This thesis is on analysis of four kinds of costs confronted by Lenovo inacquisition of IBM's Personal Computer Division. The cost confronted during M&Ais not only acquisition cost, but also integration and operation cost, opportunity cost,and exit cost,. To be specific, the acquisition cost includes liability cost, transactioncost and rename cost;Integration and operation cost includes reform cost, capitalinvestment. The former includes strategic and industrial integration, sales networkrestructure, human resources integration etc. The latter includes market research cost,advertisement cost, etc.(Lv Jiuqin, 2000);The opportunity cost in acquisition is thereturns gained from other most profitable investment project when put all the input onthe acquisition to it.(Chen Lu, 2000);Exit cost is the exit barrier (J.Bain, 1956), i.e.the obstacles for enterprise to exit a market/an industry, which includes sunk cost,penalty cost, law and regulation barrier, reputation ruin cost, etc. This thesis givesanalysis on the acquisition of IBM's PCD by Lenovo in the view of the four kinds ofcosts. |