| With the increasing emphasis on the environmental problems in China and the whole world,environmental protection industries faceunprecedented developmental opportunities.However,the degree of concentration of the Chinese environmental protection industries is comparatively low.The development of industries spurs rounds of the mergers and acquisitions in the environmental protection industries in China.Under the background of extension of the industrial chain and vertical acquisition is significant component in the mergers and acquisitions of the environmental protection industries.Especially in the future development of viewing the whole industrial chain as the core competitiveness,the acquisition aiming at extending the industrial chain will become a main stream.As a case study,the thesisinvestigated the acquisition of an environmental-protection enterprise based on the extension of the industrial chain.On the basis of analyzing evidence,management,process and integration,change of operating strategies and benefit of the acquisition,the thesis discussed the problems and presented some suggestions.Acquisitionis a highly risky investment,whereas the research on the acquisition of the environmental-protection enterprises based on the extension of the industrial chain has been paid little attention to.Therefore,this thesis is of directive significance to the future investors.According to the case study,the conclusions are as follows.(1)The fiercer competition will make the enterprises implement diversification strategies.While the enterprises intend to adopt the diversification strategies,the acquisition will cause the enterprises speed up entering into the new industries,so that the barrier of engaging into the new industries will be lowered.(2)During the acquisition of environmental-protection enterprises under the background of the extension of the industrial chain,when choosing the target company,the strategicobjectives of the target and the acquisition companies shall be highly coherent.This will help form the extensionsynergy angle and reach the strategic objectives of theacquisition companies.(3)The integration after the acquisition mainly includes the integration of organization and institution,production and operation,human resource,corporate culture and finance,among which the integration of human resource and corporate culture will be more difficult in real operation.(4)After the acquisition,there might be problems of poor cooperation of the management team,the non-fusion between new management concepts and methods and the old management system and staff,the loss of the customer base,the low market share,and so forth.These can be improved and solved by changing the organizational structure,strengthening the corporate system and culture management as well as expanding the market positively.(5)After the acquisition,the enterprises should enhance the core competence based on internal and external environmental changes.It is suggested that the development strategies shall be changed and adjusted,from the aspects such as organizational structure,human resource,enterprise management,operation mode,andstrategic transformation and so on. |
