statistics and from my personal experience

Now, with China's overall economic strength and corporate capital, mergers and acquisitions among enterprises have started to become a craze. And at the policy level, the Government wants to use capital markets to facilitate merger and reorganization, to solve the auto industry overcapacity, the cement industry, backward technology, and other industry issues such as duplication of investment, which also stimulated enterprises abrupt growth through acquisitions will.
Government's intention is always good. I'm not a great deal of research on macroeconomic people, and many tireless in their own field of relatively small companies, like fighting, I am more concerned about the specific micro-enterprises, namely the issue of financial gain. From this perspective, I large-scale mergers and acquisitions for the Government's call for concern. Enterprise development, mergers and acquisitions is the time ripe to a certain choice. If the business is not ready for the restructuring and reorganization is difficult to achieve the desired results,air jordan chaussure, statistics and from my personal experience, the success probability of mergers and acquisitions are not high.
value of the consolidated financial statements do not

First, the reorganization will not get the financial statements look better. There are many financial management of enterprises is difficult to explain to outsiders the secrets of the accounting treatment of mergers and acquisitions is one of them.
look, mergers and acquisitions do not have to pay extra effort to quickly enhance the value of the company. Just a few good people behind the scenes to discuss a price, you can increase their net worth overnight, stock prices go up, the market value of the enterprise. As in September 2010 when the share of government views the introduction of the six broad based industry company stock, and everyone happy.
But in fact,abercrombie france, in the balance sheet, mergers and acquisitions can add value. You spend 80 million to buy the company a value of 80 million, on account of liquid assets such as cash less 80 million, and acquisition of other assets such as factories and other more than 80 million, net assets have not changed. If the two companies before the merger do business after the merger of the statements needed to eliminate the impact of corporate transactions. Inner loop self-trading income is not in the income statement, otherwise cook the books is a typical, then the value of the hand, after the merger as before the report.
only to low-cost acquisition, enterprises can be added immediately. It sounds like the antique market Jianlou, but really a lot of real cases, some state-owned enterprises will be artificially low price due to various reasons. At this time, the combined financial statements will be at a premium, premium is not clear if the speakers come from, generally denoted by the goodwill - the intangible invisible. But the world is not always a free lunch, one day, this may also be converted into intangible assets, liabilities, give you a jump.
DD challenge

mergers and acquisitions in the first step is valuation - some to do with the net assets basis, was calculated using discounted cash flow, it was also estimated with the hair. However, no matter in what way, should do first DD.
DD refers to the due diligence (Due Diligence). Acquiring third-party audit firms generally hope through DD, to help themselves to find out the family property acquisitions. But very often, auditors can not be truly objective.
DD with the annual audit aims may be different,abercrombie and fitch, but similar tactics. This is also the reason I often worried about whom: the true extent of the audit results depends largely on the premise like a paradox - companies must ensure that the information provided is accurate. If you get an error message, the findings certainly not accurate, as consultants with the best at your watch to tell you the same points. Especially when doing DD, and sometimes not in a big way to customers and creditors or debtors verify and research.
If you choose to provide information on enterprises, DD results will naturally be misled. A simple example is the balance-sheet liabilities. Chinese enterprises are often secured to each other. Banks generally will require loan companies to find other companies as collateral. This joint and several liability is a balance-sheet liabilities, if the company did not say, no one knows. In addition, the enterprise decision-makers sometimes make an oral commitment to free, under normal circumstances will not be a problem, but when changing of the guard, a lot of commitment may become a new balance sheet business.
price negotiations

DD are often very hard to do,air jordan basket, however, mergers and acquisitions is not necessarily the final price determined by the DD results, and sometimes nothing to do with DD.
Although the purchase price is based on the valuation of enterprises, but, in essence, with all the bargain goods on the market, as the amount of the purchase price is the game the outcome of negotiations, both sides recognized on price. This pricing is more affected by market supply and demand principle, and the negotiating parties of the information is symmetric, in other words, one would like to make a wish to suffer, in essence, not much with the relationship between the valuation of enterprises.
The reason is simple supply and demand. Symmetric information is very interesting. The general scale of the acquisition of the enterprise is often very small team, is to ensure that the information is not compromised. I have participated in six or seven acquisitions, pre-conditions are under extreme confidentiality, and internal and external are the same. Especially early, in some third-tier cities to stay at the hotel when they fill out the purpose here, often I write for sightseeing, the clerk will look at me with suspicion,doudoune moncler, because it is the local matt considerable.
24 questions on marriage

mergers and acquisitions in many ways like a marriage, failed for many reasons, Strange Bedfellows is the most common cause.
few years ago, I decided to get married, my friend who studies business management out with me a long questionnaire, a total of 24 questions. Mainly about why the marriage, the other is not also have a similar vision, and why is she not the others. This questionnaire is to ask the most successful completion of the two sides back to back and asked to tell the truth. Of course, where the failure is that to say the truth. Occupy the time in the emotional peak of the real easily be distorted.
self-analysis approach that applies equally to corporate mergers and acquisitions. For whatever purpose, even if not so noble, so long as the two sides can re-tacit mutual understanding, will eventually achieve the desired results. After the merger, the most prone to problems, the reasons for a challenge to enterprises, the two sides have different purposes.
common ground approach, within limits, to help tide over the difficulties of marriage, also can help companies complete the merger after the initial integration period. Another effective way is to rely on development.
plant in front of the frog

truly make the appreciation of corporate restructuring through mergers, that is, through the integration of development, loan together, so that the combined company to enhance operating efficiency. Such as expanding the scale of production increased, fixed costs can be diluted; sales channels to share, you can gain access to new markets and new customers; R & D cooperation can enhance the technology; branding or co-exist, can enhance the intangible value. Of course, integration is not as easy as imagined. All the wedding is the desire to better start, but the outcome is not always happy.
work in the Volvo,air jordan, I was responsible for the acquisition of the company's financial integration. Time, the acquisition of the object plant in the outskirts of the industrial park where. When it rains,moncler quincy, there will be countless small factory gate from the front after the frog, the thumb size, in groups, a dense mass. I'm afraid of crushing them, and told the driver to slow to open. Very obedient drivers, into the factory gate get back to me,polo ralph lauren, because according to my request to open slowly, the results of crushing frogs more.
for integration after mergers and acquisitions, may also be the reason. Speed ​​and efficiency of enterprise restructuring can help solve many problems in the process, after all development is of overriding importance. (Editor: Cao Van)
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