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Corporatemergersandacquisitionshavebecomeamajorformofcapital
operation.Enterpriseuseofthismodeofoperationtoachievethecapitalcostofthe
externalexpansionofproductionandcapitalconcentrationtoobtainsynergies,
enhancingcompetitiveness,spreadbusinessplaysaveryimportantrole.MA
processinvolvesalotoffinancialproblemsandsolvefinancialproblemsisthekeyto
successfulmergersandacquisitions.Therefore,itappearsinmergeranalysisofthe
financialproblemstoimprovetheefficiencyofMFinancehasanimportant
practicalsignificance.
Afinancialeffectresultingfrommergersandacquisitions
1.Savingtransactioncosts.MAmarketisessentiallyanalternative
organizationtorealizetheinternalizationofexternaltransactions,asappropriate
underthetermsoftrade,businessorganizations,thecostmaybelowerthaninthe
marketforthesametransactioncosts,therebyreducingproductionandoperationthe
transactioncosts.
2.Toreduceagencycosts.Whenthebusinessseparationofownershipand
management,becausetheinterestsofcorporatemanagementandbusinessowners
whichresultedininconsistenciesinagencycosts,includingallcontractcostswiththe
agent,theagentmonitoringandcontrolcosts.Throughacquisitionsoragency
competition,theincumbentmanagersoftargetcompanieswillbereplaced,whichcan
effectivelyreducetheagencycosts.
3.Lowerfinancingcosts.Throughmergersandacquisitions,canexpandthe
sizeofthebusiness,resultinginacommonsecurityrole.Ingeneral,largecompanies
easieraccesstocapitalmarkets,largequantitiestheycanissuesharesorbonds.Asthe
issueofquantity,relativelyspeaking,stocksorbondscostwillbereducedtoenable
enterprisestolowercapitalcost,refinancing.
4.Toobtaintaxbenefits.MAbusinessprocess
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