Research On Post-Merger & Acquisition (M&A) Integration Of Enterprise

M&A has been the major means to deepen the reform of state-owned enterprise and quicken the strategic recompose of state economy when our government change the economical developmental model. But the course has been greatly slowed down by many unsuccessful M&A. It has been clearly demonstrated by many cases that that exterior economic institutional factors, mis-oriented M&A strategy and mismanagement of integration have become the major causes of unsuccessful M&A. Along with the improvement of China's economic institutions, the factors other than exterior economic institutions have been the major ones hindering successful M&A. However, our research on M&A Integration theory has been dropped behind the praxis of enterprise. Therefore, the paper particularly emphasizes on key enterprise interior factors to study M&A strategy and integration model from the perspective of core competence.The paper is based on the condition that M&A can create value, which is a classical conclusion come from Capital Market Theory. Firstly, after having investigated the enterprise M&A theory and the core competence theory, this thesis put forward that the value creation of M&A is from the post-merger integration, and in PMI, value creation can become reality capability management. Besides, the paper set up a model to evaluate to what degree the enhance of core competence influence the efficiency of M&A. According to core competence theory, the paper divide the PMI model into three layers: core layer, elemental layer, and functional movement layer. The major mission of core layer integration is to manage capabilities. At last, the paper builds a synthesis analysis framework which focus on the PMI of human resource, culture, organization system and R&D.