The Impact M&A Of State-Owned Enterprises On Value Chain Structure

M&A activity of Enterprise is in order to achieve the expansion of the scale, obtain new resources and enhance their core competitiveness, to achieve this goal will be based on realize the value of M&A. "None of the big companies in the United States is not in some degree, form of M&A grew up, company mainly rely on internal expansion grow up", the Nobel Prize winner of economics in 1982, Stigler says corporate growth path of corporate in US.For over 30 years of reform and opening-up, China’s economic has sustainable and rapid development. Now China has become the world’s second largest economy,State-owned enterprises role is dominant status in our country. However, the problem of big but not strong still is the salient feature of competitive industries in China. Through the capital market to promote industry value chain and industrial value chain integration upgrade is the top priority. Active for a long time in China’s capital market of merger, acquisition and reorganization of the model is divided into two main categories:the first category is the back-door resources as the goal of assets restructuring mode, basic has nothing to do with industrial value chain integration; The second type is listed on the whole, the big shareholders inject the same or related assets to its listed companies, solve the problem of horizontal competition and related party transactions, realize overall listing. At present, the gradual rise of the third kind of merger, acquisition and reorganization model in listed companies as the main stream, acquisition or merger of listed companies and other private company in order to realize the expansion and upgrade of the industry.At present, our Country economic system reform continued to deepen, the market will plays a decisive role in the allocation of resources, highly market-oriented type of merger, acquisition and reorganization of listed companies, especially in industry M&A. After merger the enterprises, optimize the value chain structure is the factor measure M&A if success or failure. Choose COFCO as an example.The paper combined with M&A related to the value chain theory knowledge, integrate COFCO domestic and overseas acquisition,analysis value chain structure and choose relevant financial indicators to evaluate the results of preliminary discussion on M&A achievement of M&A and the relationship between the value chain. So, It can be provide some reference and guidance for domestic or foreign M&A.