Font Size: a A A

Corporate Finance M & A Mode Research

Posted on:2006-03-28Degree:MasterType:Thesis
Country:ChinaCandidate:D GaoFull Text:PDF
GTID:2206360155965129Subject:Business management
Abstract/Summary:PDF Full Text Request
Merger & Acquisition (M&A), is the transformation and centralized of enterprise' s control power in essence. As the important form of enterprise's external strategy, M&A has great influence on the growth of enterprises. In the course of western economic development, the extensive M&A successively broke out five times, especially on the fifth stage since the 1990s, the value amount of M&A rises violently. Compared with development course of the western, the Chinese M&A is just during of the growth. But with the development of the economic and fast regulation of capital structure, the government and enterprise pay close attention to the flow of factors and integration of the resources in enterprises. They make use of M&A to regulate the industrial structure, and optimizing resource distribution with the strength of various fields, such as the policies and regulations, market mechanism, etc. These achievements are remarkable in the world.But we should realize too, Chinese enterprises still have a great deal of deficiency in M&A, For example, idea , skill and means of M&A can not catch up with request innovated. It is not enough to analyze which mode of M&A is optimization, lack proper quantitative analysis mode to assess enterprise value, and ignore post- M&A integration, etc. The dissertation thinks that the financial question is regarded as one of the key questions in the course of M&A, It is pivotal to success of M&A. Combining the current situations of present Chinese enterprises, the paper research into the financial question of enterprise under traditional mode and modern mode of M&A separately. The traditional mode of M&A should choose suitable method to assessing enterprise value, means of payment and accounting treatment method, and analyze merging enterprises, cost, risk, income merged, pay more attention to the financial affairs of post- M&A integration. The modern mode of M&A that Chinese enterprises often adopt included Stock Exchange, Leverage Buy-Out, Management Buy-Out etc. Except the financial question that exists in above-mentioned of traditional mode, we should also pay more attention to the special problem of various kinds of mode, for example,confirming exchange shares of Stock Exchange, financing structure of Leverage Buy-Out etc. The study of financial problem of enterprise under different conditions in M&A has contributed to standardizing the M&A behavior of Chinese enterprises. At the same time, it helps to grasp M&A better and participate in globalization competition for Chinese enterprises.
Keywords/Search Tags:Mode of M&A, Financial Question, Stock Exchange, Leverage Buy-Out
PDF Full Text Request
Related items