| With increased marketization and domestic and international competition,the use of M&A to achieve expansion is gradually becoming an option for Chinese companies.Both are participants in M&A activities,and the growth-development of airlines are related to aspects of M&A activity ties.Throughout the glorious history of the development of transportation in the field of civil aviation,the history of the development of the civil aviation system is the important content of mergers and acquisitions and restructuring.But the other side of M&A can also bring huge risks to the companies,and only a few of them have achieved new momentum of development through successful M&A activities.To sum up,the identification and assessment of M&A risks is crucial for corporate decision makers.By identifying M&A risks,assessing the rationality of M&A and the probability of success,and making the best M&A choice,it is beneficial to help enterprises achieve comprehensive strength with the lowest risk.This thesis summarizes and compares relevant domestic and foreign studies through literature research method,provides a general grasp of the current status of research on M&A risk of Chinese airlines,defines the concepts related to M&A risk,and further analyzes the motivation of airlines to conduct M&A activities and the current M&A status.On this basis,the possible risk factors of airlines are analyzed in three stages: pre-M&A decision-making stage,mid-M&A transaction stage and post-M&A integration stage,and three primary indicators,seven secondary indicators and 17 tertiary indicators are selected to construct an airline M&A risk indicator evaluation model.Specific evaluations of representative M&A cases in airlines were conducted through the Entropy weight-TOPSIS method to determine the risk level of each risk factor in the sample,and then the overall risk level of M&A.The evaluation found that M&A risks were concentrated in the transaction and integration phases of M&A.In the transaction phase,the risk importance of risks with greater impact were financing risk,debt service risk,and payment risk,in that order;in the integration phase the risk importance level was higher,especially in the operational integration risk where the weight of each risk indicator was at a higher level.Based on the results of the analysis,the specific case of Air China’s merger and acquisition of Shenzhen Airlines,which has a low risk of merger and acquisition,was selected to analyze the risk response measures and the response effect in the merger and acquisition process with respect to each risk factor.Based on the comparison of the evaluation results and the analysis of the specific case,we propose targeted,scientific and holistic risk identification and avoidance recommendations,and put forward preventive measures for airline M&A risks.On the one hand,the results of the thesis provide inspiration and reference for the identification and evaluation of M&A risks for Chinese airlines,and on the other hand,the M&A risk evaluation index system constructed has a certain guiding effect on the trend direction of the risks of corporate M&A activities,which can help corporate decision makers make reasonable choices and improve the success rate of M&A through the overall grasp and prediction of M&A risks. |
