Research On Merger & Acquisition In China Express Industry

Since the 1990's, with opening to the outside world and sustained and rapid growth of Chinese economy, the China express industry has obtained rapid development,which brings more intense competition in the express market and more challenge to domestic express enterprises. Merger and Acquisition (M&A) is "shortcut"of the enterprise's growth, also is the result of optimum disposition of economical resources in the market economy. Different from accumulation by enterprises themselves, M&A can bring enterprises leap-forged development and increasing with geometric series. So, how to improve competing abilities of domestic express enterprises through M&A, and acceleratead ustment of our express market, is a vital and practical problem.Based on the correlative theories of M&A, this article uses Structure—Conduct—Performance (SCP) analyse frame to research our express market macrostructure, and subdivide the express market according to requirement character. In different subdivided market, after analyzing different participator's motivation of M&A, the article sums up different modes of M&A. Meanwhile, the article analyzes the obstacles of M&A and proposes corresponding suggestions. This article also summarizes three processes of M&A, and establishes M&A performance evaluation model. At last, combining with an example of Merger and Recombination between China Railway Express Co., Ltd (CRE) and China Railway Parcel Express Co., Ltd (CRPE), this paper analyzes the M&A motivation, mode and performance evaluation.