Preventing, Evaluating And Making Dicision To The Risks Of Corporate Merger & Acquisition

Corporate Mergers & Acquisitions (M&A) is a handle of double sides sword. It can bring benefits as well as risks. The intense of researching the M&A risk is to manage and control risks, to avoid and reduce the losing, to increase the corporation's performance. By integrating the methods and theories of system engineering and decision-making, the paper researches the measurement of corporate M&A risks.Firstly, the paper introduces the background of selecting this title, the research and development of the world's and domestic M&A, the research methods and innovations of the paper. Secondly, the paper analyses the meaning of M&A and five theories about the deep reasons to M&A. They are efficiency theory, agent theory, and fees of exchange theory, devaluation theory and the marketing influence theory. Then the major forms of domestic M&A are analyzed, the characteristic of domestic M&A is introduced and the trend of domestic M&A is forecasted.Thirdly, the paper discusses the definition and characteristic of risks. The M&A process have three phases, which are confirming the aims, exchanging, integrating. On the base of three phases, the risk of M&A can be divided into three kinds: the risk of strategy, the risk of exchanging and the risk of integrating. These risks are subdivided, and suggestions to them are made in detail.Fourthly, the paper uses integrated fuzzy evaluation model, which combines fuzzy set theory and AHP to make quantitative analysis to the risks. This method can not only deal the fuzzy factors of risk but also resolve the problem of distributing the proportion of so many factors. The method is: firstly, we use AHP to evaluate the proportion of all hierarchies' risks. Secondly, by doing integrated thrice-layer fuzzy evaluation of the risk factors, the general risk level of the risk factors is found which can provide effective systematic method for the risks evaluation of corporation' M&A. The paper applies the model to two cases, which happened in domestic capital market.Finally, the paper establishes a decision-making model of multi-objects.