【作者】 李梅泉；

【导师】 傅贤治；

【作者基本信息】 江南大学 ， 企业管理， 2007， 硕士

【摘要】 本文通过构建并购目标企业选择的3S模型,说明了战略(Strategy)、产业结构(Structure)和目标企业状况(Situation)是企业在选择目标并购企业时要考虑的关键因素。这三个要素主要从价值链角度出发研究企业并购行为。企业并购的目的是获得竞争优势,竞争优势通过价值链的优化来体现。所以,在并购的研究中,本企业的价值链提升是值得关注的。战略将指引企业本身价值链提升的方向,以此来发现需要改善的价值活动;产业结构的分析,帮助企业了解产业价值链,以找到提高产业地位方向;而对于目标企业本身则从以往的财务指标分析转化到与并购后整合相关的要素上。对并购结果评价以这三点为基础.由此衍生出并购价值链整合检验三要素:深化战略检验、产业升级检验和成本价值检验。这三要素构成了价值链整合检验的理论框架。此框架阐述了针对每个要素的检验方法。本文的研究就是要找到评价目标企业的标准,形成选择目标企业的方法。以提取的三个检验要素作为目标并购企业的评价要点,在此基础上,通过情景分析法构建了并购企业的选择方法。本文关于并购的研究不仅仅关注目标企业本身,更将视角扩大到并购企业的战略,所在行业,充分考虑企业并购前后价值链的变化情况。包括企业本身价值链活动的优化和企业在产业价值链中的地位的提升,这是企业获得长期竞争优势的来源,也是并购所需要达到的最终目的。更多还原

【Abstract】 This article has set up the 3S model which states that the essential factors in selection of M&A target enterprise is the Strategy of the merging corporation, the industry Structure and the Situation of the target corporation. The three key factors are at the point of value chain for the research of M&A activity. The aim of M&A is to acquire the competitive advantage, which would be realized through the optimization of the value chain. So it should be focused on the way of improvement of value chain in the research of M&A. The strategy would be direct the enhancing of the value chain of the enterprise itself. It helps to find the value activities that need ameliorating. The analyzing of industry structure is to know the industry value chain that is for the updating in the industry. While the study on the target corporation alters from the finance index to the matters referring to the post integration. The assessment of M&A is based on the three key factors. And three inspecting elements are derived. They are inspecting on strategy deepening, inspecting on industry updating and inspecting on cost-value. The three elements structure the theory frame of value chain integration. The frame indicates the inspecting method of each element. This article is to find the criterion of M&A target selection. Then form a method to choose the right target through the scenario. The research on M&A focus not only on the target enterprise itself but also the strategy and the industry with plenty of consideration about the changing of value chain. Changes include the value chain optimization and updating in industry value chain. It is the origination of long-term competitive advantage, which is also the ultimate aim of M&A.更多还原