Study On Cross-border M&a Target Company Selection And Timing Of A Enterprise

Into the "new normal" in recent years,economic growth,the growth rate from the rapid growth of the original to the high speed growth,at the same time,due to the national implementation of the "introduction" and "going out" strategy,as a whole industrial upgrading and industrial relocation,and stronger manufacturing and promotion services,China's enterprises relying on its own strength,on a global scale wave set off a round of cross-border mergers and acquisitions.Statistics show that the number of Chinese enterprises transnational mergers and acquisitions,the scale is on the rise,regions,tend to be diversified,on the one hand,seek technical support breakthrough development bottleneck.On the other hand,with the aid of target enterprise efficient overseas expansion.But nearly two-thirds of the all ended in failure,consolidated at only 30%profit or the state of the flat.Merger and acquisition target selection and the timing acquisition decision-making,as the first step of merger and acquisition activity,is whether m&a can create value,produce synergies preliminary judgment,has important theoretical significance and practical significance.Based on the m&a motivation theory and dynamic capability theory,the mature development in our country,high degree of internationalization,m&a happened more frequently,A home appliance industry enterprise of the typical cases of transnational m&a,exploring enterprise should how to choice and merger and acquisition target enterprise's timing,such as mergers and acquisitions early decision.According to the above problem,this paper USES literature research,the related research status and research achievements in the field of combing;Secondly,using the case method,choice of transnational mergers and acquisitions experienced A recent choose target enterprise case analyzes,in combination with the gap with its strategic resources of enterprises,the target enterprise mergers and acquisitions have qualities match,determine the target enterprise of m&a,and connecting with the economic environment,industry background,and merger and acquisition both sides of the opportunity,analyzes the timing of m&a.Finally,combining with the actual situation of A company,cross-border m&a target companies choose the model and the factors influencing the acquisition time of analysis,put forward the architecture of the early stage of the decision-making theory,in order to solve the problem of the early stage of the m&a decision-making provides A new Angle,make A certain contribution.This article research conclusion provides two morals,first,the enterprise should pay attention to while doing cross-border m&a understanding of their own strategies and resources,clear own resource requirements after confirm including industry,regional scale,profitability,direction of mergers and acquisitions,and find the matching as alternative goal of enterprise,respectively calculate potential synergies,select the most matching enterprises as the target.Second,is eager to achieve a win-win situation of mergers and acquisitions,cross-border m&a is a two-way choice,so m&a timing is not just a m&a decision,just days before the arrival of the timing acquisition,acquirers need according to the industry life cycle of the target enterprise to establish a long-term strategic plan of mergers and acquisitions,for capital,management and experience need to be prepared,to grasp the timing of mergers and acquisitions.Third,the legitimacy as a important problem of the transnational merger and acquisition,need acquirers pay close attention to the economy and the related institutional changes,legitimacy acquisition strategy,reduce risk.