China Mergers And Acquisitions In The Value Creation

Since middle period of 1990s, the west enters the ear of the fifth merger tide which is characterized of strategy. No matter from the quantity,rang, or from the amount of money, this meager tide exceeds anyone in history, and gave a powerful push to the development of the economic globalization. Meanwhile under our country's strategic readjustment in national economy and great background of china's accession to the WTO, china's government bring the readjustment of economy structure up to the unprecedented height, and need to guide the M&A among the enterprises to solve the structural problems of capital extremely. Besides a series of great positive policies which State Economic and Trade Commission and Chinese Stock Supervisory Committee have made for standardizing the M&A at home after the accession to WTO indicate the arrival of the new climax of enterprise mergers in China. These series of facts and phenomena cause the theory circle great attention of M&A again.M&A must serve enterprise value and maximize this financial management objective as an investment decision, but because M&A history of our country is relatively transient, a great deal of defect exists no matter in macroscopic, merger environment or microcosmic M&A decision. A large amount of facts indicate, in our country, only a few enterprises can create value in the M&A behavior. So, to seek the problems which exist in the behavior of creating of value and create the respect method is very meaningful.In the course of expounding the fact, I use theory of architectonics synthetically, and follow the principle of combining macroscopic analysis with microcosmic analysis. I probe into the problems of our country exist in the course of creating of value while merging from aspects both of the macroscopic and microcosmic, and seek to find the solutions of the problem from two angles of macroscopic and microcosmic. In the course of making a concrete analysis, according to thecharacteristic of the content and the research approach, I try hard to accomplish to unify standards analyses with the real example, and combine quantitative analysis with qualitative analysis, so that the study on the issues is more overall, more careful.The embodiment of innovation of this text is as follow: put forward my own view on the criterion of merging of type that creates value through the method of comparative analysis; Issue my own opinion in the source of creating value and influence factors of M&A; The method of using value chain analyses in succession synthetically M&A decision analysis; Advise in the problems that existent in M&A of value creation.This thesis has five parts in all, the first part focuses on the understanding of the concept of M&A, and come to the criterion of M&A of value creation by contrast of financial driven M&A and strategic M&A. The second part discusses whether merging creates value and the source of creating value at first, then describes enterprise development strategy and strategy of M&A, because M&A strategy is subordinated to the enterprise development strategy, M&A strategy at the same time guides the course of merging, finally describes the course of creating value in M&A again, and analyses four respects mainly by the method of value chain analysis ,they are: the choices of target enterprise analysis, financing analysis and payment analysis, integration analysis, and M&A performance control. The third part analyses four types of value creative M&A in our country with four material cases. The fourth part analyses some problems exist in the course of value creation of M&A in our country on the foundations of the analysis in part three. The fifth part puts forward some suggestions to the problems referred in part four.