Optimizing The Financing And Integration Of The Company Mergers And Acquisitions

There are two tough issues in the big mergers and acquisitions, especially the M&A aboard. One problem is about the source of the money, the other is about the integration and the operation after the merger. To tackle the two difficult problems is the intention of the thesis. This thesis is an application article, which aims to provide some systematical theory and practical experiences as the references for the M&A practice. Taking the underlying laws of the industry evolution curve as the guidance, the M&A principles and the standard M&A steps as the instruction, this thesis focuses on studying the M&A manners and financing structure, deep due diligence and integration optimizing after the M&A.The main content and the structure of this thesis are as follows: The first chapter analyses the law of the industry evolution, and the respective M&A experiences of the four evolution stages, according to which a company makes it own M&A policies. The second chapter briefly explains the merger principles and the standard M&A steps from experiences, which pave the road for the next several chapters. The third chapter studies the way to optimizing M&A trade structure and its financing scheme, shows the modern and popular M&A experiences from home and abroad with the real vivid cases. There are six M&A manners of which reverse triangular merger is often used, because of its simplicity and flexibility. The big M&A inquires smartly comprehensively application of several different financing tools and the proper construction of the quantity and time of financing. The fourth chapter studies the integration after the M&A from the angle of both the systematical integration and separate integration, in the instruction of"viewpoint of process"and the notion of value chain integration. On one hand, the systematical integration can be realized by the way of ERP (Enterprise Resource Planning) and EAI (Enterprise Application Integration); on the other hand, the separate integration can be realized by element integration, depending on the particular condition. The element integration means the integration of the four elements which are strategic integration, human recourse and culture integration, and process integration. The process integration is divided to three separate systems: organization structure integration, operation integration and financial system integration. However, the timing of the element integration in theM&A of the same industry differs from that of the different industries.A little contribution of this thesis:On the content, the paper puts forward the conversional relationship of each M&A manners, and then constructs the M&A scheme picture on the foundation of the relationship, advantage and disadvantage analysis; develops the theory of space and time conformation of financing; develops the timing theory of element integration. On the writing style, this paper takes the industry evolution law as the guidance of the whole thesis; make two main cases which complement each other impenetrate the whole thesis. The two cases perform vividly the M&A financing constructing art, and make the abstract integration theory live in the details of its practical application.