| Five company-merging waves happened in USA in the past 100 years. Among them the fifth merge which happened in 1994, the main character is "the strong merges the strong". It has already impacted either the developed countries or the developing countries. In further, it will influence the word economy in the 21st century. For China, the economical reform policy from 1978 has brought a great economy success. But with the continuing and deepening proceeding of social market economy reform, China economy faced a new challenge. Many enterprises, especially the state owned companies confront the difficulties. How to restructure the industries, how to strengthen the international competition force of the companies and how to insure the persisting, stable, healthy development of China economy have become a big question to us. From 1982 to 1996, during these 15 years, about 42 thousand companies have been merged. Today, it is common and unavoidable to discuss the question that the companies have to expand the production and improve the competition power through incorporating other companies. Standing on the point of micro enterprise, this research paper expatiates on the character of merges in China, analyses the main problems, and finally discusses how to decrease the merging risk and how to realize the efficient merging for companies in China. That is: in immature China social market economy, the companies should become the main body of merging and use all the resources considering the characters of themselves including the industry structure, the product structure, the company culture etc. In our now incomplete capital market, the companies should get the support of all the force including the central and local government. Only treating the merging as a developing strategy and using the merging strategy can the Chinese companies win the benefit of the size and improve the core competition power. Only through this efficient merging can Chinese companies lead to a success. |
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