Contents

INTRODUCTORY COMMERNTS 1
1、PROBLEM BRINGING FORWARD 1
2、STUDY OBJECTIVE AND MEANING 2
3、PREVIOUS RESEARCH 2
4、STUDY METHOD AND CONTENT 4
5、INNOVATION 6
CHAPTER ONE CURRENT STATUS OF AGICULTURAL ENTERPRISES IN CHINA AND MULTINATIONAL AGICULTURAL ENTERPRISES 8
1.1 DEFINITION OF AGICULTURAL ENTERPRISES 8
1.1.1 FEATURES OF KEY FACTORS OF AGICULTURAL ENTERPRISES …………………………9
1.1.2 CHARACTER OF AGICULTURAL ENTERPRISES 10
1.2 CLASSIFICATION OF AGICULTURAL ENTERPRISES 11
1.3 PLACE AND ROLE OF AGICULTURAL ENTERPRISES IN AGRICULTURE INDUSTRIALIZATION 11
1.3.1 AGICULTURAL ENTERPRISES ARE THE ORGANIZITIONAL CARRIER OF RESOURSE ALLOCATION. 12
1.3.2 AGICULTURAL ENTERPRISES ARE THE FUNDERMENTAL MARKET PLAYERS OF AGRICULTURAL INDUSTRY 12
1.3.3 AGICULTURAL ENTERPRISES ARE THE ORGANIZATIONAL LEADERS OF AGRICULTURE INDUSTRIALIZATION 12
1.3.4 AGICULTURAL ENTERPRISES ARE THE MAIN FORCE OF AGRICULTURE MODERNIZATION 13
1.4 PROBLEMS IN THE DEVELOPMENT OF CHINA'S AGRICULTURAL ENTERPRISES 14
1.5 DEVELOPING TREND OF THE MULTINATIONAL AGRICULTURAL ENTERPRISES 15
1.5.1 MULTINATIONAL AGRICULTURAL ENTERPRISES PRESENT HUGE SCALE MERGER AND CENTRALIZATION TREND 15
1.5.2 MULTINATIONAL AGRICULTURAL ENTERPRISES ACHIEVE MANY ENTITY OPERATION 17
SUMMARY 19
CHAPTER TWO THEORETICAL RESEARCH OF MERGER & ACQUISITION 20
2.1 FUNDERMENTAL CONCEPTS 20
2.2 BRIEF RETROSPECT OF INTERNATIONAL HISTORY OF M & A 20
2.2.1 FIVE WAVES OF M & A IN WESTON DEVELOPED COUNTRIES 20
2.2.2 M & A DEVELOPING HISTORY OF CHINA ENTERPRISES 22
2.2.3 INSPIRATION ON M & A OF CHINA ENTERPRISES FROM WESTON DEVELOPED COUNTRIES 23
2.3 THEORY OF M & A 24
2.3.1 CAPITAL CENTRALIZATION THEORY OF KARL MARX 25
2.3.2 WESTON EXPERTS' THEORY OF M & A 27
2.3.3 RECENT THEORETICAL THINKING OF CHINESE EXPERTS ON TRADE OF PROPERTY RIGHT 32
2.4 TYPES OF ENTERPRISE M & A 34
SUMMARY 36
CHAPTER THREE OBJECT CHOICE OF M & A AND VALUATION 38
3.1 OBJECT CHOICE OF M & A 38
3.2 VALUATION OF ENTERPRISES 40
3.2.1 ASSET VALUE BASING METHOD 40
3.2.2 EARNING METHOD 43
3.2.3 DISCOUNT CASH FLOW METHOD 43
3.2.4 FORMULARY VALUATION METHOD - WEISTON MODEL 46
3.3 PRICING OF M & A 47
3.3.1 BASIC PRICE 48
3.3.2 FLOATING PRICE 48
3.3.3 BUYING PRICE 50
3.4 NON-ECONOMIC INFLUNCES ON M & A 50
3.4.1 BENEFIT MECHANISM OBSTACLE 51
