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On the merger and acquisition causes, conditions and effect analysis

Author: ZhaoFang From: www.yourpaper.net Posted: 2010-06-03 01:05:50 Read:

Abstract: according to the article, as a social economic phenomenon, occurrence of mergers and acquisitions, both the social reason of the macroscopic aspect, also has micro enterprise individual motivation.At the same time, the effective merger and must have a certain degree of macro and micro conditions.As an important capital operation activities. Enterprise merger and acquisition directly from power to pursue the maximum the value of capital.The country, industry and the surrounding environment is different, the motivation of M & A are different, corresponding to produce different form of merger and acquisition. Finally lead to the different effect of M & A.
Keywords: the reason condition effect of enterprise M & A
As one kind of innovation of management concept, capital operation as the enterprises all over the world including our country enterprise in a market economy development and improvement of the recognition and attention, to the enterprise merger and acquisition is the main form of property right capital operation has become the basic orientation of the present and future of China's enterprise reform.
Analysis of , the causes of M & A
The macro causes
1, corporate mergers and acquisitions in the
Under the condition of market economy, due to the continuous development of productive forces, the social demand and social supply always in contradiction of the state change.This contradiction determines the instability of the social structure, which also determines the role of each industry enterprises in competition and "survival of the fittest", constantly experiencing flourishing or declining, new or collapse, or a combination of a trial separation.Therefore, the changing industrial structure is the macroscopic reason of enterprise merger & acquisition.
(1) the effect of demand structure.Demand structure including the residents' consumption structure and investment structure.The changes of the consumption structure will not only directly affect the change of consumer goods production structure, but also indirectly affect the changes in manufacturing structure provides the means of production of consumer goods production.The industrial structure of investment structure to adjust the society by promoting or delaying the development speed of different industrial sectors.
(2) effects of resource structure.A country's natural resources and labor resources situation is not immutable and frozen, is a dynamic process, this kind of change will affect the social industrial structure.
(3) the influence of the development of science and technology.The progress of science and technology will not only change the original industry sector, and will create many new industries.Science and technology into practical productive forces faster speed, changes in industrial structure and faster.
(4) effects of international political and economic environment.A country's import and export trade is often influenced by the change of international market, thereby affecting the change of domestic industrial structure.The international economic competition, and the war and other factors, it will have a big impact on a country industrial structure.
(5) the impact of government regulation.Because of the economic function of state, will make it according to the society of overall situation and long-term development, to formulate a set of corresponding economic policy to guide industrial development and industrial structure adjustment.These policies are also with the development of international and domestic situation and continue to adjust, thereby affecting the industrial structure change.
2, M & a micro
happened
(1) the requirements of enterprise expansion.Enterprise expansion usually has two ways: one is to invest in new projects; two is the merger and acquisition.Although the two all can realize enterprise expansion, but the acquisition has no investment in new projects advantages.On the one hand, M & A can play the stock assets of enterprises by merger and acquisition function greatly shorten the enterprise expansion part of the construction period; on the other hand, M & A can use existing enterprise M & a talent, technology and management experience can reduce the enterprise merger into their original cost of learning about the industry.
(2) the pursuit of monopoly profit requirements.Enterprises through mergers and acquisitions to expand market share, in order to reduce domestic competition and international competition, resulting in the formation of monopoly and make the enterprise through the control of price monopoly profits.
(3) the motivation of enterprise development strategy.Enterprise merger is an important means to realize the strategy of the enterprise development.The motivation of enterprise development strategy includes: one is the scattered single management risk, realize the diversification motive; two is the industrial transfer motivation, namely when the enterprise in which the industry products in the product life cycle of the mature period and the recession period, the enterprise in order to seek development must consider transfer to the new industry.
(4) way of listed companies.A company to obtain the qualifications listed often after many twists and turns, pay the high cost, sometimes for various reasons can not obtain the qualifications listed.Such enterprises can "back-door listing", namely, through the acquisition of listing Corporation to the listing of the company.
In addition to the above reasons, and economies of scale effect of motivation, talent demand motivation and achieve personal ideal motive etc..
two, enterprise merger and acquisition conditions
Effective merger and acquisition of enterprises must have certain conditions.If you do not possess the necessary conditions, will lead to mergers and acquisitions or not, or the implementation of M & A can not produce the expected economic benefits and failure.Mergers and acquisitions effectively conditions including the macroscopic and microscopic conditions.
1, macroeconomic conditions,
(1) the market conditions.Improve enterprise M & a need of capital market, technology market, labor market and information market.Because these markets can offer capital, technology, talent and information exchange condition for the enterprise.
(2) the legal conditions.The enterprise merger and acquisition is the market behavior of complex, need a set of rigorous, scientific, complete legal system to coordinate, regulate and supervise, legal conditions are not the same, but with the social conditions change.
(3) intermediary conditions.In the process of mergers and acquisitions, intermediary plays an extremely important role.From the search for the target enterprise, evaluation, research, feasible} to determine the acquisition price, financial arrangements, to a series of problems involved in the negotiations, conclude the transaction, the liquidation of assets, the assets restructuring, all need intermediaries specialization.
Social security (4).In the process of mergers and acquisitions will inevitably involve personnel to deal with the problem.Need to include social insurance, social assistance, social welfare, health care and other aspects of the social security system.The social insurance is the core.
(5) the role of the government.The economic function of the government determines that the government has an important role in the process of enterprise merger and acquisition.But the role of government is not contrary to the laws of the market, interfere in mergers and acquisitions, but play role in ensuring the macro, according to the national industrial policy, make the rational industrial structure policy, guide the enterprise merger and acquisition to the development of industrial structure rationalization direction, in order to achieve the rational allocation of resources in the industry.
2, the micro conditions
Due to the enterprise merger and acquisition is related to the enterprise the future development of the major issues, so the enterprises before making the merger decision-making, must be fully demonstrate the feasibility of enterprise merger and acquisition.The main contents include the following aspects.
(1) the enterprise merger and acquisition will expand the scale of enterprises to achieve economies of scale, to obtain economies of scale.To achieve economies of scale as the goal of M & A, only when the enterprises through mergers and acquisitions of other companies to achieve economies of scale effect, this kind of M & A to be successful.
(2) M & A can promote the development of enterprises in the technology and talent.In order to obtain technology and talents as the goal of M & A in M & A, must be carried out before the full investigation and Research on mergers and acquisitions business personnel and technical conditions.
(3) the enterprise M & A can bring benefits in the financial.In order to obtain financial benefits as a target of M & A, should be calculated and predicted accurately on the possible merger of financial benefit.
(4) M & A can disperse risk, reduce the cost of developing new products, improving product quality, and expand market share to achieve enterprise development strategy.In order to achieve the enterprise development strategic merger as the goal, in the acquisition of the former must demonstrate the possibility of realizing enterprise development strategy.
(5) after the merger and acquisition can carry on effective management.For whatever purpose of M & A, must carries on the forecast to the M & A enterprise management ability, namely the analysis of mergers and acquisitions increase management cost is lower than before the merger transaction cost.If after the enterprise merger and acquisition management cost is higher than or equal to M & A of transaction costs, such a merger would have no meaning.
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