A Case Study On The Overseas M&A Of Bohai Leasing

With the development of economic globalization,our government has taken active measures to encourage enterprises to "go global".Enterprises are increasingly dissatisfied with limited to the domestic market to start business.In order to expand overseas,enterprises usually use mergers and acquisitions to quickly expand their own scale and strength and achieve the purpose of integration of operations and capital.Mergers and acquisitions in the mature industry has been numerous,but for the financial leasing industry,it is still in the trial stage.In recent years,the Government vigorously promote the development of financial leasing environment.How to expand the scale and expansion of overseas power has become the problem for financial leasing companies to solve.But the M&A case of financial leasing company is not much,and the successful case of integration is even few.Therefore,this paper chooses the event of "Bohai leasing" overseas acquisiting Avolon as the research object,through researching and analysing the case to draw the relevant conclusions for other financial leasing companies in the future development process reference.At first,this paper introduces the theoretical foundation of the article "synergistic effect theory" "resource-based theory" and "risk management theory".The study of motivation,performance and risk in M&A research are reviewed.The existing research provides the basis and expanded space for this paper.Secondly,this paper introduces the current situation and trend of the development of aircraft leasing industry in China,and then introduce the two companies and the merger and acquisition process respectively.In combination with the actual situation and relevant theories,the paper analysis the case from the views of mergers and acquisitions motivation and the effects and risk comprehensively.Among them,the M&A motivation analysis is from the influence of national policy,avoiding trade barriers and realizing the resources complementary synergies.The analysis of merger effect is the qualitative and quantitative analysis of the realization path of the "synergies" after the merger in terms of the performance and competitiveness of enterprises.Because of M&A effect and the realization of the targets are under the influence of M&A risk at different stages,so in this paper,M&A risk the enterprises faced is also analysed,in order to offer other financing lease for focusing when enterprises doing overseas mergers and acquisitions.Finally,according to the analysis of the previous text,the experience of learning from the overseas acquisition process of bohai leasing is summarized in order to provide reference for other financing leasing companies.