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The Research on Integration of Merger and Consolidation in Our CPA Firms

Author: XiangLin
Tutor: LvXianZuo
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Certified Public Accountants Merger Integrate Value Creation
CLC: F233
Type: Master's thesis
Year: 2009
Downloads: 490
Quote: 3
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Abstract

The face of changes in the accounting market demand at home and abroad fierce market competition, China's accounting firm should carry out a diverse and large-scale operation, take the optimal combination of road of joint development efforts to narrow the gap between the international accounting firm, and enhance their competitiveness. Released by the Chinese Institute of CPAs bigger and stronger views on the promotion of Certified Public Accountants and Certified Public Accountants Internal Governance Guidelines and other policy driven, there are quite a number of accounting firms in China to expand the scale by merging in order to create new value to survive in the fierce competition in the market or to seek greater development space. Merger is the premise of value creation, but are not unified the CPA development strategy after the merger, irrational structure, management system has not been perfect, cultural conflict, personnel allocation of posts difficult to coordinate and many other reasons, many firms in the merger process repeated have been setbacks, resulting in the merger not only can not create new value, or even destroy the original value of Certified Public Accountants. According to the combined value creation theory, the combination of value creation for the purpose of the merger transaction itself does not create any value, it can only realize the value of the transfer or distribution; merger integration process is the value creation process. Thus, China's CPA to do bigger and stronger by merging In addition to the formal merger, it is also necessary to integrate management accounting firm in the merger process, essentially the merger, in order to achieve the value creation of this merger purposes. The paper is divided into three parts, the main points are as follows: the first part of the accounting firm merger integration theory. First of all, the merger of accounting firms were analyzed. Pointed out that the concept of accounting firms merge two or more accounting firms through the relationship between ownership and the transfer and re-combination of the respective assets merged into a firm's assets, so that the original firm set of business services in the behavior of a firm. CPA merger consolidation method can be divided into the new merger and the merger of two basic types. Secondly, discusses the integration of the accounting firm based on value creation. Based on the combined value creation and realization theory, the article that the merge was successful to create new value for the standard to measure, however, the merger transaction itself does not create value, the integration process is the process of value creation. The foreign large accounting firm merger success or failure of reason, that the success or failure of the merger is that the effective integration and that integration is the key to value creation from the following seven areas: (1) the integration accountant Affairs inevitable requirement for the merger of the practice; (2) integration of the accounting firm after the merger to form a unified development strategy; (3) integration of the accounting firm after the merger to form a more effective organizational form and structure; (4) integration the CPA combined to form a unified management system; (5) integration of cultural conflict can eliminate the accounting firm after the merger; (6) integration of the accounting firm after the merger to form a more excellent human resources system; (7) integration CPA merger value creation need. On the basis of this analysis, the accounting firm merger integration concept: merger participants in the combined goals and strategic vision driven, by taking a series of measures, means and methods, the development strategy of Certified Public Accountants, organization, management system, culture and human resources aspects of the systematic integration and reconstruction, in order to achieve the combined the CPA value-added process. Finally, the theoretical basis for an analysis of the accounting firm merger integration, including the theory of the development of theory, the theory of market power, transaction cost theory, theory of competitive strategy and synergies. The second part of the model and content of Certified Public Accountants merger integration. First, we discuss the integration of accounting firms in China should abide by some general principles, specifically: the principle of systematic design first principle, the principle of full communication, the person responsible principles and the principle of moderate integration. Second, analysis of the integrated model of China's CPA. In reality, China's CPA to take a group of merger integration mode or integration merger integration mode. In group mode, the accounting firm involved in the merger jointly funded the establishment of the management company, the management company as management headquarters, all members of the independent legal. The integrated model is thoroughly combined, all members have become a legal person. Then, from the way of the merger, consolidation, integration of the preparatory work, the respective merits and demerits of the two merger integration mode a simple comparison. Group merger integration model is a step-by-step process applies to each of the combining the participants understand at this stage is not very in-depth, yet to determine the appropriate integration solutions; or merger participants in each other's management system, organizational structure, information technology differences and similar merger integration experience; or in the process of integration will continue to have the new merged needs. Integration merger integration mode, you can achieve rapid integration, but the integration of risk of