3.4.2 ENTERPRISE PROPERTY 51
3.4.3 SOCIAL ASSURANCE FACTORS 51
3.4.4 LAW & POLICY PROBLEMS 51
SUMMARY 52
CHAPTER FOUR M & A ANALYSIS OF AGRICULTURAL LISTED COMPANIES IN CHINA 53
4.1 SURVEY ON AGRICULTURAL LISTED COMPANIES IN CHINA 53
4.1.1 BASIC CONCEPT OF AGRICULTURAL LISTED COMPANIES 53
4.1.2 GENERAL SITUATION OF AGRICULTURAL LISTED COMPANIES 53
4.2 M & A RESEARCH ON AGRICULTURAL LISTED COMPANIES IN CHINA 56
4.2.1 M & A MOTIVATION ANALYSIS 56
4.2.2 M & A INDUSTRY ANALYSIS 58
4.2.3 M & A MODE ANALYSIS 60
4.2.4 M & A FEATURES 61
4.3 KEY PLAYERS OF AGRICULTURAL LISTED COMPANIES - M & A ANALYSIS OF DAIRY PRODUCTS INDUSTRY 63
4.3.1 INDUSTRY CHARACTER - GROWING FAST BUT UNBALANCED LOCALLY SUPPLY AND DEMAND 63
4.3.2 INDUSTRIAL M & A ANALYSIS 64
4.4 M & A OF AGRICULTURAL ENTERPRISES AND STOCK MARKET 65
4.4.1 M & A ARE BENEFICIAL TO THE LISTING OF AGRICULTURAL ENTERPRISES 66
4.4.2 STOCK MARKET PROVIDES A PREVIOUS OPPORTUNITY TO THE LISTED AGRICULTURAL ENTERPRISES 67
SUMMARY 68
CHAPTER FIVE CASE STUDY ON M & A OF AGRICULTURAL ENTERPRISES AND INDUSTRY CONFORMITY 70
5.1 XINJIANG DELONG INVESTS ON RED INDUSTRY - SPEEDING UP THE CONFORMITY OF XINJIANG AGRI INDUSTRY 70
5.2 XINJIANG DELONG INVESTS ON SEED INDUSTRY - SPEEDING UP THE CONFORMITY OF CHINESE SEED INDUSTRY 72
5.3 KEP EXPERIENCE AND MODEL OF XINJIANG DELONG'S AGRI INDUSTRY CONFORMITY 75
5.3.1 KEY EXPERIENCES 75
5.3.2 KEY OPERATING MODEL 76
SUMMARY 79
CHAPTER SIX PROBLEM AND COUNTERMEASURE OF M & A OF CHINSES AGRICULTURAL ENTERPRISES 81
6.1 EXTERIOR ENVIRONMENT PROBLEM OF M & A OF CHINESE AGRICULTURAL ENTERPRISES 81
6.1.1 UNMATCHING OF POLICY, LAW AND REGULATION 81
6.1.2 DEVELOPMENT LAGGING OF MEDI-INSTITUTE 82
6.1.3 UNMATURITY OF SOCIAL ASSURANCE SYSTEM 82
6.1.4 DISTURBING OF M & A SUBJECT 83
6.1.5 REFORMING LAGGING OF LAND POLICY 83
6.2 INTERIOR PROBLEMS OF M & A OF CHINESE AGRICULTURAL ENTERPRISES 84
6.2.1 NONCLEAR OF ENTERPRISE PROPERTY RIGHT 84
6.2.2 SHORT OF CASH OF THE M & A ENTERPRISE 85
6.2.3 MANAGEMENT TEAM CANNOT ADAPT TO M & A 85
6.2.4 BLIND M & A 86
6.2.5 ENTERPRISE SPECULATION BY M & A 86
6.2.6 TAKE HIGHLY OF M & A BUT LIGHTLY OF CONFORMITY 86
6.2.7 DIFFICULTIES IN CAPITAL EVALUATION 87
6.2.8 WEAK CORE COMPETITION AND HARD TO BE THE OBJECT OF M & A 88
