Study On The Means Of The Merger And Acquisition Of Chinese Private-owned Enterprises

Through the introduction of the development of M&A in domestic and foreign countries, the paper carries on crosswise comparison on the means of the M&A , and carries on longitudinal comparison on the different states of the development of M&A means in China. Based on these comparisons, the thesis takes a private-owned enterprise (GuoZHen Group) as the research object, and analyzes this group's means of the M&A in different states.According to the characteristics of the investment directions and the changes of strategies of GuoZHen Group, this paper divides the development of GuoZHen Group into three developmental periods (initial period, high speed development period, and steadily expanding period). At first, the paper discusses the relationship between M&A means and the developmental strategies, and points that proper means of the M&A can make the M&A successful, and choose the suited strategies. Secondly, according to the different periods, the paper makes a study on relations between the national macro-economic background and the enterprises'micro-economic conditions. Finally, the paper analyzes the four representative M&A behaviors: cashes and debts and capital investment means of the M&A in high speed developmental period, taking debts and means of the TOT M&A in steadily expanding period. And the definition and confirmation of TOT M&A means are the innovations of this paper. Every means of the M&A chooses proper case, and analyses the selective conditions and risks.Through the research, the choices of Chinese private-owned enterprises'means of the M&A must meet the need of enterprises'developmental strategies. The study improves the M&A theory, and aims to add some experiences and references for the practices of Chinese private-owned enterprises'means of the M&A .