The Application Of Industry Evolution Theory In The Enterprise's M&A In China

In the background of increasing merge and acquisition of the international steel enterprises and new policy on steel industry of China issued, the steel industry has taken on a new look of M&A since 2005. It becomes the focus of industry how the steel enterprise copes with new trend of M&A. The thesis discussed the consolidation in steel industry through the industry evolution theory with the purpose of providing the policy maker of steel industry with the reference.The thesis first studied on the theory of M&A and industry evolution and analysed their relation in order to provide with a theoretical foundation and evaluation index for the positive analysis. Then,it took China's steel industry as the research target and made a detailed exploration of the M&A on steel industry in China.The thesis discuss the impact of M&A on industry evolution by a relative analysis between enterprises' quantities, market concentration ratio, profit changes of this industry and the quantity of M&A. At last, it made conclusion and offer a reference for governments' policy.The study shows that China's steel industry is still in the initial stage of industry expanding. The industry concentration ratio is low and decreasing and horizontal merger...