【作者】 徐杰；

【导师】 胡艳；

【作者基本信息】 武汉理工大学 ， 企业管理， 2003， 硕士

【摘要】 企业并购是市场经济的产物，自19世纪末以来，全球已经历了五次并购浪潮。目前，企业并购作为企业产权交易与重组的行为，已经成为西方发达国家十分重要的经济现象，并购规模之大、时间之长是前所未有的，且有愈演愈烈之趋势。在我国，随着经济体制的深化，优胜劣汰作为市场经济的基本法则已被越来越多的人所接受，企业并购将成为企业资本营运的重要形式，并将在经济发展中发挥十分重要的作用。 并购的主要目的在于获得协同效应，股东由此而使其利润实现最大化。发挥协同效应是现代企业并购的基本理念，协同效应大于零，企业才有并购的必要性。协同效应的多少也同时决定着企业并购的成败。然而，在现实中由于缺乏理论的指导，导致人们对协同效应的内在逻辑缺乏深刻的理解和把握，片面地追求协同效应，最终也就导致了企业并购的失败。因此，有效地评估协同效应对并购企业来说具有举足轻重的战略意义。 作为国家自然科学基金《企业并购风险识别系统的研究》(编号：70172050)的后续研究课题，本文主要从企业并购的实际出发，着重对协同效应的内涵、与并购的相关理论以及评估进行了分析和探讨。在论证的过程中，本文综合运用了理论研究和实证分析相结合，定性分析和定量分析相结合的方法。首先，本文提出了协同效应和企业并购的关系，并在此基础之上论述了协同理论的来源及其发展。接着对协同效应的相关理论进行了分析，并提出了协同效应的评估方法。最后，本文以实例的形式分析了企业并购协同效应的实践过程。 全文主要内容共分四个部分： 第一部分，简要地对企业并购进行了概述。首先，介绍了企业并购的概念及类型，并分析了其动因。接着提出了协同效应和企业并购的内在联系，指出协同效应是企业价值创造的源泉。 第二部分，主要剖析了协同效应的相关理论。这一章是本文的重点之一。在这一章中，本文首先提出了协同理论的来源及其发展。随后对协同的内涵进行了论述，并对协同效应进行了分类，分析了各类协同效应的作用机理。武汉理工大学硕士学位论文最后，本文重点讨论了基于协同效应的并购的相关经济分析。这一节中，本文就并购过程中三个重要的经济条件分别给予了详细了分析。 第三部分，主要探讨了协同效应的评估方法。这一章也是本文的重点之一。本章首先提出了协同效应的评估意义，指出协同效应的评估是决定企业并购成败的关键。接着分析了协同价值的主要来源。最后，在对协同效应定性分析的基础之上，本文采用定量分析的方法，提出了若干协同效应的评估模型。意在给并购中的企业提供参考，减少并购风险。 第四部分，这一章是本文最后的实证分析部分。在前面对协同效应进行理论研究的基础之上，本文结合太极集团的并购实例对协同效应的实践过程进行了具体的分析。目的在于给我国现阶段的企业并购提供借鉴和理论指导。更多还原

【Abstract】 Enterprise merger and acquisition (M&A) is a result of the market economy. Since the end of the 19th century, there have already been five times merger tides in the whole world. At present, enterprise M&A as the transactions of property right of enterprise and behavior of enterprise reorganization, has already become the very important economic phenomenon in western developed countries. The enormous scale and long time are unprecedented, and appear irresistible trends. In our country, with the in-depth of the economic system, more and more persons accept selecting the superior and eliminating the inferior as the basic rule of market economy. Enterprise M&A will become the important form of the capital operating of the enterprise, and will play a very important role in economic development.The main purpose of enterprise M&A lies in obtaining synergy, by which the shareholders make their profits maximal. It is the basic theory for the modern enterprise M&A to give birth to synergy, and enterprise M&A is necessary if synergy is greater than zero. The amount of synergy determines the success or failure of enterprise M&A at the same time. However, because of lacking the guide of the theory in reality, it leads to the fact that people are to lack deep understanding and assurance in coordination with the inherent logic of synergy. Pursuing synergy one-sidedly causes the failure of the enterprise M&A finally. So, it has very important strategic meanings for the enterprises that participate in merger and acquisition to evaluate the synergy effectively.As the follow-up study subject of the National Natural Sciences Foundation "The Venture Discernment System for Enterprise M&A"(serial number: 70172050), this paper emphatically analyses and probes into the connotation, theories in correlation with M&A and evaluation of synergy based on the fact of enterprise M&A. During the process of argumentation, this paper uses synthetically the methods of the theoretical research combining real example and qualitative analysis combining quantitative analysis. First of all, this paper brings forward the connection of enterprise M&A in relation to synergy, and discusses the source and development of synergy. Then this paper analyses the relevant theories of synergy, and puts forward the evaluation method of the synergy. At last, this paper analyses the practice course that produces synergy in the process of enterprise M&A by real example.The main content of the full paper divides into four parts altogether: The first part summarizes enterprise M&A briefly. First of all, this chapter introduces the concept and type of enterprise M&A, and analyses its reason. Then the chapter putsforward the inner link of enterprise M&A and synergy and points out that synergy is the source that creates enterprise value.The second part mainly analyses the relevant theories in relation to synergy. This chapter is one of the important chapters of this paper. In this chapter, this paper puts forward the source and development of synergy at first, and discusses the connotation of synergy. Subsequently this paper classifies the synergy and analyses all kinds of function mechanism of synergy. At last, this paper especially discusses the relevant economic analysis of M&A on the basis of synergy. In this section, this paper respectively gives detailed analysis to the three important economic terms in the process of M&A.The third part mainly probes into the evaluation method of synergy. This chapter is one of the important chapters of this paper too. At first this chapter puts forward the meaning of evaluating synergy and points out that it is the key that determines the success or failure of enterprise M&A, and then analyses the main source of synergy. At last, based on the qualitative analysis of synergy this paper puts forward several evaluation models of synergy by using the method of quantitative analysis. The purpose is to offer consults for the enterprises, and to reduce the risk of M&A.The fourth part is the last demonstration part of th更多还原