Private Enterprises In Mergers And Acquisitions Of State-owned Enterprises Theory And Practice

From studying the history of individual-owned company M&A state-owned company, we will find the most results of their M&A are failure. Why is the result occurred? What is the reason causing the failure? The paper begins with analyzing the internal and external environment objective enterprise from the view of strategic management, then appraising correctly the value of objective enterprise from the view of finance, analyzing the synergy effect of the M&A from the view of the integrating during the process of M&A, finally reaches the suggestions and measures of preventing the M&A risk of the company. The paper consists of five parts. The overall structure of this paper is as follows:The first part: common characteristics of individually-owned company merging and acquiring state-owned company in china. Firstly, the concept of the M&A and reorganization about the company was confirmed. Then the M&A and reorganization about the company in china were reviewed, and the obstacle of M&A were reduced. Finally, the common failure reasons of individually-owned company M&A state-owned company in china were given.The second part: the choice and value evaluation research of the objective enterprise during the process of M&A. Firstly, the characteristic of target enterprise was studied. Then, the external environment and macro environment of the objective enterprise were analyzed. The value confirmation of state-owned during the process of M&A was focus of this part, which consist of assets survey, liability problems, the whole value evaluation of enterprise, For example, the case of Anshan boiler corporation was testified the importance of the choice and value evaluation research of the objective enterpriseThe third part: the synergy effect of the M&A. Firstly, the concept of synergy effect was defined. The common synergy effect research study management synergy effect, operation synergy effect, finance synergy effect, technology synergy effect, culture synergy effect and brand synergy effect etc.The fourth part: the financial risk research of individual-owned company M&A state-owned company. The deficiency of the financial risk preventing about the company merging was firstly given, then the financial risk was analyzed deeply, the suggestions and measures of decreasing financial risk were put forward finally.The fifth part :case study: The M&A integration strategic art of Fosun GroupOverlooking the whole paper I think there are four innovations, the first, the internal and external environment of the company was studied from the view of strategic management, the second, while value evaluation method was choiced , the method of cost was first considered , then the method of future value was testified , the third, technology synergy effect, culture synergy effect and brand synergy effect were introduced in synergy effect , the fourth, from studying the financial risk , the government factor leading to the low price of the M&A ignored the future of the company, the true meaning of the M&A was also neglected which are the factors of deficiency of financial risk of the M&A and decreasing the finance synergy effect.