The Research For Mergers And Acquisitions Integration Of Enterprise-Financial Integration

Five big tides of Mergers and Acquisitions (M&A) have been taken placed in the world since the nineteenth century. Along with the development of technology and global economic integration, M&A have been expanded further in various ways. As a result, M&A have become a common economical activity and an important way of capital operation. It also has gradually developed into a very important means of reallocating the social resources and improving the efficiency in resources use.The theories of M&A have been matured in foreign developed countries and considerable achievements in this field have been made in china in accordance with the merging conditions here. However, it is shown that only thirty percent of behaviors of M&A are successful by statistics. It is concluded that the result is caused by the inefficiency integration in a large extent. Financial integration in M&A is an important link in integration after M&A, so the article is mainly about financial integration.This dissertation consists of five parts. First, state and reasons which led to the failure of M&A are analyzed. After the related theories studied both in china and abroad, financial integration is proposed according to the materials mentioned above. Second, the basic theories about financial integration, such as theoretical basis, principle, pattern and content, are discussed and a comparatively integrated theory frame of financial integration is proposed. Third, aimed to specify the two detail contents in the secondpart--the integration of assets and liabilities, it makes research on four facets in theassets integration content as well as floating capital, fixed asset, long- term investment and invisible capital integration and one facet in the liabilities integration. The goal lies in enhancing theories to guide practice efficiently. Fourth, the basic conditions, which guarantee effective financial integration movement, are supplemented. The conditions include not only financial examination and information security, but also financial control, making effort to instruct practice. At the end, the concrete content and actual operation process in financial operation by way of the better practical implementation has been simply analyzed through the case description.This article is for the purpose of exploring the financial integration questions, perfect financial theories, instruct practice in M&A, in order that buyers pay attention to integration, especially financial facets. The aim is to achieving the maximal enterprise value and enhancing core- competitiveness. The author hope the paper would be useful in overcoming the obstacles in financial integration in M&A, and does her best to make the paper standard, systematic, integrated and deeply.