【作者】 袁翥鹏；

【导师】 张阳；

【作者基本信息】 河海大学 ， 企业管理， 2005， 硕士

【摘要】 伴随着中国经济的高速发展以及加入WTO后与世界经济并轨进程的明显加速,兼并与收购作为公司之间市场竞争的一种形式,在加速我国社会资本集中,优化资产存量结构和调整产业组织、产业结构以及企业竞争力方面将发挥越来越重要的作用,行业内和行业间并购的需求非常强烈。2004年,并购数量大幅增加,中国的并购市场在未来三年将进入一个高速发展的阶段。 然而,我国并购效果表现欠佳。中国企业兼并收购事件真正成功的还不到1/10。根据国外并购经验,在导致并购失败的众多因素中,并购目标选择不当是一个非常重要的因素,是决定成败的关键。如果目标选择错误,以后的所有努力都会化作乌有。目前我国企业并购总体表现欠佳,企业并购目标选择实践中存在着种种问题。 因此,本文以战略性并购如何选择合适的并购目标为选题。围绕这一主题,本文首先选取了30例成功的战略性并购案例进行归类统计分析,在案例分析的过程中找出共同规律。然后结合理论基础,提出企业战略性并购目标企业选择的原则和方法,并且将AHP法引入目标企业选择决策中来,最后用东药集团战略性并购目标企业选择的个案做一个应用实例。更多还原

【Abstract】 With the rapid development of China’s economy and the obvious acceleration of its connection with the global economy after China’s entry into WTO, mergers and acquisitions, as a form of market competition among companies, plays a more and more important role in accelerating the congregate of social capital, bettering the structure of capital reserve, modulating industry organizations and industry structure and improving enterprises’ competitive force, the demand of M&A inside and between industries is very fierce. In 2004, the numbers of M&A in China increased very rapidly which shows that the M&A market in China is entering a phase of high-speed development.However, the performance of domestic M&A is unsatisfactory. The percentage of real success is less than 10%. According to the experience of western countries, among the plentiful elements leading to failure, the unpropriate choice of M&A object is a very important one that is also the key determing success or failure. If the choice is wrong, the whole attempts will be valid. The current performance of domestic M&A is far from satisfactory, there are many problems in the practice of the choice of M&A objectTherefore, this thesis study how to select the proper M&A object. Revolving around this issue, it firstly regards 30 classical and successful M&A incidents as the research objects, finding out the common features of this cases. Then combining with the theoretical foundation, it put forward the priciples and methods of choosing proper object. In addition, AHP is introduced to decide which one is the most proper . Finally, a case of North-east Medicine Group is used to put the thoery into pratice.更多还原