Study On The Enterprise M&A Strategy Choice

As the further development of economic globalization, enterprises are facing more fierce competitions. Regarded as an important strategy for rapid expanding,M&A (merger and acquisition) has acquired more attention from China's enterprises. Compared with the M&A which has existed for more than one hundred years in the West, the M&A in China is still in the elementary stage. Therefore, it will be helpful in choosing settlement method for M&A to study and analyze M&A theory and the motivation, explore the ways of the strategic decision making and the evaluation of the target company, give a close look at the M&A trend. The body of this work comprises four parts divided into six chapters.Part one (Chapter 2) General statement of Enterprise M&AThis chapter defines enterprise M&A and differentiates between merger and acquisition, makes an introduction of M&A classifications according to different standards and finally makes a retrospective discuss and comparison of the Sino-western M&A histories.Part two (Chapter 3) Basic theories of Enterprise M&AAccording to the history of M&A, this chapter analyzes the different theoretical foundations of various types of M&A, studies and analyzes the effects of enterprise M&A. They are management synergy, operating synergy, financial synergy, market share effect and strategy transfer effect. Part three (Chapter 4) Analysis on the strategy decision of Enterprises M&AAt first, this chapter expounds the analysis of strategy, introduces four kinds of general analysis methods for M&A, they are Product Life Circles, Boston Consulting Group Growth/Share Matrix, Growth Vector Components(Ansoff) and Competitive Analysis of Porter, then originally introduces the analysis method of strategy based on the competence transfer. In the second place, this chapter analyzes the searching, analyzing and evaluating of target company which plays an important role on the choice of target company. Finally, this chapter elaborates the integration of M&A, discusses the importance of the integration and the effective measures from the strategy, organization structure, institution, human resource and culture, centering on the integration of culture, furthermore discusses several noticeable problems in the process of integration.Part four (Chapter 5) M&A for China's enterprises under the world This chapter gives a close look at the M&A characteristics and trend, introduces the conditions, characteristics, challenges and opportunity arising from the cross-border M&A, then analyzes the problems existing in the M&A of China, finally gives some suggestions to accelerate the M&A in China.The studying of M&A theory, exploring of M&A motivation, analyzing of M&A strategic decision making and the evaluating of the target company, all of the captioned is the major content of the thesis. The intention of the selection of this topic is mainly try to give some contributions to the M&A theory research and practice operation through the probe on the M&A theory and practice, especially to provide a complete method for the practitioners who wish to do the transaction successfully.