failure to develop a detailed and comprehensive integration strategy for in-depth analysis and understanding of the merged object; or merge smaller participants, differences small, familiar and high integration difficulty itself is not; firm has been related to a similar merger integration experience. Third, from the five aspects of the development strategy, organization, management system, firm culture, human resources elaborated on the integration of China's CPA. The development strategy of integration, first is to determine the strategic objectives, and in the analysis of the firm on the basis of internal and external environment, from organizational development, business scope and development of three aspects of strategic vision, and finally the implementation of the strategic integration. Organizational integration, analysis drawn limited liability partnership is the ideal form of organization after the merger of accounting firms in China. Also pointed out that the integration of the corporate governance structure of the board of directors (or partner management committee) and the integration of the managers do a good job, you can also set up a special committee assisted the Board's work; department-level integration according to the needs of the development strategy set up departments and reasonable authorization. The integration of the management system, management system of the CPA, including the flow of information, rules and regulations and operational criteria, focused on the integration of the accounting firm quality control standards and salary management system. Quality control standards for the integration of the concept of practice to achieve a unified, unified standards of practice and an effective monitoring mechanism; integration of the salary management system to pay attention to strengthen the new development strategy, the establishment of an effective incentive mechanism and the elimination of co-workers of the firm the phenomenon of unequal pay. Cultural integration, and analysis of the accounting firm after the merger may generate cultural conflicts in terms of business philosophy mode of operation, values, management style, to adhere to each other in the process of cultural integration, dynamic innovation and the principle of full communication, select the appropriate cultural integration, grasp the the practical cultural integration process. Human resources integration, on the one hand, reasonable arrangement, to retain talent and proper placement of the general staff, including executives of selected personnel; the other hand, we should strive to reduce employee stress, the establishment of an effective incentive mechanism, the establishment of scientific evaluation system, tissue levels of professional training. The third part of CPA merger integration case studies. First, Lixin Certified Public Accountants merger integration background. Industry, the accounting market demand constantly change and improve competitive at home and abroad, accounting firms in China need to enhance their competitiveness through the merger; policy, the Chinese Institute of Certified Public Accountants Association released the \\more room for development. Secondly, a detailed analysis of the merger and integration of Lixin Certified Public Accountants. Three accounting firms formed a joint venture Lixin Certified Public Accountants Management Co., Ltd., to take the Group merger integration mode. Strategic integration, the establishment of a the Lixin management company set up the preparatory group, the understanding of the parties to the merger, the preparatory group completed a feasibility research report \the implementation. Organization integration, Ericsson has set up a management company and the establishment of the Committee, the Board and management integration, the integration of its member firms is a step-wise. Management system integration, and trust management company set up the preparatory group of the organization and the development of the system, the post-merger integration, management information systems, risk management and quality control mechanisms through the establishment of audit risk management and the Professional Standards Committee and assignment independent auditor . Cultural integration, cultural integration of the injection mode, the continuation of \Human resources integration, executives reasonable arrangement, but also organized hierarchically full range of training. Finally, from the point of view of value creation Lixin Certified Public Accountants merger integration effect is analyzed. Overall, integration, Ericsson formed a unified development strategy, more effective organizational structure, a unified management system and culture, better human resources systems, to achieve a combined value creation. In the process of writing the article, I contribute to efforts in the following aspects: 1, value creation starting from the purpose of the merger of accounting firms in China, to study the integration issues in the merger process. In China, people on the issue of accounting firms merge more and more attention, and a lot of research. Integration on the combination of China's CPA Although the research has attracted the attention of the theory and the accounting profession, but still in its infancy. Some of the existing research is analyzed from the point of view of the necessity of the merger, the merged practical problems and countermeasures, and optimize the structure of the audit market, or will be integrated as a problem in the combined studies. In this paper, the purpose of the merger is value creation starting the integration of the research perspective to invest in the merger process. 2, a systematic study of the accounting firm merger integration issues. Existing research integration issues in accounting firms merge process carried out some useful exploration in practice received a certain effect, but most focus on the process of merger integration of an element or a . In this paper, the main content of the accounting firm merger integration analysis and discussion of the system.

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