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A Study on Firm Vertical Integration and M&A’s Effect

Author: AiQing
Tutor: WangYongHai
School: Wuhan University
Course: Business management
Keywords: Vertical integration Asset Specificity Merger Effect
CLC: F271
Type: PhD thesis
Year: 2005
Downloads: 1735
Quote: 13
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Abstract


Mergers and acquisitions as a kind of corporate behavior under the conditions of a market economy, enterprises rapid expansion of the effective means to achieve the integration of strategic purpose. Throughout the history of the growth of the large-scale enterprises in the world, not a business, not by way of mergers and acquisitions to achieve the rapid growth of the enterprise. Different pattern of mergers and acquisitions, the impact on business performance effects of mergers and acquisitions has been the focus of Chinese and foreign scholars have argued, this article is to solve this problem, explore various motives of mergers and acquisitions and vertical integration theory and empirical analysis of the effect of mergers and acquisitions of listed companies in China, and provide relevant theoretical and empirical basis for Chinese enterprises how to improve M \u0026 A performance. Firstly brief review of the general theory of corporate mergers and acquisitions as well as mergers and acquisitions on corporate performance, as a basis for further research. M \u0026 A theory of motivation to move from a different point of view of corporate mergers and acquisitions to make an explanation, but does not cover a variety of acquisitions practice activities. Various theories both linked and independent of each other, between the proceed from the theory of transaction costs and property rights theory, by theoretical analysis and empirical tests, specific study of asset specificity of the M \u0026 A effects and the synergistic effect of ownership structure relationship. View of Asset Specificity transaction cost theory is considered to be the main method of analysis of vertical integration, the theory completely different approach to the study of economic organizations, enterprises, market, and a mixture of both types as different economic organizations. That various structures - the market contracts, vertical integration and a variety of hybrid forms, there are unique costs related thereto. Its three important concept of asset specificity, bounded rationality, and opportunistic behavior. Through one-to-one correspondence to the transaction and governance structure to match together to achieve the minimization of transaction costs. The enterprise is what is their own production or purchases from the market, depends entirely on the level of governance costs and production costs in two ways. However, the characteristics and motivations for vertical integration is not a complete analysis perspective, there may be other types of transaction costs in the play, such as changes in demand caused by the rapid growth of the market as well as the technical and organizational innovation resulting from the change in mass. Therefore, a result of the analysis must be some point in the industry cycle, demand, economies of scale, dedicated theory combine vertical integration move, that the method of analysis of dynamic transaction costs framework for analysis. \Is how to adapt to changes in supply and demand conditions for heterogeneous contractual relationship, how the various organizations of the changing environment why the reaction as well as the governance structure of the arrangement will change over time and a better understanding of the problem and help to influence organizational arrangements the selected contracts incomplete and organizations incomplete investigate further. Property rights theory methods with emphasis on the authority of ownership as well as ownership of material and intangible assets have to determine how to use these assets after the trading decisions and any internal transfer prices. In the event of post-secondary

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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