Research On The Problems Of Utility Enterprise's M&A

In recent years, in order to constitute pluralism property right, to promote public utility market realizing investment and financing pluralism, to develop competitive mechanism, restriction mechanism and risk mechanism for investment, to be propitious to public utility more marketing , there are series of policies coming on to promote public utility reform accelerating progress. Therewith accordingly, domestic public utility enterprise M&A like a rising wind and scudding clouds, lots of foreign capital, nongovernmental capital, and corporation in the securities business start set foot in public utility. unconformable for public utility enterprise M&A, the means of M&A is lack. On the one hand, different capital come into public utility, different background and expectation for steady income cause the means of M&A simple and extensive, on the other hand, because public utility enterprise and its' director department lake of competition experience and are by force of time for the company reform, both sides of M&A is often simplification for the M&A goal, the evaluation means, the risk forecaster, and result forecaster.The thesis analyze the M&A theory of domestic and overseas, link face things in domestic public utility enterprise, analyze some key factors which have important affect in public utility enterprise M&A, and select several problem to study hereinafter base on these key factor. The means and results are:Analyze the valuation means of public utility enterprise M&A, and study the means in point for the uncertain competition condition.Based on the risk appraising means in existence, link endogenetic and ectogenous risk system for public utility enterprise M&A, set up risk and decision-making model using blurry math theory and grey system decision-making theory. Exert the model to make decision for a certain company which deal with public utility enterprise M&A.For the public utility enterprise M&A cooperate with worth , the thesis put forward general account model according to inner and exterior account model. Aim at the two kinds of active M&A enterprise of the public utility enterprise M&A that is inner and exterior trade enterprise, according to accounting result of the fact project, that is the public utility enterprise M&A can obtain more steady cash flow, consequently obtain financing cooperating with worth, and that is reason of public utility enterprise M&A like a rising wind and scudding clouds. If the M&A enterprise is inner trade enterprise, it will help to diffuse advanced produce and management ability and bring size affect. For the public utility enterprise M&A, if the M&A enterprise is the inner trade, it will promote produce and management ability, obtain management cooperating with worth. If the M&A enterprise is the exterior trade, the public utility enterprise M&A obtain cooperating with worth maybe lay particular stress on strategic ability and management cooperating with worth.