The Research On The Integration Tactics And The International M&As Of Automobile Industry In China

Since the 1990s, global M&As of enterprises accelerates constantly, and international M&As has become the leading mode of international investment. But confined by so many matters, i.e. Policy, the FDI brought by international M&As makes only a tiny fraction in China. With the entering of WTO, the domestic enterprises will be fronted with unprecedented pressure as well as opportunity, with considerable numbers of international group, according to their global strategy, being now purchasing domestic corps in a planned and processed way. It is a pressing and new task for domestic corps to strengthen themselves by such acclimation as advancing the reform of nation-owned corps by means of international M&As.Due to historical causes, the domestic auto-industry has been dropped behind since it came into being. Though it has achieved great progress thanks to the reform and opening-up, big gap is still exist compared to developed countries. In recent years, because the serious over-supply and the saturation of the traditional market has stagnated the auto-industry, which requires scale-economy and globality, the global auto-giants, one after another, turned to the large market in developing countries, reinforcing the internationalization of the industry. In the accelerating of global structural adjustment, domestic auto-industry had undergone an even speeding course of M&As and reform; especially after the entering into WTO, international M&As for the domestic auto-corps has been gushing out. As the limits over foreign investment on auto-industry broaden, foreign capitals will ingress the domestic auto-industry on a greater scale. Auto-industry will no doubtedly be made an important field for international auto-enterprises to implement their M&As strategy.As far as M&As theory, domestic or foreign, concerned, the emphases have been put on the motive and value creation, the post-merger integration (PMI), is in want of more attention. This thesis is aimed to this need, choosing auto-industry as the object for the research on international M&As. On the basis of a review over the western M&As theory and an examination on the actualities of domestic auto-industry, an analysis will be made on some problems and correspondingcountermeasures in the international M&As practices, the main concern on the post-merger integration tactics with a systematic inquiry from the various facets in microcosmic angle.