Research On The Formation And Distribution Of Synergistic Effect Between Both Sides Of M&A Under The Perspective Of Resources

As a hot issue in the field of Operation and Management, researches on synergistic effect and Enterprise Resource have always been of concern to many scholars in recent years. Practice tells us that the occurrence of a number of corporations M&A are based on the realization of expected synergies, yet half of the failed mergers propose challenges to compatibility theory. So, is there bright vision or only a trap after applying merger synergy? The continual emerging wave of M&A as well as a large number of structural adjustments of industry after the financial crisis has sketched the leading background. Thus it is a must to carry out deep study on theory community and the business community in order to reveal the root causes, operation mechanism and related issues of synergistic effect from fundamental. Besides, as the basic element and a source of competitive edge, resource should be a main factor to be considered a when to analyze merger synergies of the two sides. There is a close relationship that exists between them, but the current studies are in lack of comprehensive consideration in M&A environment. For this reason, based on the combination the resources theory, theory of M&A, coordination theory, this paper uses an approach of combination of qualitative and quantitative analysis, enterprise resources as a starting point, to have some discussions on generate synergies of M&A and the distribution and performance of both sides.The main body of this paper is divided into the following parts:theoretical overview, the qualitative analysis of the form of synergies from perspective of resources, quantitative research of the form of synergies in distribution and performance of both sides from the angle, case studies, etc.In the first part, the author outlines the background and significance of this research, define method and framework of the paper, and points out the innovation and research ideas in the paper; second part shows the literature review on the synergies and merger theory, and makes definition and classification for the enterprise resource in accordance to M&A background; In the third part, from the perspective of resource, the author try to explain the formation mechanism of both synergies; As to the fourth part, using both to contribution degree of resources of both sides to the formation of synergistic effect as theoretical basis, in conjunction with Analytic Hierarchy Process (AHP) to make quantitative analysis on distribution and performance of synergistic effect on both sides; Last but not least, the writer analyze the merger case of Taiji Group and Tong Junge, also from the perspective of resources. The author points out though which kind of mechanism, resources of the two sides can achieve synergistic effect. What's more, the paper has discussed on the performance of synergistic effect on the two sides from two aspects:operation management and finance.