Research On Financial Integration Of Enterprise Merger And Acquisition

Development is the foundation and guarantee to enterprises, and there are two ways to achieve the goal:one way is that the enterprise can gradually accumulate internal capital and expand its scale through its own development;the second way is to achieve the growth of scale in a short time through merger and acquisition. In the 21 st century, the development patterns of mergers and acquisitions are increasingly being utilized and the ranges of mergers and acquisitions are increasingly wide and international.No matter they are big or small companies, state-owned or private companies, they often become stronger and obtain the scale effect through merger and acquisition, in order to achieve the goal which they can not realize by themselves.Mergers and acquisitions is a simple enterprise management behavior and a inevitable result of evolution of enterprise system. But with the integration of economy and the increase in industry cooperation,the success of M & A has affected the field of the entire national economy structure. However, according to the authoritative department’s statistic,the success rate of mergers and acquisitions is very low.Lacking effect of integration is an important reason that leads to the consequences.Financial integration is the key and the core part of the integration process. High failure rate of mergers and acquisitions indicates that financial integration is a problem to be solved urgently.Under this background, this paper mainly study enterprise financial integration after M & A.This paper is divided into five parts. The first chapter is introduction. It describes the background and significance, and summarizes the relevant research results of financial integration issues in domestic and foreign theoretical circles.It also evaluates research results simply. The second chapter introduces the basic concepts and theories of financial integration. It defines merger and acquisition, integration, financial integration and other related concepts, analyzes the significance of financial integration and the pattern which can be adopted,and generalizes four basic theory of financial integration.The third chapter is the key chapter of the article.It elaborates financial integration from three aspects:before the integration, in the process of integration, and after the integration. The fourth chapter of this paper analyzes the case that Hisense buys Kelon and researches on the measures which are taken in financial integration deeply.The fifth chapter puts forward some relevant suggestions according to the above analysis of financial integration theory and case, and looks up to the future research.