The Practice Research For Enterprise Of The Merger And Acquisition Integration

In the competition of the market, only the stronger can live, superior win and the inferior wash out are the basic rules which the enterprise grows. The companies which want to survive the competition must unceasingly grow strong. There are two main roads that companies grow strong: One is the companies develop roll-like by themselves; another is the companies develop by exterior expansion, to be equal to the Merger and Acquisition. When the cost of buying another company by cash is lower than investing, it is indispensable and feasible to buying. Merger and acquisition is a high-risk and high-return business. Many companies hope to transfer the industry crisis, avoid the investment risk, solve the trouble of debts, decrease the cost of labor and expand the company's scale by M&A. Though the M&A wave surges, the success rate is not high, compared to exciting amount of transaction cases of M&A. Neglecting the merger and acquisition integration is the most important reason for the failure of M&A. For a company that will carry out a M&A strategy, developing the ability for managing integration is more important than accumulation of capitals. Without excellent capability of managing integration, companies being crazy about M&A will expend huge cost but no returns.The paper expatiated on the related academic research of M&A integration in our country and others. On the basis of it, the article introduced the related theories of M&A integration and it analyzed the difference of the theories of the researchers in our country and others. Its main contents are the necessity of integration, the principle of integration, the goal of integration, the approach of integration and the detail of integration. I introduced the status of integration in our country, the research of problem and practice. In the last part, I put forward the solution of integration.