The Research On The Finance Integration Of Enterprise M&A

From late nineteenth century to now, several big tides of Merges and Acquisitions(M&A) have taken placed in the world, especially the fifth tide that has taken placed in1990s, takes the longest time with the biggest scale. The characteristic of M&A in this period is that a lot of multinational companies ally with other ones. But statistics shows that successful merger rate can't reach 40 percent due to many reasons. This thesis holds that the success of integration can largely determine the success of enterprise M&A. However, finance integration plays an important role in integration after enterprise M&A. This thesis is mainly about finance integration.At first, this thesis introduces the involved theory briefly, studies the financial integration of enterprise M&A from the synergic effect theory and the core competitiveness theory. This thesis also researches on the relation between the financial integration and the M&A integration and the specific objectives of financial integration, then analyzes contents covered by the financial integration as well as the key elements.On the basis of theoretical analysis above, this thesis makes empirical research on 21 pharmaceutical listed companies in the Shanghai and Shenzhen Stock Exchange institute, and these companies bring M&A into effect in 2002.This thesis collects some financial index which can reflect the financial integration effect, evaluates the financial effect by constructing the comprehensive evaluation index. The empirical results show that it is unsatisfactory about financial integration effect in M&A in our country, the main reason is that some enterprises neglect the training of core competitiveness, assets and liabilities integration failed to keep pace with the enterprise M&A and so on. So I put forward some countermeasures to improve the financial integration effect.Finally, this thesis analyzes the risk in the financial integration of enterprise M&A, further more, this paper cites the warning model of the enterprise operation to evaluate the risk in the financial integration of enterprise M&A, then takes advantage of the warning model of enterprise operation to research the risk in the financial integration after Guomei has merged Yongle. The research shows that the risk in the financial integration is small in the early integration, but the enterprise should continue analyzing the risk in the financial integration so as to foresee and prevent the risk in the financial integration as well as possible, accelerate rapidly the effects of the financial integration, thereby realize the target of enterprises M&A. Above all, this thesis advances some countermeasures in the light of internal factors and external factors to prevent the risk in financial integration.