An Empirical Study Of The Management Integration In Corporate Mergers And Acquisitions

This dissertation is mainly about how to proceed the design and implementation aimed to integrate the enterprise with the target one's management to achieve the integration of both sides during the process of merger, acquisition (M&A) and restructuring, thereby promote the intended M&A and restructuring to a successful end.Chapter 1 focuses on introducing the meaning and characteristics, studying the various categories of enterprises' merger, acquisition, and restructuring theoretically, analyzing several forms of value-creating system during the process of M&A and restructuring, listing the risks the enterprises face during the M&A and restructuring.Chapter 2 sets forth the related theories on the management integration of enterprises' merger, acquisition, and restructuring: the general principles to abide by, the meaning of strategic management, the principle of management integration and the theoretical frame of restructuring strategic analysis.Chapter 3 emphasizes studying and analyzing related theories and practice of strategic integration, organizational system integration and cultural integration. In view of the comparative analysis of the two domestic beer magnates桻ING DAO Beer and YAN JING Beer, I concluded that enterprises strategic integration should be based on their own conditions and situation.The integration of organizational system is one of the major key factors during the process of merger, acquisition and restructuring. How to establish a new organization, design a new organizational structure according to the new strategy of the reorganized enterprise is the core content of organizational integration. Through M&A, the Bank of China Group's organizational design and systematic integration is more adaptable to the development of new economy. This M&A and restructuring is the precedent of the bank industry, it also provides experience for the reform of the state-owned banks.The culture of an enterprise affects its every operational aspect. Through the in-depth analysis of the historical background of an enterprise's culture, combined with the analysis of the conflict between WAN KE and HUA YUAN, two leaders of Real Estate which contain the distinctrdiflerent culture, and the process they got to integrate into each other's culture and organization, I formed the opinion that the M&A between powerful enterprises should put even more emphases on the way and method of culture integration.To sum up, in fact there is a series of management train of thought and way of operation behind the merger, acquisition and restructuring. Under certain circumstances, the actual effect of integration decides the efficiency and effect of enterprise restructuring. So it's much more important to develop management ability than to foster capital strength, and also it's even more important for an enterprise to possess integration capability than to have scale.