The Research On Enterprises Strategic Merger And Acquisition Based On Core-Competence

With the increasing market competition, the M&A of enterprises is the optimal approach to achieve the rapid expansion and the development in jumps. Going with the fifth global M&A tidal wave, the aim of the M&A is not to acquire the speculative benefit but to achieve the synergy effect and the improvement of the enterprises' core competence. So the new word that is strategic M&A becomes the main character of that M&A tidal wave. Many enterprises do not blindness chase the diversity operation while realizing that only enhancing the core competence can get the sustainable competing advantages. More and more enterprises begin to focus on their main function and combine the M&A with their core competence. Based on the core competence, the strategic M&A not only provides new developing space but also grasps the civil and foreign developing chance resulting from the changing in the economic situation. In a word, the research on the strategic M&A from the core competence view is necessary and practical.The author begins from the concept of the strategic M&A. Firstly the author summarizes and analysis the M&A and strategic M&A theories as well as the core competence theory. Then the author analyses the relation between the strategic M&A and the core competence while searches through the study returns in and out of china. Secondly the author analyses the following contents such as the choice of the enterprise which aiming to join the strategic M&A, appraise on the objective enterprises' value, choice of the payment mode of the strategic M&A and the financing mode, the cost analysis of the strategic M&A and the risk assessment and the contents and the methods using on the integration. At last specifically analysis the case of the strategic M&A between the Emerson Electric Co. and the Ansheng Electric Co. in order to validate the practical operation on the strategic M&A.