Theory And Countermeasure Study On Investment Bank Of Our Country Participation In Enterprise M&A

Merger and acquisition is one of the important strategy that an enterprise obtains development and expansion, it has represented one kind of late-model estate strength, which has improved enterprise productivity , profitability and competition, at the same time which has accelerated the outstanding enterprise's development, urged the resources to obtain the optimized disposition, and impelled a country productive forces growth. Going deep into economy restructuring in our country, merger and acquisition has become an effective action that enterprises in our country develop the economies of scale and enhance competitive ability.Being one of core key element in capital market, the investment bank has special knowledge on M&A, the financial analysis ability and the management ability as well as the financing ability, which is playing important role in the field of recombining essential productive factors , optimizing the allocation of resources , providing for the enterprise a finance and so on. The investment bank participation in the enterprise M&A of our country may solve many problems in the enterprise M&A at present, which is helpful for building property right transaction system along with rational division of labor, defined rights and responsibilities according with market economy requirements and establishing the modern enterprise system.Researching on the enterprise M&A history especially nowadays we can find that it is hard to imagine that the enterprise M&A expects to proceed as planned without the participation of investment bank. It can be said each world being bought tide together not only have provided the vast marketplace for investment bank, but also have improved investment bank various function in M&A. In turn, this allowed the enterprise M&A increasingly rely on the investment bank, and made the enterprise M&A become the core business of the modern investment bank. In the developed perfect investment bank of the west countries, because of complete function with investment of bank, the momentum of their enterprise M&A is very big, and efficiency is very high. But, China's enterprise M&A often carries on by the government through the administrative method, with strong policy, programming and instruction, the participation of investment bank is very few. Moreover compared with the investments bank abroad, China's investment bank vocational level is lower, the human capital investment is limited, the fund is not abundant, and there are many problems at present.Based on the above analysis, this article chooses the investment bank and the enterprise M&A as research objects. The full text divides into four parts. In the first chapter, the simple outline on the investment bank and the enterprise M&A, it can be found that the best definition of investment bank at present is the financial organ which engaged in all capital market service who carries out analysis on various definition with investment of bank. M&A is the shorter form of merger and acquisition, which refers that two or more independent business corporation combine to be composed of one enterprise, usually the company with the superiority absorbs one or more companies. Finally pointed out because of the complexity and risk in the enterprise M&A, it requires that intermediary organization comes to provide services, and the investment bank has acted soul role, which has instructed and impelled the M&A activity smoothly to carry on.In the second chapter, the analysis on the agent of the enterprise M&A is carried on, and the western academic circles already studies regarding this many years. This article selects the representative viewpoints to carry on the briefing, including the efficiency, the multilateral management, the proxy question and regulation, the property right theory, the increase of market forces and so on. Afterwards, from the modern financial intermediary theory especially the financial intermediary functional view, the analysis on the reason why the investment bank participates in the enterprise M&A is carried on. Finally, the conclusion can be obtained that the investment bank have to participate the enterprise M&A from two aspects that the investment bank participation in enterprise M&A may reduce the transaction expense and the negotiations cost.In the third chapter, our country at present is in the economic system reforming time, the government, the enterprise and the commercial bank stemming from respective responsibility and benefit are at the different position in the property reorganization, and the function is limited. Looked over the Chinese and foreign M&A cases, the investment bank has all played the extremely vital role. In our country investment bank develops just now after bond market develops to certain scale, the time is comparatively short, moreover M&A business has not become its core business. Compared with the western developed consummation investment banking industry there are many problems. This article embarked from concrete cases and analyzed three big functions of the investment bank in the enterprise M&A, namely plan, operation and conformity.In the forth chapter, in our country investment bank has not yet fully display the positive role which it should have, the existence questions mainly include that the enterprise market is not thorough, the development of the capital market is relatively lag, the strength of the investment bank organization engaged in the enterprise M&A is insufficient, the effective fund support is lack, the corresponding legal standard is not perfect. Corresponding the above questions, the article proposes some countermeasures and suggestions from consummated the own construction of investment bank and the external environment constructs. First, putting stock right into practice purchasing reformation mark, establishing the modern enterprise property right system; Second, because at present our country investment bank is mainly engaged in the stock release, the negotiable securities release and the secondary market transactions service, the M&A business has not become the core business. Therefore for the adaptation to the need of economy development, it should come true from simple bond intermediary organ in the transition to high-level investment bank.;Third, improving laws and statutes being related to investment bank development and assets reorganization business, at the same time, revising and abandoning the existing relevant law laws and regulations, speeding up the legislative work; Fourth, the investment bank must develop the M&A business and cause it become the core business, simultaneously must fix position definitely to its businesses and have own characteristic; Fifth, the enterprise M&A is the result that the market mechanism effects together, among these capital market staying in the core status, thus the capital market development condition has directly impact the success or failure of the enterprise M&A, therefore we must speed up the consummate development of the capital market; Sixth, training the specialized investment banking industry talented people, creating advantageous environment which can help the banker grow up. Because the investment banking industry is highly intelligent industry and high-tech industry in the financial domain, whose industrial establishment and development is realized by large quantities of investment bankers with the highly specialized ability in some kind of degree.