企业并购整合相关问题研究

【作者】 李锐；

【导师】 姜楠；

【作者基本信息】 东北财经大学 ， 会计学， 2005， 硕士

【摘要】 在市场竞争中，适者生存、优胜劣汰是企业成长的基本规律。企业要想生存下去，就必须不断发展壮大。企业的发展壮大一般有两条主要途径：一是企业的自我滚动式发展；另一个是外部扩张式发展，即实施并购。当一家企业用其货币资本来购买比他自己直接投资兴建的成本更低时，购买企业就显得十分必要且经济可行。 自19世纪末以来，世界范围内的企业兼并高潮一浪高过一浪。现代企业的发展史，尤其是跨国公司的发展史，就是一部企业兼并的历史。诺贝尔经济学奖获得者、美国经济学家乔治·史蒂格勒曾说过：“没有一个美国的大公司不是通过某种程度、某种方式的兼并而成长起来的，几乎没有一家大公司是靠内部扩张成长起来的。”在我国，近些年来已有各种类型的并购现象发生，共有两万多家企业被并购。 企业并购是一项高风险与高收益并存的商业行为，许多企业希望通过并购达到转嫁产业危机，规避投资风险，化解企业债务，降低劳动力成本，扩张企业规模的目的。然而，尽管当今企业并购浪潮汹涌，但与振奋人心的高并购金额和数量巨大的并购案例相比，企业并购的成功率并不高。并购失败的重要原因是忽视并购中的管理整合。对一个行将实施并购战略的公司来说，培养管理整合能力比培养资本实力更为重要，不具备优秀的管理整合能力却热衷于进行并购的公司，将付出高昂的没有回报的代价。 本文共分为三个部分，各部分基本内容如下： 第一部分，首先介绍了并购整合的基本理论。主要分为两部分，第一小节详细阐述了兼并、收购、接管等一些与并购相关的概念以及整合的具体含义。第二小节详细分析了企业并购的动机。这一部分是文章的基础，为以后分析并购整合做好了理论基础。 第二部分，企业并购整合的相关内容。这一部分是文章的重点。主要内容是企业并购后整合的必要性、整合的原则、整合的目标、整合的步骤以及整合的主要内容。其中，整合的主要内容是该部分的重点，从战略目标、组织结构、更多还原

【Abstract】 In the competition of the market, only the stronger can live, superior win and the inferior wash out are the basic rules which the enterprise grows. The companies which want to survive the competition must unceasingly grow strong. There are two main roads that companies grow strong: One is the companies develop roll-like by themselves; another is the companies develop by exterior expansion, to be equal to the Merger and Acquisition. When the cost of buying another company by cash is lower than investing, it is indispensable and feasible to buying.Since the late 19 century, enterprise merger and acquisition surges like high tide and waves upon waves in the world scope. The histories of enterprises’ development, especially the Multinational Corporation’s, are the histories’ of merger. The winner of the Nobel Economic Prize, American Economist George ·J ·Stigler once said None of the American big company has been grown up through some kind of degree, some way of annexation, nearly none of the big companies has been grown depended on the internal expansion. In our country, there are all kinds of the phenomena of merger and acquisition and more than twenty thousand companies involved.Merger and acquisition is a high-risk and high-return business. Many companies hope to transfer the industry crisis, avoid the investment risk, solve the trouble of debts, decrease the cost of labor and expand the company’s scale by M&A. Though the M&A wave surges, the success rate is not high, compared to exciting amount of transaction cases of M&A. Neglecting the merger and postmerger integration is the most important reason for the failure of M&A. For a company that will carry out a M&A strategy, developing the ability for managing integration is more important than accumulation of capitals. Without excellent capability of managing integration, companies being crazy about M&A will expend huge cost but no returns.The paper consists of three parts, and the basic contents of each part as followed: In the first part, I introduced the theories about M&A. It composes of two chapters,更多还原