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The life cycle of industry mergers and acquisitions form evolution based on Logistics

Author: CaiYong DengAiMin ZhouZhongDin From: www.yourpaper.net Posted: 2010-06-02 04:39:50 Read:
Keywords thesis: M & a industry life cycle logistics enterprise M & a form
Abstract: this paper discusses the characteristics of the logistics industry in different stages of development from the industry life cycle theory, further in the industry life cycle model of logistics enterprise merger form evolution model, finally puts forward some suggestions of acquisition and merger of domestic logistics enterprises, which has a certain reference value for China's logistics strategy development
, the introduction of
Merger and acquisition (MergersAcquisitions) - always is a hot issue in academic research.In the world has experienced five merger and acquisition tide after.Scholars both at home and abroad to M & A in the case for empirical research from the angle of enterprise M & A, the research focuses on the integration of resources and financial research on merger and acquisition, the form itself is relatively little literature.This paper starts with industry characteristics of the industry life cycle stage.To explore the relationship between the evolution of industrial life cycle and logistics enterprise M & A.In the current wave of M & A in full swing.The domestic logistics enterprises according to the industry life cycle of development characteristics of appropriate form of merger and acquisition of the strategic development of the domestic logistics enterprises is particularly important.
two, industry life cycle and the development of logistics industry in
I. industry life cycle theory.The life cycle of industry is to change the process of industry with stage and common law from birth to death firm behavior originated from the product life cycle.1966 R.Venron for research on international investment, international trade and international competition. According to the M.Posner "technology gap" theory, first proposed the "production of export import" model of development of global industry.He initiated the study of industry life cycle.After.Gort and Klepp by using time series analysis produced the first industry life cycle model to study the quantitative change of 46 products reach the 1974 vendor (G K model).On the basis of Klepper and Graddy were the development direction of G in biochemical technology - K model.According to the number of firms will change the industry life cycle is divided into growth, elimination and three stages.Now the domestic and foreign scholars of the industry life cycle can be divided into four stages: the initial stage, growth stage, mature stage and decline stage.
The characteristics of each stage, the development of logistics industry in 2.The development of logistics industry will also experience the process from creation to decline.Each industry cycle stage has its own features.Cover Yi in (2006) to measure the characteristics of the industry in different life cycle with five variables in the "variables" industry development stage of industry life cycle.These five variables are the number of enterprises, industrial scale, industrial structure, industrial prices and the quality of the products.Based on the analysis of the development of logistics industry characteristics of each phase at.According to the particularity of the results of previous studies and logistics industry, the innovation of selected: (I) the number of Enterprises -- the number of stages of development of regional logistics industry enterprises; (2) the average profit level of corporate profits -- enterprise; (3) the industrial scale -- logistics enterprise average scale of development; (4) the technical maturity -- technology mature status; (5) industry behavior -- logistics market behavior.The description of the characteristics of logistics industry cycle with the five industry characteristics.Table 1 for the logistics industry characteristics of each development stage.


The development stage of the development of the logistics industry is a strength of.View from the logistics industry product forms, logistics service product upgrading is slow, the market capacity, demand is stable, relatively long life cycle, especially in the logistics industry life cycle of the start-up and growth stages.
Evolution analysis of three, industry life cycle logistics enterprises form of M & A
1 the initial stage.In the initial stage, the "dark continent" new profit formulation and the logistics market high profits, the majority of enterprises to enter the field of logistics.This stage, with the uneven, but the market capacity is large, the majority of enterprises can obtain the stable and higher profits.Originally advanced by the relative wealth of experience and market share to obtain a relatively "monopoly profits".The relative strength of strong enterprises in the logistics function is stable and good quality of service, to seize more market to consolidate their core business, a large number of enterprises using horizontal merger.At this time, with the same or similar logistics services to smaller enterprises have become the target of enterprise merger and acquisition.The effect from the merger, horizontal merger and acquisition can quickly expand market share in a short period of time.At the same time, through the acquisition of competitor can eliminate the risk of competition in the market.Horizontal merger, a lot of the same or similar logistics business mergers and acquisitions can be centralized treatment, effectively save the cost, make the economy of scale to maximize overall, mergers and acquisitions have shown 3 characteristics: (1) merger with horizontal merger is dominant; (2) the merger of enterprise resources and financial capacity (mainly enterprises Co. the number of M & a business accumulation), small and small scale; (3) transport and warehousing & logistics enterprises business mainly in the traditional.
The 2 stage of growth.In the growth stage, before have entered the logistics enterprises and new products industry after the trial advocacy and consumers, has won the public's preferences, the further expansion of market demand, the industry appears prosperous state.Logistics enterprise to obtain the considerable development, enterprise financing ability greatly enhanced.The development of logistics services from a single, low quality, high prices to diversity, high-quality direction.Logistics enterprises competitive, as has its own inherent territory "".Horizontal merger and acquisition of enterprises to expand further, multinational corporations have appeared, the domestic and foreign enterprises horizontal merger appears on the market "panic buying storm".On the other hand, logistics enterprises are aware of the single logistics service has been unable to meet the needs of the market, enterprises start to seek for the logistics value-added service with new function.At this time. Enterprises are aware of the competition by the competition to supply chain competition, logistics enterprises found huge profits in the coordination of the supply chain, the vertical form of merger and acquisition market, but on a smaller scale, the upstream and downstream functional harmony small.There are a few logistics county head in the original logistics function has been a stable market and profit. In the service and technology has reached a level, in order to realize the strategy of development.The supply chain management alive BPR and other value-added services, provides favorable conditions for the development of vertical merger.This acquisition shows some new features: (1) to further expand the scale of logistics enterprises horizontal merger and the dominant, large multinational merger & acquisition began to appear; (2) vertical merger began to appear, but on a smaller scale, function coverage is relatively small, concentrated in the multimodal transport, distribution and circulation processing and other functions.
The 3 stage of maturity.The mature stage of the logistics enterprises in large scale, abundant funds.Market demand is in the saturation stage, enterprises unprecedented fierce competition, cross-border mergers and acquisitions and domestic M & a "fight at outrance" phenomenon.During this period, logistics enterprises have a larger proportion of the giant market share began to carve up the market.Business competition from price competition to the logistics function and service quality competition.This stage, stable profit logistics enterprises, but the growth rate is low.Enterprises in order to win in the competition, to realize the supply chain competition is more and more important, and the logistics function realization needs integration operation is more and more big, the enterprise resource integration needs of the increasingly strong.At the same time, provide favorable soil vertical integration operation diversified logistics services for the logistics service function.Therefore, vertical M & a strategy to become the enterprise development strategy of choice. Also become the mainstream of this period form of merger and acquisition.On the other hand,A few logistics giants while using horizontal mergers and acquisitions to expand its monopoly on the traditional advantage of function.He began to choose mixed mergers and acquisitions to diversify business risk, and take diversified access to other sources of competitive advantage to develop their own, the market appeared mixed M & A.Mergers and acquisitions during this period of logistics enterprises has shown the following characteristics: (1) vertical and horizontal mergers interweave, vertical mergers and acquisitions to become the mainstream form of merger and acquisition; (2) the horizontal merger scale is unprecedented, often between large logistics enterprise annexation, vertical M & A is mainly manifested in the functional integration especially under the environment of supply chain logistics mergers and acquisitions; (3) because of the enormous business risk and profit industry uncertainty, mixed M & a smaller scale, but the number began to increase.
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