Exploration Of Logistics Enterprises In Mergers And Acquisitions

Logistics industry has still been a new industry in our country.Thinking of the macro condition, we have faced more competitive environment since the entrance of WTO. We must reform the traditional logistics industry to the core, alter the present condition of segmentation, scattered, repeated, wasted and low efficiency through the method of M&A and regroup, set up the logistics system of specialization and socialization in our country.Merger and acquisition (M&A) is an important operating mechanism for enterprise consolidation. Through the absorption of one or two more enterprises into another one, it can achieve the reunification of key production elements, the continuous adjustment of technology, the restructuring of internal organization and the rational arrangement of operation scale. It can also fulfill the requirement for value creation in a wider range and a more reasonable structure. The article analyzes the present status of the logistics enterprises in our country at first, puts forward that M&A becomes a vital means for the survival and development of a logistics enterprise in the even more competitive society.Firstly the article discusses the present status of the logistics enterprises in our country, the necessity and the possibility of its M&A all along through the combination method of theory and our country's fact. Secondly the article analyzes the logistics enterprise M&A motive, interprets effect of horizontal M&A, vertical M&A, mixed M&A according to the economic theory. Thirdly, with the theory of value-chain of Porter, the article expounds the logistics enterprise M&A how to achieve the lowest cost strategy and the differentiation strategy. At last the article discusses the valuation of the target enterprise, especially discusses the application of the method of discounted cash flow in the logistics enterprise M&A.The studying of the necessity of the logistics enterprise M&A, the using of the theory of economics and the theory of value-chain in the logistics enterprise M&A, and the probing of the value appraisal of the logisticsenterprise, all of these are the major content of the article, and are also the innovation of it. The intention of the selection of this topic is mainly trying to give some contribution to the logistics enterprise M&A theory research and practice operation, and provide some advice to the development of our country's logistics enterprises through the probe on these questions.Zhang Shengli (Business Management) Directed by Associate Professor Hu Meifen...