes micro-efficiency and macro-efficiency. The test of micro-efficiency emphasizes on the cumulative abnormal returns of both enterprise and market. The test of macro-efficiency focuses on enterprise performance, corporate governance structure and dynamic competition.Main conclusions of this thesis are as follows:1. The nature of merger and acquisition is an efficient market mechanism. It can create value and optimize social welfare. The returns of merger and acquisition derive from the optimization of social resource distribution.2. As for the market's reaction to the micro-efficiency, the mechanism of China's merger and acquisition has weak but positive effect.3. Judged from enterprise's performance and market structure, the macro-efficiency has instructive effect on the development of China's merger and acquisition and the construction of China's economy system based on market.