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1、战略性并购我国并购市场新趋势（Strategicmergers&Acquisitions--newtrendofM&amarketinChina)Strategicmergers&Acquisitions-一newtrendofM&amarketinChinaAlongwiththerapiddevelopmentofeconomyandtheacceleratedChinaandafterjoiningtheWTOandtheglobaleconomyintegrationprocess,theintraindustryand
2、interindustrymergersandacquisitionsdemandisverystrong,whichcansignificantlyincreasethenumberofmergersandacquisitionshasbeenconfirmedfrom2003・ThestrongdemandformergersandacquisitionsandtheentryofforcignacquisitionswillenableChina'sM&amarkettoenterastageofrapiddevelopm
3、entinthenextthreeyears・InthenewroundofM&atide,thenewtrendandnewtrendofM&amarketwillbeofgreatsignificancctothepracticeofM&Ainchina・First,themergerandacquisitionactivitieswhicharcdifferentfromthoseofpreviousmotivations・Since2003,thewarbasedmergersandacquisitionsfocusin
4、gonindustrialintegrationandindustrialexpansionhavegraduallybecomemainstream・ThemotivesofcntcrpriscmergerinChinesctraditionalsystemareasfollows:tosavethelossmakingenterprise,acquirethelandoftheannexationenterprise,buytheassetsatlowpriceandobtainpreferentialpolicy,etc・
5、・Butafter20yearsofreformandopeningupeconomicaccumulation,atpresentalotofindustryintotheindustryintegrationandexpansion,manycompanicshavebeguntoconsiderwiththeexpansionofthescaleofbusinessstructureadjustment,soinrecentyears,especiallyin2003,mergersandacquisitionsmarke
6、tenterprisestopurchasethecausehasundergonefundamentalchanges,fromsimplechangetheprevioussinglethemergermotivationstrategicmergersfocusonindustrialintegrationandindustrialexpansion・Inwesterncountries,thehistoryofM&A,avarietyofmotivesofstrategicacquisitionssuchasdivers
7、ity,diversification,toreducetheriskofasinglemainbusiness;synergisticeffectandscaleeffect;itsmanagementadvantages,enhancecorporatevalueisacquired;thepursuitoffinancialsynergyandsoon.Theauthorbelievesthatthemainreasonsfordomesticstrategicmergersandacquisitionsin2003are
8、:1.,intheprocessofbusinessoperation,inordertoreducetheriskofasinglemainbusiness,oftenthroughmergersandacquisitionstoachievediversif
