Research About The Mode Of State-owned Enterprise Merger And Acquisition Based On The Industrial Integration

Since the third plenary session, China has got remarkable achievements, the socialeconomy and culture have got rapid development, however, many problems associated withalso began to emerge, in order to solve these problems, continue to maintain sustainedeconomic steady development, the government begin to focus on how to tinker up theoperation model of economy. In this context, China’s capital market sets off a wave ofindustry consolidation through mergers and acquisitions boom.A number of industry leading enterprises in China are state-owned enterprises, however,special economic development course, led to the state-owned enterprise of industrialorganization structure is unreasonable: low level of market concentration, productiondiversification, collaboration, and serious resource waste. As the emerging markets in theglobal arena, China’s economic growth mode from extensive to intensive changes, industrialstructure needs to be tinkered up.During the process of mergers and acquisitions, based on their own situation, combinedwith the purpose of, choosing the appropriate M&A mode is the key to success. The choice ofmerger and acquisition mode, not only to carry out the implications of M&A effect, but alsorelate to enterprise’s development direction. In addition, the current need to adjust industrialstructure and the pattern of economic development, the state-owned enterprises gotgovernment’s support to make use of mergers and acquisitions to integrate industry. Therefore,it is necessary to research on the mode of state-owned enterprises’ M&A based on industryintegration.In the first chapter, topic background and research significance are expounded. Thesecond chapter states industry integration and M&A related theory and literature. The thirdchapter introduces our country industry consolidation related national policies, marketsituation and theoretical analysis of M&A performance. The fourth chapter selects2008-2010industrial M&A integration of State-owned corporations as samples, using the datum of main factor to analyze the main economic indicators comprehensively, comprehensive evaluationof the influence of different M&A mode of industry consolidation. The last part reaches adecision on the basis of the empirical study. In general, in view of the sample data, accordingto the analysis of the M&A presents the negative effect of the sample enterprises in a shortperiod of time, but over time, the negative effect of starting to wane, positive effects ofmergers and acquisitions began to show. Finally, provides the state-owned enterprises’industry integration with suggestions according to the conclusion and the problem ofintegrating industry of state-owned enterprises.