A Study On Chinese Enterprise's M&A Risk Management

M&A has been the most important power in the world capital market. It came into being in the 19^th century in America. As one kind of transaction behavior of market, M&A is one of the products of economic mechanism reform .in China, and also an effective measure to improve enterprise's co-operations and large-scale economic profit, achieve strategic rearrangement, deploy multiple operations, improve international and domestic competition and is essential way to develop national economy and strengthen comprehensive national capabilities. Although only over one decade ago did M&A emerge in China, it has already undergone several climaxes and progressed currently towards mature and rational stage more and more.M&A is an economic activity which is full of risk. The activity includes many processes such as target getting, market checking, target estimating, financing, etc. And in all processes, risk is an inevitable factor. Many lessons from China M&A failure cases lie in the in-scientific risk management experience. Therefore, it's full of both of theory and practical meaning to enhance Chinese M&A Risk Management Research.The thesis looks back the classical M&A theories in the world, and investigates Chinese fact fully, In view of system engineering, the thesis researches the Chinese M&A Risk Management, using the methods of specific and demonstration study. Through Chinese classical M&A cases analysis, it gets the Chinese M&A Risk Management System.The logic structure is below.Part one: The prelude introduces the research reason, meaning and the thesis structure.Part two: the first chapter concludes the concept and phylogeny of M&A in the world, looks back the classical M&A, and at last brings forward the Chinese M&A Risk Management System which includes risk identification, risk estimation, risk control, risk distribution, etc.Part three: this part including the second and the third chapters, which is the soul of the whole research. It particularly inquires and designs the Chinese M&A Risk Management System.Part four: case study. It discusses a success Chinese Enterprise's M&A activities, sums up its experience of risk management, brings forward some opinions of how to evade M&A risk, It aims at offering some kinds of reference for the Chinese M&A activities.The activities to keep the M&A risks away actually involve many aspects. This thesis introduces some successful experience on how to manage the risks of M&A, thus educes some effective measures for the reference of all corporate for later suggestions. This thesis also intends to provide a consultation on how to identify, avoid and distribute the M&A risks so as to promote the success of the M&A activity and to help to develop the whole M&A activities in China.