M & Effect Analysis

In this thesis, the author divides the M&A into horizontal M&A, Vertical M& A and conglomerate M&A, and then analyses the respective effects of these three k-inds from two aspects , i.e. enterprise and society ,with the application of norm analysis and positive analysis. The article bases on the theories of economics and management, and the practice of China's M&A. In the article, the effects of M&A as a main line get through from the beginning to the end. Furthermore, the author analyzes the comprehensive effects of the three kinds of M&A. Finally, by analyzing the present situation and the causes of domestic M&A, the author puts forward the feasible policies and advices about improving the effects of domestic M&A in the view of the enterprises' management and the national macroscopic economic system . The author wishes this thesis can give some suggestions for the M&A of Chinese enterprise, and raise the successful ratio of Chinese enterprise, maximizing the active effect of M&A and avoiding the negative effect as well.The effect of horizontal M&A includes scale economic effect, Anti competition effect and welfare effect. As to the scale economic effect of horizontal M&A , the author takes the technique and factor prices as variables to draw a conclusion that match the actual situation of the enterprise more, by changing the used premise. In addition, the author analyzes anti-competition effect of horizontal M&A with the reality of Chinese industrial concentration. From the analysis , we can see that the industrial concentration of majority industry in our country is too low to form monopoly and has the anti-competition effect. On the contrary, it can improve the scale economic of our country enterprise, promote the industrial concentration degrees, and strengthen the international competitiveness of our enterprise. Therefore, horizontal M&A is still the main trend at present. On this premise, the author takes the analysis of the welfare effect of horizontal M&A for example, and deduce a conclusion that the comparison between saving of resources and the decrease of the consumer surplus because of the price rising determines the positive...