Research On Enterprise Group's Post-merger Integration

Recently, as the development of economic globalization, the merger and acquisition (M&A) has been an effective mechanism to allocate resources among companies, and has made a worldwide innovation in the field of enterprise structure and corporate governance. While, many enterprises lack of valid integration after M&A, so, the number of enterprises that have made healthy development and real expansion is few, which will induce high rate of failure in M&A. Many examples have given the point that M&A is a double-edged sword for companies, which can make a quick development and also can become a burden because of invalid integration. So, this thesis will relatively base on the theory of corporate governance, make the enterprise group as an object of study and do a systematic discussion in post-merger integration (PMI).In general, this thesis has seven chapters, besides Introductions (chapter 1) and Conclusions and Prospects (chapter 7), it will be divided into three parts.The first part include chapter two and three. For sake of having a solid theoretical foundation, it will take a review about conception and theory relative in corporate governance and integration, analyze the relationship between them, then discuss the inner principle about enterprise group's PMI.The second part include chapter four and five, it will expound the notion of governance boundary and governance structure; extend the analysis into the field of enterprise group. Then discuss the corporate group' PMI respective from internal governance to external governance, which will put emphasis on the problem about integration of parent company and its subsidiaries and affiliated companies, also about the problem of stockholders.The last part is chapter six, there will be a case that Lenovo buys IBM's PC division .It will give a specific description about the reasons why should Lenovo group do the M&A and the processes how have they done in PMI. In the end, it will make some conclusions and revelations about the case in order to give more realistic evidence in application for theory of integration.