research on management of financial risk in mergers and acquisitions of chinese companies.docx
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research on management of financial risk in mergers and acquisitions of chinese companies,this chapter aims to introduce the research background research significance research objectives and main structure of this dissertation. mergers and acquisitio...
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此文档由会员 乐吉吉 发布
This chapter aims to introduce the research background research significance research objectives and main structure of this dissertation.
Mergers and acquisitions have been a very important business strategy for business expansion and organizational change. In the world there have been five waves of M&A events since the end of the 1900s. M&A events firstly produced large iron groups and further improve the development of manufacturing technology. In the 1990s M&A events among telecommunication companies based the foundation of IT technology advancement for the USA. M&A events have been process for distribution of resources and enhance the globalization of economy.
In China the first M&A activity appeared in 1984 when a textile machinery plant in Hebei Province acquired an equipment factory. And then the M&A market developed dramatically in China. In 2004 a private company Lenovo acquired the PC business of IBM and was thought to be the commencement of Chinese companies’ overseas acquisition. More and more Chinese companies seek to strengthen the independent innovation capacity through mergers and acquisitions in order to get access to core technologies and resources and improve the competitiveness. The global financial crisis brings operating difficulties to Chinese companies but also brings about opportunities for overseas M&A. Many companies expand to overseas market by acquiring quality assets including Geely’s successful acquisition with Volvo and Tengzhong’s failed buy of Hummer. During the past five years the transaction value of M&A events in China increased at a incredible rate of 70% and China has been the third largest take over market in Asia. According to the 2009-2010 report of M&A of Chinese listed companies developed by the Scientific Research Center of Tsinghua University there have been 565 listed companies involved in mergers and acquisitions and transitions amount to 1171.80 billion yuan. The average value of an M & A deal is 2.22 billion yuan. M & A events occurred in 2009 were as many as 212which was the highest during the past 5 years and the average transaction amount reached a record of 64.898 billion yuan. Mergers and acquisitions have had important influences on the Chinese business management.
Mergers and acquisitions have been a very important business strategy for business expansion and organizational change. In the world there have been five waves of M&A events since the end of the 1900s. M&A events firstly produced large iron groups and further improve the development of manufacturing technology. In the 1990s M&A events among telecommunication companies ba
In China the first M&A activity appeared in 1984 when a textile machinery plant in Hebei Province acquired an equipment factory. And then the M&A market developed dramatically in China. In 2004 a private company Lenovo acquired the PC business of IBM and was thought to be the commencement of Chinese companies’ overseas acquisition. More and more Chinese companies seek to strengthen the independent innovation capacity through mergers and acquisitions in order to get access to core technologies and resources and improve the competitiveness. The global financial crisis brings operating difficulties to Chinese companies but also brings about opportunities for overseas M&A. Many companies expand to overseas market by acquiring quality assets including Geely’s successful acquisition with Volvo and Tengzhong’s failed buy of Hummer. During the past five years the transaction value of M&A events in China increased at a incredible rate of 70% and China has been the third largest take over market in Asia. According to the 2009-2010 report of M&A of Chinese listed companies developed by the Scientific Research Center of Tsinghua University there have been 565 listed companies involved in mergers and acquisitions and transitions amount to 1171.80 billion yuan. The average value of an M & A deal is 2.22 billion yuan. M & A events occurred in 2009 were as many as 212which was the highest during the past 5 years and the average transaction amount reached a record of 64.898 billion yuan. Mergers and acquisitions have had important influences on the Chinese business management.
