【作者】 范丽雅；

【导师】 于晓言；

【作者基本信息】 东北财经大学 ， 国际贸易学， 2003， 硕士

【摘要】 近年来，世界范围内并购企业数目的增加是令人震惊的。日益增长的全球化进程对企业的并购也起了一个推动的作用。引起这次并购浪潮的原因有很多：通过规模效应来减少成本，加强公司在整个市场的地位，进入新的市场，实现公司的全球化，赢得高层次人才，获得最新知识和专门技术，赢得新的客户以及获取新的生产工艺。 尽管很多公司在不择手段的进行公司间的并购以谋求发展，近年来的研究却表明60-80％的并购企业并没有实现其预期的经济效益。尽管失败的并购企业中，一部分是由于经济或市场原因造成的，许多研究表明对企业文化的忽视是造成并购企业失败的一个主要原因。普华永道在1997年发表的一个全球性研究报告表明：对文化及与其相关的组织方面问题的缺乏关注造成了大量的后并购时期的惨淡收场。 本文旨在对并购过程中文化及并购后的协同优势两者关系的分析，希望对Renault和Nissan并购后的发展提出一些有益的建议。 文中第一部分对全球并购浪潮和文化在并购过程中的作用做一简单介绍。文章的第二部分首先分析了潜在协同优势和现实协同优势的差别。之后，在文化整合和文化兼容的基础上，详细阐述了并购过程中的整合问题。并介绍了文化研究中的相关概念。文章的第三部分通过对Renault和Nissan兼并的案例首先说明了法国和同本在国家文化上的差异及各自特点，接着，在理论框架下，将两个公司的整合分为经济因素和人力因素分别讨论。最后，文章给出了对Renault和Nissan并购后的发展的一些建议。 如果一个人在上车之前就知道他只有50-50的可能安全的到达目的地，他一定会非常谨慎的。当我们面对企业并购后的整合问题时也应该怀着同样的心态。内容摘要不过，尽管大多数公司在面临并购时，依然忽视文化及其相关的问题，有迹象表明越来越多的公司开始意识到后兼并时期文化整合的重要性了。更多还原

【Abstract】 In recent years, the number of mergers and acquisitions that have taken place across the world has been staggering and has affected nearly all industries, as well as large and small companies alike. Increasing globalization has also given rise to a higher number of cross-border mergers.The reasons given by companies for this recent wave of consolidation have included cost-cutting through economies of scale, strengthening the company’s market position, gaining access to new markets, global expansion, gaining a talented workforce, acquiring new knowledge and expertise, gaining a new customer base, and pursuing new technologies.However, although mergers and acquisitions are being aggressively pursued by companies, recent studies have indicated that 60-80% of all mergers are financial failures.While it is true that some of these failures can be largely attributed to financial and market factors, many studies are pointing to the neglect of cultural issues as the main reason for M&A failures. A 1997 PricewaterhouseCoopers global study concluded that lack of attention to culture and related organizational aspects contribute significantly to disappointing post-merger results.In this thesis, focus will be given on developing a better understanding of the correlation between cultural issues and synergy realization within M&A with the aim of giving recommendations to Renault in its way of handling its alliance with Nissan.Chapter 1 gives a brief introduction of the merger and acquisition waves as well as the role of culture in the performance of M&A integration. Chapter 2 first explores the difference between synergy potential and synergy realization. Then it elaborates the integration process of an M&A on the basis of culture integration and culture compatibility. These are followed by the definition of key concepts in cultural context. Chapter 3, the characteristics of French and Japanese cultures are demonstrated and analyzed. Analysis of the case - Renault vs. Nissan - within the theoretical framework is divided into two parts: economic factors and human factors. At last, recommendations to Renault on its way of handling its alliance with Nissan are given. In this thesis, basic concepts, theories, as well as case analysis are exploited.No one would get into a car knowing that it had a fifty-fifty chance of reaching its destination safely without taking precautions. The same thinking should be applied to merger/acquisition integration.The good news is that even though many companies continue to neglect culture-related issues in mergers and acquisitions, there is some evidence that more and more companies are trying to do something about it and that they increasingly recognize the importance of culture integration after the merger and acquisition.更多还原