Merger & Acquisition(M&A) is a kind of distributing and redistributing of resource, and it's important to the enterprises' development. In China, many enterprises are going to recombine,and one means is Merger & Acquisition. Many experts believe that the basic aim of M&A is to acquire the synergy of M&A. But the synergy is still ambiguous to us . So understanding and evaluating the synergy of M&A is very significant to many enterprises. Based on the conclusion of experts' theory in and out aboard, this dissertation defines the synergy of M&A, and it analyses the origin of the synergy of M&A. Secondly, this dissertation believes that the motivation of M&A is to acquire the synergy through the analysis on the motivation of M&A. It also discusses the realizable conditions, realizable cost and the measurement of the synergy of M&A. This dissertation demonstrates that the synergy is practical by the analysis of cases of M&A, and this dissertation put forth the key factors of the realization of the synergy. Among the key factors, the interfering of government and the policies and rules about M&A are macro-factors, but the scale of M&A, the payment means of M&A, the attitude of the target enterprises, the insymmertry of informations and the status of the competitors are microcosmic factors.
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