Mergers And Acquisitions In An Integrated Model

Since 1990s, global enterprises have confronted the fifth merger and acquisition tide. Besides the impacts of knowledge economy and economic globalization in recent years, state-owned economy strategically readjustment has accelerated the M&A paces of domestic enterprises too. M&A become important means to strengthen the pharmaceutical enterprise's strength and competition advantage. The M&A of enterprises of our country is at the beginning stage, the success rate is very low, and the key factor is not to carry out effective integration. It is the urgent question how to perform the effective integration to the merger of our pharmaceutical enterprises wholly and synthetically. The pharmaceutical trade has such characters as high technology, high investment and high industry concentration degree, etc. So the article chooses the domestic pharmaceutical enterprises as the case to probe into the general model of M&A. This research provides a thought which can be applied in the model of M&A of other trades.Integration management is a formidable and troublesome systems engineering. In order to discuss the process of M&A better, the article proposes the general model of M&A, which is based on the analysis of the primer research results and the successful cases. This model divides the whole integration into four stages: earlier stage of M&A, transition, integrating, assimilating, and explains in detail the tasks of each stage. The paper proposes the integration mode of enterprise's function element which realizes the synergy and constructs the core competence as strategic objective through the definition of the integration content, and points out the question that should be paid attention to integrating. Different enterprises have different strategies, so the emphasis of the M&A is diversified .But each merger enterprise can not avoid the following managerial elements as how to integrate institutional framework, management system, human resource and corporate culture, etc .This article emphasize on these fourelements above, while choosing the domestic pharmaceutical enterprises as the case to probe into the general model of M&A..There are six parts in this article. First is to induce the background and meaning of this article, introducing the research approach and main content briefly. In the second part, the article analyzes current situation and trend that pharmaceutical enterprises M&A. The third analyzes the experience of successful enterprises about integration. Choosing the domestic pharmaceutical enterprises as the case, the fourth part proposes a general integration mode of enterprises M&A, and points out the question that should be paid attention to integrating. The fifth performs concrete studying and analyzing to the integration of the organization, system, human resource and corporate culture separately. The last part is a conclusion which does a brief summary to the whole article, points out the deficiency of this article and imagination of follow-up study.