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英国MBA论文范文:企业收购与兼并背后的动机
The Motive Behind Merger And Acquisition
在当今的企业界，合并和收购已经获得了实质性的重要性。这个过程广泛用于业务组织的重组。一些著名的金融机构也采取了必要的措施采用并购的政策来重组印度的企业。自1991年以来，印度经济改革已经在国内和国际领域开辟了一大堆的挑战。全球市场竞争的加剧，作为一种重要的战略选择，促使印度公司合并和收购。多年来，印度的并购趋势已经发生改变。并购的直接影响也被整个印度经济各领域趋向多样化发展。
印度经济快速增长,成为世界上最具潜力的经济。在印度经济，研发、医药、基础设施、能源、消费零售、电信、金融服务、媒体、酒店等各领域,出现有前途的繁荣的迹象。这是世界上第二次增长最快的经济体，在2010年GDP高达8.9%。在生长和增殖阶段，印度市场投资者、大公司、印度市场工业房屋视图,即资本回报率和股东回报都很高。入站和出站并购都急剧增加。根据投资银行家，今年合并和收购(并购)在印度交易将跨越1000亿美元,是去年的两倍,2005年的四倍。
印度的并购交易金额在2010年几乎达到500亿美元,是去年2009年交易价值的三倍。2009年，企业并购交易价值约160亿美元,低于2008年接近400亿美元。
介绍——INTRODUCTION
背景——Background
Mergers and Acquisitions have gained substantial importance in today's corporate world. This process is extensively used for restructuring the business organizations. Some well known financial organizations also took the necessary initiatives to restructure the corporate sector of India by adopting the mergers and acquisitions policies. The Indian economic reform since 1991 has opened up a whole lot of challenges both in the domestic and international spheres. The increased competition in the global market has prompted the Indian companies to go for mergers and acquisitions as an important strategic choice. The trends of mergers and acquisitions in India have changed over the years. The immediate effects of the mergers and acquisitions have also been diverse across the various sectors of the Indian economy.
The Indian Economy has been growing at the fast rate and emerging as the most promising economy in the world. Be it in IT, R&D, pharmaceutical, infrastructure, energy, consumer retail, telecom, financial services, media, and hospitality etc, there has been a sign of promising boom in the Indian economy. It is the second fastest growing economy in the world with GDP touching 8.9 % in 2010. Investors, big companies, industrial houses view Indian market in a growing and proliferating phase, whereby returns on capital and the shareholder returns are high. Both the inbound and outbound mergers and acquisitions have increased dramatically. According to Investment bankers, Merger & Acquisition (M&A) deals in India will cross $100 billion this year, which is double last year’s level and quadruple of 2005.
India’s merger and acquisitions deal value in year 2010 reached almost US $50 billion which is three times of the deal value last year 2009. There were M&A deals worth about $16 billion in 2009, down from close to US $40 billion in 2008.
定义：——Definitions:
企业合并：——Mergers:
Mergers or amalgamation is combination of two or more companies to form as a single new company. In this process no fresh investment is made, however an exchange of shares takes place between the entities. In simple terms, a merger involves the mutual decision of two companies to combine and become one entity. Generally, merger is done between the two entities having similar size.
企业合并的多样性——Varieties of Mergers
Mergers can be of various types. But there are 5 main mergers varieties which are valued most in the corporate world.
Horizontal merger - Two companies that are in direct competition and share the same product lines and markets.
Vertical merger – Two companies which are in the Value Chain.
Market-extension merger - Two companies having same product but different target market.
Product-extension merger - Two companies selling different but related products in the same market.
Conglomeration - Two companies with unrelated business/ industry.
收购——Acquisitions
Acquisition means buying the ownership of one company by another company, often as the part of the growth strategy. Unlike in merger, acquisition is generally done by a large company to a small one. Acquisitions can be either friendly or hostile. Like mergers, acquisitions are actions through which companies seek economies of scale, efficiencies and enhanced market visibility. Acquisition is done either in cash or acquiring the stock of the target company or both.
合并和收购之间的区别——Distinction between Mergers and Acquisitions
Mergers and Acquisitions are often uttered as one and the same and considered to have the same meaning. But the terms merger and acquisition are two different term meaning.
When one company takes over another independent company and clearly established itself as the new owner, the purchase is called an acquisition. From a legal point of view, the target company ceases to exist and the buyer or the acquirer possesses the full control of the business and the buyer's stock continues to be traded, then it is acquisition.
Regardless of the type of the strategic alliance they all have one purpose in common. They are all meant to create synergy that makes the value of the combined companies greater than the sum of the two parts.
协同效应——Synergy
Synergy is the force that is obtained when two or more components meet together to produces an exceptional result which when done solely cannot be achieved. In a business synergy takes the form of enhanced performance, increased profitability and exceptional cost reduction. By merging, the companies hope to benefit from the following:
裁员——Staff reductions
规模经济——Economies of scale
获得新技术——Acquiring new technology
扩大市场范围和行业知名度——Improved market reach and industry visibility
研究的重要性——Importance of the study
When a company wants to expand, there are various ways its can do. They can achieve the growth either by capturing the market share or by growing through strategic alliances. The main objective of the merger or acquisition is to achieve growth and synergy, economies of scale and capture or expand the market share.
Buzz of merger and acquisition often creates hype in the financial market about the acquirer’s stock price. While most empirical research on merger focus on daily stock return surrounding announcement date, a few studies also look at long term performance of term performance of acquiring firm after merger. [1] Not only that, the performance of the company as a whole is also a matter of question mark. Will the company be able to perform better than it is doing or not?
问题陈述——Problem Statement
Many firm prior to merger and acquisition have an expectation to create a synergy from merger and acquisition. The main motive behind M&A is to create efficiencies in the business and expansion of the business. But they most of the time ignore the fact that the effect of merger and acquisition has direct correlation with the value of the acquirers company and the stock price. The other problem that is to be considered is the financial risk associated with the M&A.
研究目标——Research Objective
The objective of this study is to gain the deeper and clear knowledge of the merger and acquisition on the acquiring firm. It also aims at the financial risk that a company may face post merger/ acquisition asa well as the long term performance of the acquirer. The objectives are as follows:
To examine the effect of EPS myopia on the return of acquiring firms in mergers.
Evaluate the effect on the stock price of the acquiring company post merger and acquisition.
Critically evaluating if the shareholders of the acquiring companies experience wealth effect as a result of M&A.
The expected long term performance of the acquiring firm.
Study of the financial risk pertaining to the merger and acquisition.
研究问题——Research Question
What is the motive behind Merger and Acquisition?
What is the effect on the stock price of the acquirer pre and post M&A?
Does the buzz create the bubble effect on the market or is it long lasting?
What is the wealth effect of the acquirer firm post and pre M&A?
What is the trend of M&A in Indian market?
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