跨国公司并购中问题的研究

【作者】 张亚；

【导师】 姜宁；

【作者基本信息】 南京大学 ， 工商管理（MBA）（专业学位）， 2017， 硕士

【摘要】 在全球经济一体化作用下,很多跨国公司都是通过兼并或并购形式成长起来。研究发现,企业并购已经成为企业实现快速扩张的最佳手段,很多成功公司对其趋之若鹜。不过大量并购成功及失败的案例显示,并购本身是一项高风险行为,企业能否并购成功,关键在于并购整合能否成功。W电梯集团是一家成立于1968年的老牌德资企业,从其发展史得知W公司是一个地地道道的并购方式下成长起来的企业,集团创始人W先生因为并购取得过成功,也因为并购失败过,2002年W先生因为并购导致资金链断裂,最终不得不把公司卖掉。之后,W集团几经转卖,现在股东实际为美国投资公司贝恩资本。由于新东家接手W集团时面临世界经济萎靡、贸易持续低迷,金融市场动荡加剧以及欧债危机等影响,全球销售一路走低,增长缺乏动力,在此背景下W集团开始萌生并购扩张需求,于2015底并购同为电梯部件集团的S公司。为了实现成功并购整合S集团,W集团要求旗下最最重要的W中国公司对S中国工厂进行并购整合。W中国成立于1995年,是最早一批外资投资的电梯部件企业,公司成立20多年来,W中国一直保持高速增长。不过随着市场竞争加剧及市场规模小幅下滑,W中国面临巨大竞争压力,外资光环逐渐褪去,2016年销售额也较往年首次出现下降。为了响应集团号召,同时也为了自身发展需要,W中国现在面临的重中之重工作就是如何整合好S公司。本文通过W公司对S公司并购整合问题的提出,结合PEST模型、SWOT分析工具、波特五力模型等分析方法对W、S中国公司内、外部环境做深入探讨和分析,同时结合并购及并购整合理论,效率理论及协同效应理论等,对并购整合方案设计进行探讨,然后从战略整合、组织整合、人力资源整合、销售及市场整合、技术平台整合、营运整合、企业文化整合以及财务整合等方面提出整合方案建议。在整合方案提出后,本文还引进平衡计分卡法对整合效果进行分析研究,着重论述了 W公司并购整合方案设计要点,给出整合方案实施保障及操作方法。更多还原

【Abstract】 With the influence of global economic integration many multinational enterprises grew up through the merger and acquisition(M&A).A lot of researches indicate that many enterprises would like choosing M&A,because it becomes the best way to achieve rapid expansion.Based on lots of successful and unsuccessful M&A case analyses,people knows M&A is a high-risk work and whether M&A successful is caused by successful M&A integration.W elevator group was an old Germany enterprise established in 1968.Study from the history of W group,we knew it was an out-and-out enterprise developing from M&A.The founder Mr.W achieved many successes in M&A and he also failed in M&A.In 2002 Mr.W had to sell his enterprise due to the Fund Chain Break which caused by failure of M&A.Nowadays after several times of transaction Bain Capital(American Investment Corporation)becomes the boss of W group.After the purchasing happened W group met the world economy sag,the continued downturn in trade,the intensification of financial market turmoil and the European debt crisis and so on.Under the background of these factors,continuous global sales decline and less increasing driving,W group had the idea using M&A to achieving expansion.Therefore,they purchased S group in the end of 2015,who was also an elevator component enterprise.In order to make the M&A work successful,W China started to integrate the Chinese factory of S group,which demanded by W group.W China was an earliest enterprise established in 1995 in elevator component industry.W China had achieved very good development within more than 20 years since its establishment.Because sales revenue of W China decreased for the first time in 2016,W China suffered a big market pressure.Responding to group call and in order to its self-developments,the most important work on front of W China is how to integrate S enterprise well.After description of problems about M&A integration,this thesis made a lot of analyses on inside and outside environments of W and S Chinese enterprises with some analysis methods such like PEST model,SWOT analysis tools,Porter’s Five Forces Model.Meanwhile,we also made a lot of researches on M&A integration plan by combining theories of M&A,M&A integration,Efficiency and Synergy Effects.Then we gave some suggestions which from some aspects such like Strategy integration,Organization integration,HR integration,Sales and Marketing integration,Technology integration,Operation integration,Enterprise culture integration and Financial integration.Here we recommended a method of Career-smart Balanced Score Card to analyze the integration results.We also discussed the key points of M&A integration plan emphatically and provided the safeguard measures for the implementation of M&A integration plan.更多还原