| After more than 20 years of the opening-up of the Chinese economy, the Chinese market is experiencing an accelerating expanding process and nearly all the industries are facing a boom in China. However; a very important issue which we cannot overlook is the industrial structure. Most industries are characteristic of a fragmented market with low-efficiency, and many small and medium-sized enterprises, hence the low profit level in the industries. Therefore, it will be a crucial step for China to transform the fragmented, low-efficiency industrial structure to one featured by the orderly-organized and normal-competition. In such a context, the visionary entrepreneurs should grow their enterprises through horizontal industry restructure and vertical industry integration based on enterprises' value chain.The article recalls the theoretic frame associated with corporate restructuring and five big M&A movements in the United States. Based on that, the article analyzes the current situation and trend of Chinese industries and thus come to the conclusion that there lie the historical M&A opportunities for Chinese enterprises. After that, the article explores how to seize the historical opportunities in three parts and comes up with an idea of launching of M&A fund to implement leveraged buyout (LBO).In the end of the article, the author discusses some issues concerned with M&A and possible further research areas in corporate restructuring. |
