A Study On Merger And Acquisition Integration

Corporate Merger and Acquisition (M&A) is an inevitable event as the market economy develops. There have had five extensive climaxes of corporate M&A all over the world since the end of 19 centuries. In our country, there also happened twice significant climaxes of M&A since 1984.However, Corporate M&A is not always successful. About 2/3 to 3/4 of M&A is abortive.Corporate M&A is a kind of very complex economic phenomena, which involved in every aspect of a corporation. The three stages are considered to be necessary for theM&A-preparation, negotiation, integration. Any mistaking in the three stages maylead to an abortive M&A. Incorrect or not enough integration has been thought to be most common reason.So it is necessary for researchers to pay attention to the study of integration of corporate M&A. The present study will explore and summarize the basic framework and theme of the integration of corporate M&A. My tutor Prof. Wang gave me the essential instruction during my whole research and composition.In Chapter 1, the brief introduction to the concept, category of corporate M&A and some basic theory of M&A.In Chapter 2, to discuss the problem of capability integration of corporate M&A. Capability management of corporate integration mainly concerns to the three aspects, which are capability's protection, capability's transfer and diffusion, capability's development.In Chapter 3, analysis of the principle and method of strategic integration of corporation.In Chapter 4, to discuss the purpose, target and principle of organization integration during M&A. The model and content of management integration of corporate M&A are also involved.In Chapter 5, to propose four central models of culture integration of corporation (assimilation model, infiltration model, isolation model and damage model), and two main factors when choosing culture integration model — corporate M&A strategy and corporation's primary culture.In Chapter 6, to analyze the influence of corporate M&A on man's mentality and action, and propose the project of human resources integration.In Chapter 7, to analyze some practical details: the principle of trademark integration, integration management of distribution system, and integration interface management in market resources integration.In Chapter 8, focus on Chinese corporate M&A. There is a long-term transformation of China's economic development from the planned economy system to the market economy system. The corporate integration in China must face some special problems such as system obstacle, lacking of leading culture that be seldom appeared under mature market economy system.In Chapter 9, exploring of the particularity of medicine corporate M&A, and presenting developmental foreground of medicine industry through the introduction of the two successful M&A examples "TaiJi L.T.D. controlling on XiNan pharmacy, and Glaxo Wellcome's M&A with SmithKline.