A Study On Synergy Of Enterprise M&A

Mergers and acquisitions, which is an important economic phenomenon of the market economy, is the core of enterprise capital operation and the important means to optimize the configuration of social resources. Through M&A, enterprises can quickly realize capital accumulation, scale expansion. It can help the enterprise to achieve business integration and save transaction costs, then to improve operational efficiency. It also can help enterprise complementary advantages, enhance market competitiveness, and ultimately maximize profits and enterprise value maximization.But we should also see that the acquisition is a complex process, involving M&A strategy formulation, evaluation of target companies, M&A of both consultations and negotiations, a series of Post-merger integration process. In all stages of M&A there is a lot of uncertainty, which would course great risk, so that enterprises can not achieve greater than the expected value of the synergy premium. The failure of M&A is primarily due to lack of theoretical guidance, lack of effective identification and evaluation methods. Thus, in terms of theoretical researchers to study the synergy identification, implementation and evaluation of mergers and acquisitions practice for enterprises to provide theoretical guidance, would have a very important theoretical and practical significance.In this paper, with theoretical research and empirical analysis at home and abroad as the basis, modern economics, management theory knowledge as the guidance, and with wide management, economics and other cross-disciplinary knowledge, we carried out a comprehensive and systematic study on the enterprise M&A synergistic effect. First, the theoretical system on M&A is summed up and integrated to explore the new direction of theoretical development of synergies and in the group in the use of practical value.Secondly, based on the previous research, it explored opportunities for M&A synergies identified, synergy realization and evaluation. A business is only to master the specific method of identifying synergistic and can become a takeover target for all possible potential synergies of the companies of the identification and comprehensive evaluation in order to achieve the maximum post-merger synergies, enhance the competitiveness of enterprises. In this paper, operating synergies, financial synergies, management synergies and intangible synergies is separately proposed a different method of identification.To achieve synergy effects, is the post-merger integration of the most basic goal is to achieve the strategic objectives and corporate mergers and acquisitions is expected to base. This paper analyzes the impact of M&A synergies factors that affect the realization of merger synergies are divided into five main factors:the consolidation potential, organizational integration, the response of employees and management style of both the similarities and the relative size of mergers and acquisitions. The mechanism of realizing the effects of M&A is explored. The synergy effect of M&A comes from the integration process.To evaluate the synergy effect of M&A can help the enterprise predict its future operations, profitability, in order to better assess the value of joint ventures after the merger. In this paper, from the perspective of whether to adopt the financial indicators it analyzed to evaluate synergistic effects of M&A of financial indicators of evaluation method and evaluation method of non-financial indicators.Then, this paper analyzes China's current status of M&A, existing problems and the corresponding reference to improve the situation.Finally, this paper summarized the whole research work, analyzed the flaws in the study and pointed out the future research directions. At present, many scholars in the study of M&A in the risks or costs, but this paper do not conduct such study. Although the paper proposes to solve the current problem in China's M&A synergies policy proposals, but no positive impact of the Government is analyzed. This paper is primarily qualitative research-based, and lack of quantitative analysis. In future studies, based on a number of scholars in the current study, the risks or costs of M&A would be explored; by collecting large amounts of data on the synergistic effects of M&A empirical research can be carried out in-depth.