The State-owned Enterprise Restructuring Study

Merger and Acquisition is one of the main instruments for business development. In the past 100 years, four waves of M&A occurred around the world, and the fifth wave has being proceeded in quite a few industries. This has promoted the development of globalization. In order to conform to the globalization of the world economy and the changes of the international aviation carrying trade development, the Civil Aviation Administration of China (CAAC) announced to restructure five aviation group companies on the April this year. This starts the adjustment of industrial structure and the reformation of national enterprises of the China civil aviation.Both the Accounting Center of China Aviation (ACCA) and the Civil Aviation Computer Information Center (CACC) are the two corporations of CAAC. According to the schedule of CAAC, they will combine to an aviation group company. This thesis will analyze the problem arising in the process of M&A, and will study the strategic management of its development.First of all,the thesis briefly describes the history of M&A both in foreign countries as well as in China.Secondly,from two aspect of the international air transportation development trend and the China civil aviation reality,the author discusses the internal and external environment which influence the adjustment and reformation of the China civil aviation. Then studies the significance of this reform in background of the civil aviation industry and the role of the government.Thirdly, having described the businesses of ACCA and CACC, the author analyzes the feasibility of M&A of the two companies. In the analysis, the author studies problems that might spring up in the process.Fourthly,the author studies the enterprise's management from the point of view of the strategic management. In the study, the author points out that today the enterprise's management has developed to the stage of strategic management, and the survival of a corporation is lied on it. Because the strategic management shows the way to win the competitive advantage in the market economy and to gain the maximal market share in the future. If the Group Corporation that combines ACCA and CACC wants to keep its advantage in the China Civil Aviation, it must have a plan of strategic schedule to match the speed of its development. At the end of this part, the author suggests a model of strategic management to the Group.When China become a member of the WTO, some influence will surely be affect the Group's development. The author believes that the Group will have opportunities to develop its businesses in the long run.