航空工业结构调整的机理地研究.pdf

航空工业结构调整的机理研究iiABSTRACT This dissertation focuses on the research on restructuring of aeronautical industry in China. It uses theories of merger and acquisition, considering the special environment of Chinese aeronautical industry, to analyze the economical reasons and mechanism of M&A synergies in the restructuring of aeronautical industry. Based on the analysis, it provides a consolidation framework for the industry restructuring, and studies the restructuring process. First, the paper, on the basis of static economics, analyzes the drives to the restructuring of aeronautical industry. The study shows that the major drives for the restructuring are economies of scale resulting from horizontal consolidation, the save of transaction cost due to vertical integration, and synergy of M&A. The internal drive of restructuring, more importantly, is to strengthen petitiveness of the whole industry and increase the social welfare. Second, the paper deeply analyzes the efficiency of monopoly petition in the traditional market framework. It shows that in the petition environment, monopoly is more efficient than petition. From the global market point of view, rising petitiveness in the global market through increasing size and capacity, which in turn leads to the rising of petitiveness, is another important reason for the restructuring of aeronautical industry. Third, economic benefit of restructuring has to realize through synergy activities. The paper systematically analyzes the managerial synergy concept, mechanism, and resources. It, in the resource sharing point of view, uses value chain methodology to identify the synergies from coefficient sharing. It provides a methodology for the direction of consolidation in the industry restructuring. Fourth, the paper makes a systematic study on the consolidation process of aeronautical industry. Consolidation is the only way of aeronautical industry restructuring, due to its strategic importance. The paper suggests that proj