基于核心竞争力理论的企业并购行为的研究

【作者】 曹玲莉；

【导师】 杨斯迈；

【作者基本信息】 昆明理工大学 ， 企业管理， 2004， 硕士

【摘要】 在经济全球化加速发展的形势下，全球并购活动越来越频繁。特别是信息时代、经济时代的到来，整个世界节奏加快，谁能最先抢占战略优势地位，谁就能最先获得超额利润回报。正是在这种背景下，许多企业趋同采用并购方式抢占这种战略地位，然而本文在大量实证材料中发现，并不是所有采取这种方式的企业均获得成功，我们从失败的案例中认识到，并购应基于核心竞争力的培育。不仅要注重并购前、并购中的整合管理，特别是要注重并购后的整合管理，才能迅速集聚人才资源、资金、技术，快速培育、提升自身的核心竞争力，从容应对国际间的激烈竞争。 本文概述了全球的第一到第五次并购浪潮特点，重点总结了20世纪90年代中期开始的第五次并购浪潮的背景、特点以及发展趋势。把握趋势，进一步引导企业在知识经济时代采取适当的并购战略，即战略并购。战略并购是以增强企业核心竞争力为基础的并购。从实践上把握了并购活动的特征，再从理论的角度解释并购活动产生的原因和结果。在理论上，从经济金融学的角度和管理学的角度分别解释了并购活动。 核心竞争力理论是从20世纪初发展起来的，对企业的发展有着极为深刻的指导意义。本文将这一理论引入并购活动中，力求理论指导实践活动。我们认为企业的并购活动是基于企业的战略目标——培育、提升企业核心竞争力而进行实施的。并购的流程是基于核心竞争力的培育过程，本文按照这一流程顺序行文，核心竞争力识别、开发→培育→提升。重点论述了提升核心竞争力过程，也是并购后的整合管理的过程。通过案例和调查数据，总结出并购后经常出现的四种典型难题，本文认为也是整合管理的重点问题。因而，本文的重点在于基于核心竞争力的并购后整合管理，包括企业文化整合管理、管理系统整合管理、组织机制整合管理、人力资源整合管理。并且选择典型案例进行具体分析，给出实践操作中可行性措施。本文最后认为，并购成功与否，可通过以公司股票价格绩效为基础的度量方法和以公司会计计量和以及其他内部规定的经营绩效为基础的度量方法评价考核企业的价值是否增值，股东利益是否最大化来衡量。更多还原

【Abstract】 In the situation of global economics, M&A action is more and more sequent.Specially, during the information and economic age and in the more speedy rhythm,whoever could occupy the strategic situation at first, could get the excess profit. In thesituation many companies had adopted the M&A, but all M&A action are not getsuccess. To enhance the core competence quickly through the collection of resource,cash, technology, the company should take attention to conformity managementbefore, during the M&A process, specially after the M&A. if only the company payattention to conformity management after the M&A, it could confront the drasticcompetition easily from abroad.The paper summarizes the characters from the first to the fifth M&A climax, specially the fifth M&A of background, characters and development trend from the 20th. Grasping the characters could further direct the M&A strategy properly, that is the strategic M&A. The strategic M&A is the M&A at the base of strengthening the core competition. From the practice, we grasp the character of M&A and interpret the cause and result from the theory. We interpret the M&A action from the economic financial angle and management angle.The core competition theory was developed from the 20th century, it directed the development of companies. The paper inducts the theory in order to direct the practices. We think the aim of M&A of company is based on nurture and enhance the core competition. The flow the M&A is based on the nurture of core competition process. According to the flow, the paper discourse upon the identify, exploitation, nurture and enhance the core competition. We emphasis on the enhance of core competition, that is the conformity management process. Through the example and the dates, the paper summarizes four typical questions, that is the emphasis questions of conformity management. So the paper emphasis on the conformity management at base of core competition including the culture, management system, organize, manpower resources managements. In the paper we choose typical example and analysis, give some feasible measures. Finally we use two methods to estimate the success or failure of M&A. one of two methods is on the base of stock prices, the other is account index or the inside company index. The success or failure is whether or not increasing the company worth or the maximum of the stockholders.更多还原