Research On The Performance Analysis And Resource Integration Management In Merger And Acquisition In China

The dissertation innovatively uses game theory to analyse the merger and acquisition (M&A) and explains the market failure of the M&A in China.The article demonstrates the importance to reduce the contract acquisition and management buy-out gradually, and suggests to improving imformation disclosure and to abandoning the regulation of saling states stock above the net equity.The dissertation also innovatively uses game theory to analyse the valuation of M&A and concludes the valuation of M&A should include the negotiation besides the appraisal value. The article also deduces the negotiation price range by the signal game model.The dissertation analyses the strength and weakness of different financial tools in M&A and concludes four suggestions which includes financial deregulation, tax premium adjustment, ability improvement of intermediary institutions and financial products innovation.The dissertation use principal component analysis to make empirical research from 2003 to 2006 in China stock market.The result shows the performance of three types of M&A are all instable while the horizontal M&A does better than vertical M&A.The dissertation finally makes research on resource integration after M&A and points out the resource integration should include the integration management of brand, company culture, marketing system,financial resource and market resource. The dissertation analyses the impact of company culture to M&A, suggests to enhance integration on individual and organization and concludes the strategy and steps of company culture integration.