M & A Synergistic Effect Of Theoretical Research And Case Studies

Reviewed the history of world economy development, we will find M&A (Mergers and Acquisitions) is the essential way to grow up for most of the western enterprises. It is just the same as that said by famous American economics, Nobel Prize owner, Stegerler:"Watching famous American giant enterprise, almost everyone adopts M&A to grow up by a way."Since the first M&A Wave in the beginning of last century, there are totally 5 M&A waves all over the world. With the further development of economic globalization and IT sharing, it is coming into a flat of world age. Now the M&A has become more and more popular. M&A synergy is the main reason for M&A development, meanwhile, synergy is the root cause for M&A pricing. One successful M&A case depends on whether the synergy is valued correctly. So it is significant to estimate M&A synergy and know how to achieve the synergy aim in the M&A.This article firstly is looked back the study on M&A and the theory of M&A synergy including the western and domestic parts. Then analyzes definition of M&A synergy and introduces the category of the M&A synergy. After that, some mathematical ways to calculated M&A synergy is introduced. Compared the result of empirical study on M&A synergy, raise the synergy paradox. At last, this article selects one M&A case, Dow Chemical and Rohm Haas consolidation, to analyze the back ground, M&A motive and looking forward to the future and the risk in company development.By using the Event Study, this article tries to calculate the concrete synergy in this case according to the share price. On the base of the case analyzes, this article puts forward to some useful advices and specific countermeasures for the company development. At last, summary the place which needs to be researched further more.