| With the development of world economy's market-orientation, integration and globalization, rules for the market economy have been gradually defined worldwide. National economy is merging with regional one even the world economy, which enables the flowing of production factors worldwide. Facing with a new market and operating environment featured by globalization, enteiprises around the world must develop a global view and take a positive part in global competition. These enterprises include not only general commercial ones but financial ones, there being of course no exception for investment banks. As the most important medium in the capital market, investment banks are both the organizer and participator of the market economy mechanism. Being one of key factors in the modern financial system, they are now enjoying great perspective in China. Especially after China's entry into WTO, big multinational companies feel confidence in China's economic growth and capital market development. They are ready for active participation in China's tremendous project of industry adjustment and reconstruction, leading to the booming of M & A . All of these have posed great challenges and opportunities to the development of China's investment banks. It is really a big concern how to deal with the fierce global competition.Because of the historical excuses, China's enterprise have been dominated and managed directly by the government in a long time. They lack the capability to reorganize the assets at capital market. As is known to us, there are tens of thousands enterprises, thousands of millions of national corporation debts and tens of millions credits assets need to be reorganized. Nowadays, national enterprise reform and strategy reorganization have been the most important thing. In a word, China's enterprises also need to absorb foreign capital inherently. Of course, we must have the aid of investment bank to realize the goals. The investment bank can help these enterprises expand their capital scales by M&A and asset reorganization, etc. This is the very opportunity for investment bank to develop.Obviously, economy globalization impels the productive factors to flow and allocate freely in the world. M & A is spreading all over the world. As for our country, the industrial structure is in the shaking conditions. The industrial structure adjustment will melt to the international tides after joining the WTO. The foreign capital will bring great influence on our country. We should take great use of this opportunity to attract foreign capital.This passage is based on the reality of national enterprises reform, industrial adjustment and foreign capital M&A. I have elaborated the necessity and feasibility from many aspects. Then there being a series of approaches against every outstanding question. Therefore, the writer have expressed the countermeasure and suggestion. I integrate the national enterprises reform and the reality of M&A with the investment bank develop, making it a organic unity, which is the innovation of this paper.The first part of this paper mainly introduce the conception of M&A and the investment bank. Besides this, I also analyze the fact that the investment bank is of importance to M&A briefly.The second part is the necessity study of M&A business. It comprises four sections. Firstly, the investment bank's M&A business is inevitable trend. Secondly, developing M&A business is a realistic choice to confront with challenge. Thirdly, M&A business is a main channel to increase revenue. Lastly, through developing M&A business, the investment bank will be more mature.The third part is the feasibility study. I narrate it in three aspects. One is the realistic basis. The other is the wide of foreign M&A. And the last one is that many securities companies have the ability.The forth part is the empirical study on the M&A effect of listed companies. In this part, there are two aspects which consist of the empirical study on financial index and the empirical study on different M&A type.The fi...
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