Research On Post-Merger Integration Of Enterprises

With the rapid economic growth,there is more and more enterprises develop and expand by mergers and acquisitions,but the acquisition is not a simple combine of two companies. So,M & A failure cases emerged a lot. Through a great deal of analyze,many scholars found that the integration of corporation is a key point to the enterprises mergers and acquisitions .Therefore,the integration is refered in many publications. Alien scholars studied a lot on the strategic significance from macro and the overall effect;domestic scholars mainly made the concrete research in many aspects of the integration.(e.g. strategic integration,business integration,organization integration,cultural integration, human resources integration,financial integration,enterprise capabilities integration,etc). In this paper,financial integration is mainly studied from the aspects of strategy of diversification and specialization acquisition,in which the combination of the overall(M & A strategy)and the part(financial integration)is fully considered. And the guideline is provided.In this article,the strength and weakness of diversification acquisition strategy and professional acquisition strategy is discussed first.Then,in this way,the financial integration is discussed in details from the aspects of financial management objectives, financial organizations, financial systems,the stock of assets,liabilities,financial human resources. The structures of financial organization are showed in two M & A strategies,the setting and responsibility of the positions are expatiated to make it more operational. Second,to meet the goal of financial integration,the particular working mode is talked. Third,after the enterprise mergers and acquisitions,the evaluation of financial performance is discussed from financial synergies and financial index system. And its application is also studied. As the Financial synergy effect is abstract, the mathematical method is used to make the evaluation concrete, which is considered from revenues, costs, taxes, demand for capital and financial risks. At last, this evaluation of financial integration performance is used in a merger case of "China aluminum", and the conclusion is made.To sum up, the financial integration is completely studied in two different M & A strategies. Hope to make the contribution to the financial integration and the evaluation of financial integration performance.