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The purpose of mergers and acquisitions is usually the pursuit of profit maximization, to be exact is to maximize the net present value of the enterprise. This purpose can be achieved lies in how to generate the degree of the effect of mergers and acquisitions. The effect of mergers and acquisitions means of mergers and acquisitions to achieve its purpose, including operating synergies, financial synergies, market share effect. M \u0026 acquisitions profits from these effects, will achieve the ultimate goal of mergers and acquisitions. Then, the global set off another round of mergers and acquisitions wave, how about it? By a large number of domestic and international M \u0026 A cases, the positive effects of mergers and acquisitions did not appear in most of the mergers and acquisitions both enterprises. The reason is that, after the merger to go through an effective integration process, so as to play a more effective synergies between the two sides, after the completion of the merger and acquisition, how to properly treat integration issues for the acquirer's ability to have a multiplier effect, achieve the purpose of the acquisition is essential. The mergers and acquisitions in the strict sense of the rise in China in the 1990s, it is China's economic development with broader implications. Mergers and acquisitions practice, however, it reflects the problems: a pretense for securities secondary market speculation and mergers and acquisitions, or administrative intervention for \is ignored after the merger integration issues. Simple displacement of mergers and acquisitions than an asset, not messy patchwork of assets, it is in the unity of the new business objectives and business strategy to play the maximum effectiveness of the M \u0026 A coordinated combination of both assets. The purpose of this paper is to explore the integration of mergers and acquisitions, through the analysis and summary of the M \u0026 A cases at home and abroad, to further explore the issues related to integration theory, to provide guidance for the practice of mergers and acquisitions in China, to the benefit of the acquisition of emphasis on integration issues, to minimize integration costs , the purpose of maximizing profits reached mergers and acquisitions. This article is based typical mergers and acquisitions at home and abroad involved in the North China's current market economy and modern enterprise system as the background basic theory to explore issues related to integration theory suited to China's mergers and acquisitions practice on integration issues, mergers and acquisitions, followed explore integration in some key and difficult problems, and try case studies, including the disposal of assets, debt restructuring and corporate culture in the post-merger integration. The structure and content of this chapter is as follows: The first chapter gives an overview of the basic theory of integration. First illustrates the concept of integration. Integration refers to the acquired businesses after the in assets Property displacement to complete, in accordance with the principles of corporate management and strategic intent of the acquisition, the target company's assets, personnel placement and with the process. Second, we summarize the main content of the integration process, such as the production of the adjustment of the business objectives and development strategies, the re-adjustment of the business organization, disposal of assets, the absorption of employees and management, debt restructuring, integration of corporate culture. Behind a special chapter to discuss these issues, it is scanty in this section. In addition, also addresses the integration costs, because the costs of integration is an integral part of the cost of mergers and acquisitions. Integration strategy in the third quarter, to further clarify the integration with the company's acquisition of motivation and overall strategy are closely related. From the beginning of the second chapter, combined with specific cases the designed A of the integration of key and difficult issues. The second chapter discusses the disposal of assets and debt restructuring after the merger. To the merger case of two-group and southwest of the machine, the disposal of assets, asset quality, then turned to asset disposal measures: asset sale or exchange, equity transfer. Section II first analyze the contents of a debt restructuring, and then raised the debt-to-equity and other debt restructuring pathway. 2 is the difficult problems in the integration, that is, the integration of corporate culture. Chengdu Blades M \u0026 the Chengdu Communications Pharmaceutical marketing company in the analysis of the phenomenon of cultural conflict, pointed out that the connotation and characteristics of corporate culture and corporate culture integration steps. Fourth, combined with a more typical case - 4); I Thailand and Hong Kong Group mergers the Wanzhou food cannery integration process, through the study and analysis of the case, from a practical point of integration should be how to operate. The topics in this article follows the principle of separation of theory and practice, closely linked to the practical problems of the current Business Administration, the use of case studies, and the principle of combining general and special, for example, and some typical cases. Mergers and acquisitions is currently China's burgeoning economic phenomena, analysis of this phenomenon are discussed more, However, mergers and acquisitions integration has not given sufficient attention. The article tries to analysis of typical cases, indicating the importance of the integration process in the mergers and acquisitions proposed effective measures to promote integration.
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