Research On Motive Theories And Evaluation Of Efficiency In M&A Of Enterprise

Nowadays the research about efficiency of merger in China often focuses on the microeconomic efficiency of merger in enterprise, i.e. the financial ratios, while few on the macroscopic industrial economy. This paper, taking the industry of milk products as example, tries to analyse the efficiency of merger in enterprise from two aspects: the macroscopic industrial economy and microscopic enterprise economy. In the aspect of macroscopic industrial economy, according to the financial ratios and the changing trend of industrial concentration ratio, in which the enterprise is, by using the analysis of relativity, the paper discusses the economic efficiency influence of increasing enterprise scale and marketing share brought by merger; In the aspect of microscopic enterprise economy, according to part of theories of merger, the paper discusses some better financial ratios, which can better evaluate the efficiency of merger. What's more, in analysis of relativity of asset of merger in every year and financial ratios, I try to eliminate the influence of the whole industry to evaluate the efficiency of merger. In the example of Yili Company, the result is that, after merger, the marketing share increased and so does the sales income, but the profit margin decreased.Zhu Fei(technological economics and management) Directed by vice prof. Ren Jing...