美国论文代写：Motivations of mergers and acquisitions among enterprises

下面为大家整理一篇优秀的essay代写范文- Motivations of mergers and acquisitions among enterprises，供大家参考学习，这篇论文讨论了企业间并购动因。如今，随着市场经济逐步开放，企业对外交流不断加强，企业间并购行为频繁发生。并购动因的理论主要分为三种，分别是新古典综合派理论、协同效应假说、委托-代理理论。针对并购动因的不同，会对并购产生不同的影响。此外，还应注意并购方式的选择，应根据并购动因的不同、市场情况的差异、合理的选择恰当的并购方式，分散并购风险。

In recent years, with the gradual opening of the market economy, enterprise external exchanges have been strengthened, mergers and acquisitions between enterprises occur frequently. This paper discusses the motives of mergers and acquisitions under different conditions, and explores the effects of different mergers and acquisitions on mergers and acquisitions.

With the development of market economy and the increasing trend of globalization, mergers and acquisitions are becoming more and more intense, and mergers and acquisitions become an important way for enterprises to enhance their competitive power and improve their business operation. Although the degree of integration of market resources is gradually strengthened, mergers and acquisitions are increasing, but mergers and acquisitions may also have a negative impact on enterprises, the success rate is not high, according to McKinsey's data, Chinese enterprises overseas mergers and acquisitions success rate is only 40%, but through mergers and acquisitions to promote China's industrial restructuring and market resource optimization, is still the important way to accelerate the development of China's economic optimization. Therefore, the analysis of the different motives of mergers and acquisitions of enterprises, is conducive to the implementation of different mergers and acquisitions of the characteristics of the cause of the merger and acquisition, to promote the optimization of mergers and acquisitions, so that enterprise resources through mergers and acquisitions to optimize the long-term development of enterprises and the continuous optimization of market economy.

The theory of merger motivation is divided into three kinds, namely neo-Classical comprehensive theory, synergetic effect hypothesis and principal-agent theory. The theory of neo-classical comprehensive school mainly considers that the motives of mergers and acquisitions are mainly scale benefit, market power hypothesis and tax effect theory, these three kinds of theories classify the motives of mergers and acquisitions as scale economy to increase enterprise strength, increase market share and reduce tax burden. The synergy effect refers to the increase of the scale economy, the low cost, the internal and external financing and the efficiency of the enterprise through the acquisition. Principal-agent theory refers to the reduction of agency costs through mergers and acquisitions, reducing the conflict between managers and shareholders in management.

According to different standards, the paper classifies and discusses the motives of Chinese enterprises' overseas mergers and acquisitions, that is, through overseas mergers and acquisitions can promote the optimization and upgrading of intangible assets, and carry out the asset integration of the assets. Secondly, combined with the status of mergers and acquisitions of Chinese enterprises abroad, this paper constructs the overseas merger and acquisition process to optimize the intangible assets resources, further probes into the influence of the human resources, the relationship resources between enterprises and the enterprise culture in the whole process of merger and acquisition, and puts forward some suggestions on cross-cultural cultural integration and innovation of the relationship maintenance among the three aspects.

In the study of the motives of transnational mergers and acquisitions of Chinese oil enterprises, the characteristics of the transnational mergers and acquisitions of Chinese oil companies are as follows: large-scale mergers, mainly state-owned enterprises, mostly horizontal mergers and payment methods are single. The motives for mergers and acquisitions of oil enterprises are various, for example: to strengthen their own strength, access to oil resources, strategic deployment of globalization, national policy support, and adjust the strategic structure. The reasons for the failure of mergers and acquisitions are as follows: Imperfect resources integration plan, improper timing of mergers and acquisitions, influence of macro factors and strong competitor's strength. Finally, in view of the current situation of CNOOC overseas mergers and acquisitions, from the government level and the oil companies themselves to make corresponding suggestions for improvement.

To sum up, at the theoretical level, with the development of economy, the theory of mergers and acquisitions has been perfected continuously, and various theories classify the reasons of mergers and acquisitions through different dimensions of tax, agency and scale economy. In case analysis, according to different types of industry characteristics, market choice, the motives of mergers and acquisitions are different. According to the characteristics of the industry, the motives of mergers and acquisitions are mostly related to the position and status of the enterprises in the industry and the strategic choices of the future enterprises, and according to the different market choices, the motives of mergers and acquisitions are mainly based on the market planning and long-term prospect of future enterprise development. Different motives of mergers and acquisitions may lead to different mergers and acquisitions in enterprises, and after the completion of mergers and acquisitions in the way of enterprise resource integration, the diversity of the motives of mergers and acquisitions will affect the performance of mergers and acquisitions in a certain degree.

The different motives of mergers and acquisitions will have different impact on mergers and acquisitions. However, no matter what motives of mergers and acquisitions, can not be separated from the government's support and enterprise's own correct business strategy. In order to promote enterprises to integrate resources, so that mergers and acquisitions for enterprises to bring positive impact, the Government should improve laws and regulations, strengthen legislative supervision and legal support, and earnestly carry out the regulatory responsibilities. In the event of mergers and acquisitions, it is necessary to exchange information with other enterprises or conduct other economic activities. The merger and acquisition behavior itself involves a wide range, the process is more miscellaneous, and the amount of assets is larger. Therefore, the Government to strengthen the supervision of mergers and acquisitions, improve the relevant laws and regulations, make mergers and acquisitions, promote the integration of enterprise resources, and promote the perfection of market economy system.

Secondly, enterprises should determine the correct motives for mergers and acquisitions according to their own situation. At present, the international economic situation is becoming more and more complex, the domestic economic development speed is faster, the market resources integration speed is faster. Enterprises should seize the golden period of market development, seize the market opportunity, according to the development stage and strategic choice of enterprises, carry out strategic mergers and acquisitions and optimize the integration of enterprise resources. In addition, we should pay attention to the choice of the mode of mergers and acquisitions, the risk of mergers and acquisitions should be dispersed according to the different motives of mergers and acquisitions, the difference of market conditions and the reasonable choice of mergers and acquisitions, and the integration and reconstruction of enterprise resources after the completion of mergers and acquisitions, including the combination of enterprise human resources and administrative structure, and the reshaping of corporate values and strategies, Improve the overall operating conditions and competitive strength of the enterprise.

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