6.2.9 MANY ENTITY M & A PROBLEM 88
6.3 M & A COUNTERMEASURE OF AGRI ENTERPRISES IN CHINA 88
6.3.1 SPEEDING UP SETTING OF POLICY AND REGULATION TO BUILD A BETTER EXTERIOR CIRCUSTANCE 88
6.3.2 STRENGTHEN THE ROLE OF MEDI-INSTITUTE IN THE M & A 89
6.3.3 CHANGING GOVERNMENT'S ROLE AND SPEEDING UP BUILDING OF SOCIAL ASSURANCE SYSTEM TO PROMOTE ENTERPRISE M & A 89
6.3.4 COORDINATE ENTERPRISE M & A WITH THE AGRICULTURE RESTRUCTURE 89
6.3.5 REFORM LAND MANAGEMENT IN COUNTRISIDE AND REALIZE LAND SCALE OPERATION STEP BY STEP 90
6.3.6 BUILD UP MODERN ENTERPRISE SYSTEM 91
6.3.7 BUILD UP A STRONG AND COMPETENT MANAGEMENT TEAM IN AGRICUTURE INDUSTRY 91
6.3.8 STRENGTHEN THE BUILDING OG CAPITAL MARKET IN THE INDUSTRY 92
6.3.9 PAY MORE ATTENTION TO THE RESEARCH ON CAPITAL EVALUATION METHOD 92
6.3.10 SETTING UP LONG-TERM ENTERPRISE DEVELOPMENT STRATEGY AND IMPLEMENT M & A NORMALIZEDLY 92
6.3.11 RECOGNIZE ENTERPRISE M & A MORE RATIONALLY 93
CHAPTER SEVEN CONSTRUCTION OF M & A MODEL OF AGRICULTURAL ENTERPRISE IN CHINA 94
7.1 TRANSVERSE M & A MODEL ANALYSIS OF NEW HOPE GROUP 94
7.1.1 MOTIVATION OF M & A 95
7.1.2 MODE OF M & A 96
7.1.3 CHARACTER OF M & A, BALANCE OF FOUR PLAYERS 96
7.1.4 STRENGTH AND WEAK ANALYSIS 98
7.2 STRONG-WEAK M & A MODEL 99
7.3 CONSTRUCTION OF M & A MODEL OF AGRICULTURAL ENTERPRISE IN CHINA 101
7.3.1 M & A STRATEGY-STEP BY STEP 102
7.3.2 M & A MODEL-STRONG-STRONG M & A 102
7.3.3 M & A STYLE-MAINLY TRANSVERSELY 103
7.3.4 M & A SCOPE-REGION priority 105
CHAPTER EITHT CONFORMITY MANAGEMENT OF CHINESE AGRICULTURAL ENTERPRISES AFTER M & A 107
8.1 KEY POINTS OF ENTERPRISE CONFORMITY AFTER M & A 107
8.1.1 TANGIBLE ASSETS CONFORMITY 107
8.1.2 INTANGIBLE ASSETS CONFORMITY 108
8.1.3 HUMAN RESOURCE CONFORMITY 108
8.1.4 CORPORATE CULTURE CONFORMITY 109
8.1.5 MANAGEMENT SYSTEM CONFORMITY 109
8.1.6 EXTERIOR RELATIONSHIP CONFORMITY 109
8.2 MANAGEMENT MODEL OF ENTERPRISE M & A CONFORMITY 109
8.2.1 MODEL BASED ON ENTERPRISE CORE COMPETANCE 110
8.2.2 MODEL OF KEY FACTORS 111
8.2.3 MODEL OF FUNCTIONAL ACTIVITY 113
CHAPTER NINE MAIN CONCLUSIONS 120
9.1 MAIN CONCLUSIONS 120
9.2 PROBLEMS FOR FURTHER RESEARCH 125
REFERENCE LITERATURE 127
CITING LITERATURE 127
REFERENCE LITERATURE 128
ENGLISH LITERATURE 132