中国企业跨国并购后的整合研究

论文摘要

近年来，不论是国内还是国际，并购的浪潮一浪高过一浪，尤其是我国加入WTO以来，有关中国企业并购的报道日益频繁，国内企业将并购当作做大做强、走向世界的一种方式，因此并购案例不断的增多。显然，通过并购的手段，不仅可以争取实效，缩短建设时间，减少资金的大量投入还可以利用现成的营销渠道或生产设备，迅速的扩张产品线，掌握先进技术与管理制度，迅速的进入市场或另一种行业领域，甚至能借此廉价收购来提升企业的效率，获取市场占有率，扩大企业经营范围及提高知名度。在所有的失败案例中，80％以上的直接或间接原因是由于并购后企业整合的失败。尽管决定企业并购是否成功与并购的具体操作有直接联系，但关键还是要看并购后的企业是否能进行有效整合与企业竞争力是否真正增强。从世界范围看，并购失败的原因大多数在于整合的失败，因而并购后的整合研究显得非常必要。本文通过对跨国并购整合理论及联想并购IBM案的研究，针对我国在跨国并购整合方面存在的问题提出了建议。全文分为四个部分。第一部分是对跨国并购，并购后整合的基本概念以及我国现阶段的跨国并购发展的基本情况的介绍。第二部分介绍了有关并购整合基础理论，包括交易费用理论，企业成长理论，企业竞争力理念及企业能力理念，并分析并购后整合的原则和目标，整合的战略以及整合中存在的问题。第三部分从管理，经营战略，人力资源，文化等并购整合的有关方面对并购后的整合进行了分析，并以联想并购IBM的整合案例为例给予了介绍。第四部分对我国企业跨国并购整合中存的问题并给予了若干建议。

论文目录

• Abstract
• 摘要
• Chapter I Introduction
• 1.1 Definition of Cross-border M&A
• 1.2 Definition of Post Cross-border M&A Integration
• 1.3 The Recent Development of Chinese Cross-border M&A
• Chapter II Basic Theories of Post cross-border M&A Integration
• 2.1 Necessity of Post Cross-border M&A Integration
• 2.2 Basic Theories of Post Cross-border M&A Integration
• 2.2.1 Transaction Cost Theory
• 2.2.2 Theory of the Growth of the Firm
• 2.2.3 Competitiveness Theory
• 2.2.4 The Capability Theory of Firm
• 2.3 Principles and Target of Post M&A Integration
• 2.3.1 Principles of Post M&A Integration
• 2.3.2 The Goals of Integration
• 2.4 Problems in the Integration Process
• 2.4.1 Determinism
• 2.4.2 Value Destruction
• 2.4.3 Leadership Vacuum
• 2.5 Types of Integration Strategies
• 2.5.1 Holding
• 2.5.2 Absorption
• 2.5.3 Preservation
• 2.5.4 Symbiosis
• Chapter III Aspects of Post cross-border M&A Integration
• 3.1 Management of Post Cross-border M&A Integration
• 3.1.1 Initial Feelings and Establishing the Integration Process
• 3.1.2 Managing the Post Cross-border M&A Integration Process
• 3.1.3 Managing the group during the integration
• 3.2 Integration of Operation Strategy
• 3.2.1 Integration of Production and Management Directions
• 3.2.2 Integration of Operational Activities
• 3.3 Integration of Organizational Collaboration
• 3.4 Integration of Knowledge and Competence
• 3.5 Integration of Human Resource Management
• 3.5.1 The Role of Human Resource Management
• 3.5.2 Integration of Human Resource
• 3.6 Integration of Culture
• 3.6.1 Cultural Differences
• 3.6.2 Culture Clash in Cross-border M&A
• 3.6.3 Stage of Cultural Integration
• 3.6.4 Implementation Steps of Cultural Integration
• 3.7 Case Analysis - Lenovo's Merger and Acquisition of IBM
• 3.7.1 Profiles of the Acquiring and Acquired Companies
• 3.7.2 Acquisition Process
• 3.7.3 Risk analysis of Lenovo's M&A
• 3.7.4 Analysis of Lenovo's Post M&A Integration
• Chapter IV problems and Countermeasures of Chinese enterprises' post cross-border M&A integration
• 4.1 Problems of Chinese Enterprises' Post Cross-border M&A Integration
• 4.1.1 Lack of a Strategic Consideration and Plan
• 4.1.2 Lack of Operational Integration after Cross-border M&A
• 4.1.3 Problem of Human Resource Integration
• 4.1.4 Lack of Integration on Management Model and Management System
• 4.1.5 Conflicts of Post Cross-border M&A Cultural Integration
• 4.2 Countermeasures to the Problems
• 4.2.1 Perfecting the Property Rights System Reform of State-owned Enterprises
• 4.2.2 Perfecting Government Action in the Post Cross-border M&A Integration and Constitute Relating Laws and Regulations
• 4.2.3 Paying Attention to Business Integration
• 4.2.4 Adjusting the Speed of Post Cross-border M&A Integration
• 4.2.5 Providing Necessary Capital Protection
• 4.2.6 Improving Quality of Management Layer in Integration Decision-making
• 4.2.7 Pay Attention to Cultural Integration
• 4.2.8 Form Professional Intermediaries, Assessment Agencies and Training Specialized Personnel
• CONCLUSION
• REFERENCES
• ACKNOWLEDGEMENTS