| As a high-risk and high-return business, merger and acquisition (M&A) is one major approach to fast capital expansion and has become an important strategy to the enterprise's development, but the rate of success is not high compared to exciting amount of transaction cases of M&A. Neglecting the post-merger integration is the most important reason for the failure of M&A.The low integration management ability after M&A will have negative effect on the whole process of M&A strategy, or even cause unimaginably bad result to the enterprise. In one sense, it is more important for the enterprise to develop the integration management ability than to accumulate capitals. It will bring the enterprise a huge risk for only paying attention to M&A without excellent integration management ability.This thesis gives a definition of post-merger integration. According to the basic principles of management science, the term managing integration refers to a process of allocating varied resources rationally and scientifically through integrating strategy, plan, organization, command, control, and coordination in order to ensure the business efficiency and business performance of the enterprise. Post-merger Integration is a special and wise art. It is not only the process to realize the synergistic effect, but also the value-creating process to construct the core ability and competitive advantage for the new enterprise. A good job in post-merger integration can offset a mal-fabricated M&A deal, evade risks, and make a well-designed one has better results through making use of turbulence, reengineering the enterprise's value chain, and upgrading the enterprise's core competence.According to the relative theories and research productions, task integration and HR integration are two basic dimensions in the analysis of post-merger integration, because their positive relationship on every task layer determines the destination of M&A. This thesis builds a framework of post-merger integration: (1) strategicintegration; (2) organizational and institutional integration; (3) corporate cultural integration; (4) HR integration.This thesis is composed of six chapters:Chapter 1 defines the post-merger integration. It introduces the applying extent, content, and function of the post-merger integration. Firstly, it analyses the prerequisite of the production of the synergy, and then concludes that only effective integration can produce synergy. Secondly, it analyses the reasons for the failure of the M&A and finds that the inefficient integration is the major reason. Thirdly, it describes the complicated situations and the recessionary phenomenon faced by the post-merger integration, and analyses the reason why the integration is difficult to be realized.Chapter 2 reviews the developing process of M&A-Integration theory and the further research about M&A-Integration theory by the management science. The management science have being developed continuously, which causes several new theories, such as core ability theory at strategic level, corporate reengineering theory at the organizational and institutional level, and dynamic multi-dimensional value migration theory. Therefore, the management science introduces the integration theory to a superior field.Chapter 3 describes the strategic choices and modes of the post-merger integration. The choices include the products integration and the problem to deal with the conflict between main business and diversification of business. The modes include the integration one based on the relativity of the businesses, the integration one based on the core competence of the corporate, the integration one based on BPR, etc. This chapter also describes several integration tactics about the strategic resources respectively, such as technology and R&A system, asset and liability, market resources, etc.Chapter 4 describes the modes and tactics of the organizational and institutional integration. It is divided into two aspects, one is the organizational and institutional integration modes, and the ot...
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