Integrated Management Research, Based On The Acquisition Of Enterprise Groups

The study on Mergers, Acquisitions and Post-Merger Integration (MA&PMI) has been one of the hot issues for the academic research and debate recently. As a multi-juridical persons combo, corporate group is far different from the common corporate. As for the topic of creating value, there must be much difference in mechanism and disciplinarian between M&A of monomer corporation and that of corporate group. The MA&PMI of corporate group, being a special economic behavior in the growth process of corporate group, has been determined by its own developing orderliness, its inherent characters and the systematic circumstance. This study firstly analyzes the differences between monomer corporate and corporate group, then explores the characteristics of corporate group in organizational structure, member corporates relationship, the governance of corporate group and administering mechanism, and also undertakes a comprehensive systematic analysis, so as to illustrate the corporate group, as an interspace organization, is distinct from the common corporate. Therefore, based on explication aboved, this thesis carries out a particular research on the occurring mechanism and inherent idiosyncracy of M&A in corporate group, and has a thorough and deep clarification on the inner reasons causing the failure in M&A of corporate group, and also put forward the important implications of post-merger integration in M&A of corporate group. Meanwhile, we have established a systematic analyzing framework, and we also have carried out an improvement analysis on the aspects of group's headquarters and the branch corporate in M&A & integration of corporate group, pointing out that we should have a complete recognition on in M&A & integration of corporate group from the optimal territory of the complexity point of view.Therefore, abiding by the researching train of thought and logical framework aboved, the structure and the contents arrangement of this thesis are as following :Part one: Introduction, theory and characteristic of corporate group. On the necessity of the research, it's progress and the inherent idiosyncracy.Chapter one: Introduction. In this part, we mainly expounded the insufficient research of the characteristic of corporate group during the whole research of MA&PMI of corporate group, pointing out that corporate group should be different from the common corporate in many aspects, which will have far-reaching theoretical implications and practical effects for the research of MA&PMI of corporate group, and then briefly introduced the analyzing outline, research method and the innovations of this dissertation.Chapter two: On the characteristic and theory of corporate group. Firstly, we introduced and evaluated the definition and category of corporate group, and successively discussed the differences between corporate group and the other common corporate from interspace organizational theory, the relationship of organizational organ's administrative levels, group governance, group headquarters and controlling administrative system and some other aspects. Furthermore we undertook a deep analysis on synergy and value-creating of corporate group.Part two: On the particularity of MA&PMI of corporate group, and the function of post-merger integration(PMl). Constructing an improved framework for MA&PMI of corporate group.Chapter three: Analyzing the inner mechanism of MA&PMI of corporate group. Firstly, through estimating the value of M&A failure , this thesis explicated the value-creating process in M&A. Then from the different functions on core competence between headquarters and branch corporate, the paper illustrated the particularity of MA&PMI of corporate group, meanwhile it also emphasized the key function of PMI during M&A of corporate group.Chapter four: On the improvement of MA&PMI of corporate group. Based on last chapter, we constructed an improved framework for MA&PMI of corporate group on the aspects of group headquarters and branch corporate. Initially we put forward a whole systematic betterme...