Synergies In Mergers And Acquisitions

Ⅰ,Theme and Meaning of this Thesis In recent years,there is a great rise in M&A all over the world.Thereare five large-scale M&A represented by United States,each of which hasan influence on the world's economy in history. M&A in China alsodevelop rapidly as a new-rising thing.But many M&A in China ended infailure because of a shortage of theory and practice.Therefore,at presentChina demand some occurance of constructive research, and then theresearch contents of this thesis has great realistic meanings to thispoint.As an substitation of strategic investment,the way used in M&A hasdistinct characteristics of short time but quick effect,which contribute toreasonable of resources.Generally speaking,the ultimate aim of M&A isto achieve co-effect.However,the theory and research of many expertsand scholors both at abroad and at home showed that only a smallproportion of business can achieve co-effect.What elements on earthprevent the realization of co-effect of M&A ?Based on suchconsideration,this thesis centered on comparative analyse of M&Aenviroment and elements both at abroad and at home ,hoping that moreunderstanding and constructive results can be obtained.Ⅱ,Viewpoint of this Thesis This thesis discuss M&A and co-effect from value-creatingaspect.That is to say,like other operation, M&A ,as a special invesment,would create value for shareholders to realize the maximum of value forthem.Value-creation not only promote the strategic planning of enterprise,but also seak strategic key and orientation of development.The extensiveaim of enterprise lies in creating value for shareholders,and the strategyof M&A support and improve this aim. This thesis at first state the resouce of value-creating of enterprise.The value creation related with M&A result from the core ability produc-ed in the process of M&A.However,all the other operations depend on thecultivation,use and development of this core ability.The thesis regard co-effect as a substitation of enterprise value creation.In other words,the aimof M&A is to create value and to achieve the co-effect.In fact,these twoconcept can be the same to great extent.The concept of co-effect can beused to evaluate the performance of M&A,which can avoid the false inf-ormation which is produced in the evaluation made only by the fluctuati-on of shares.It is fixed in the organization and system and core ability ofenterprise,including all aspects in the promotion of enerprise value,andcan not be reflected only by accounting information. As a substitution of performance of M&A,the realization of co-effectwould be influenced by many elements,the key elements of which is duediligence research in the early stage of M&A,the evaluation of valueduring the process of M&A,and conformity management in the latterstage of M&A,specially be based on the centered on the evaluation ofvalue of target enterprise,due diligence research and pledged on the con-formity management of latter period.At the same time,these three aspectsdon't exsit alone,but are related tightly and complemently to each other.Inthis way,they form a whole systematic and dynamic operation frame.Ⅲ,Basic Track of my Thought and Structure of this Thesis At first,this thesis give a brief review of research documents ofM&A,and state several elements which have a effect on the co-effect ofM&A.The whole thesis is to move round how to solve thesequestions.The trap in M&A which result in failure of M&A,that is,theelements which make the co-effect unable to realize,run through thewhole process of M&A deal.So it should be given a full consideration ofthe effective combination of these links to achieve the co-effect in theearly stage of M&A,premised on the strategic decision of theM&A ,focused on the analysis of premium price and assured on theconformity management in the latter stage of M&A.This thesis make afull and deep analysis of each element which influence the realization ofco-effect. Comparing with each viewpoint both at abroad and at home,thisthesis give a more suitable and realistic definition of co-effect an...