A Research On Enterprise M&A Based On Core Competence

In the environment of globalization, enterprises have experienced five big waves of mergers and acquisition(M&A) since 1990. Facing serious competence, all enterprises want to strengthen their competence capability by M&A. However, in contrast to the large transaction, the results of the M&A are not good. Therefore, theorists and enterprise managers should research this problem in new thinking. This dissertation stands in the position of enterprises and studies the M&A by the means of core competence in microcosmic angle.There are six chapters in the dissertation: Chapter one is the introduction. The main contents of chapter one are the background and significance of the topic; the present study conditions; the train of the thought and the innovation of the dissertation. Chapter two puts forward the fundamental theory of the dissertation. The main contents include the relating conception, theory and the summary of the relating theory. The dissertation poses the M&A strategy based on core competence in chapter three. The main contents of this chapter include the reason that study the M&A in the angle of competence; the main ideas of the strategy; the analysis framework of the strategy; the concrete segments and methods of the strategy. Chapter four discusses the methods of choosing target enterprises. The main contents include the process of choosing target enterprises and the pattern of appraising the target enterprises. Chapter five discusses the problems of integration. The main contents include the significance of integration; the operation processes and the items which should be paid attention to in the integration. Chapter six gives the present situations and problems of M&A in China and gives some suggestions to solve the problems.To sum up, the dissertation wants to construct a new thinking method-the M&A based on core competence and researches the main problems in the operation process. Through the study, the dissertation give some useful methods in order to guide the enterprises to succeed in the M&A operation.