Enterprise M & A Synergies And Its Influencing Factors

Corporate M&A is a growth strategy for enterprises to expand scale and strengthencompetences aggressively. And it's also an important mechanism for achieving economicstructure adjustment and resource reallocation. Until now, there have been five large-scalewaves of merger and acquisitions and the last tidal wave has lasted till now.However, we can see that most M&A activities haven't reached expected purpose andmany of them have become heavy cloth-wrappers for M&A enterprises. This also stands inChina. Synergy of M&A is not only one of the motives for corporate M&A, but also thekey to evaluate and determine whether M&A is successful or not. So the research ofsynergy of M&A is of important guidance significance and practical value for the bothsides of M&A. At the same time, it has far-reaching impacts on integrating resourcesdomestically and strengthening competences of enterprises of our country in the globalmarket.This dissertation briefly introduces the conception of corporate M&A and synergywhich derives from M&A motive. Then it divides synergy theory into five categories fromdifferent research angles of view which stretches from static synergy to dynamic synergy.Afterward, it introduces the methods and models brought forward by current scholarstowards evaluation of synergy. Based on this, it outspreads illustration on the actuality,characteristics and motives of M&A of listed companies in our country. It also adopts thedefinition of synergy by Mark L. Sirower and advances synergy computation model basedon the special situation of listed companies in our country and financial data and factoranalysis method. Finally, it particularly discusses macro-factors and micro-factors thatinfluence the achievement of synergy of corporate M&A in our country, expecting that itcan be helpful for the implementation of M&A for enterprises of our country.