Enterprise Mergers In The Financial Decision-making Research

Reviewing the economic development course of the western developed countries, it can be found that business merger (BM) has always been existing and playing an important role in it. BM has turned the enterprise itself into commodity and made the property enter into the market, which has affected greatly the industry increase pattern and market economy development of the western countries. After our nation抯 reform and openness to the outside world, BM also began to occur in our country and has developed rapidly with the establishment of the socialist market economy system, the rise of the securities market and the speeding-up of restructure of the state-owned joint stock system. At the same time, the theoretical study on BM in our country appears relatively ba~kward, and lack of the study on financial decision in BM also is a fact. This thesis tries to do some researches on the later. The whole thesis consists of five chapters. In chapter 1, the significance and practical meaning of BM is pointed out In chapter 2, concept, types, affecting factors and functions of BM are introduced. In chapter 3, theoretical assumptions of BM are introduced, and merger motives theory is expound systematically. In chapter 4, a series of financial decision problems, such as the evaluations of merged business values, the determination of BM price, financing arrangement in BM etc., are studied on the basis of the basic analysis of financial decision in BM. After that, the roles of intermediary organizations in BM are emphasized. In chapter 5, a set of comparatively systematic techniques and methods of financial decision in BM are put forward according to difference ways and characteristics of BM, so that I can do my own contribution to the healthy development of our country抯 BM.