本文以经济学和管理学为理论基础.doc

摘 要 本文以经济学和管理学为理论基础，以我国企业并购实践为基点，以企业并购效应为主线，把企业并购区别为横向并购、纵向并购和混合并购三种方式，采用规范分析和实证分析相结合的方法，从企业和社会两个层面对这三种并购方式的并购效应分别进行了论述，并进一步对三种并购方式的综合效应进行了分析。最后在对我国企业并购效应现状及其成因进行分析的基础上，从企业自身经营方法和国家宏观经济制度安排两个层面提出了改善我国企业并购效应的可行的政策建议，期望通过本文的理论分析，能给我国企业并购提供切实可行的理论指导，提高我国企业并购整合的成功率，最大限度的发挥企业并购的经济效应，规避企业并购的负面效应。 横向并购效应主要表现为规模经济效应、反竞争效应以及福利效应三个方面。在对横向并购的规模经济效应进行分析之时，笔者突破国内外一贯采用的前提限制，分析了企业技术和生产要素价格可变的情况下企业并购的规模经济情况，得出了更加符合企业实际情况的结论。此外，笔者从我国产业集中度的实际情况出发，分析了企业并购的反竞争效应情况，从分析中可以看出我国绝大部分产业的产业集中度都偏低，因而在这些产业内实施横向并购不但不会形成垄断，产生反竞争效应，反而可以改善我国企业规模经济状况，提升产业集中度，最终提高我国企业的国际竞争力。因此，当前我国企业并购横向并购仍是主流。笔者以横向并购为例对企业并购的福利效应进行分析，从而得出并购的响是的还负断购导资源节约购导费减损ABSTRACT In this thesis, the author divides the M＆A into horizontal M＆A，Vertical M＆A and conglomerate M＆A, and then analyses the respective effects of these three k- inds from two aspects , i.e. enterprise and society ,with the application of norm ana- lysis and positive analysis. The article bases on the theories of economics and mana- gement, and the practice of China’s M＆A. In the article, the effects of M＆A as a main line get through from the beginning to the end. Furthermore, the author analy- zes the comprehensive effects of the three kinds of M＆A. Finally, by analyzing the present situation and the causes of domestic M＆A the author puts forward the feasible policies and advices about improving the effects of domestic M＆A in the view of the enterprises’ management and the national macroscopic economic system . The author wishes this thesis can give some suggestions for the M＆A of Chinese enterprise, and raise the successful ratio of Chinese enterprise, maximizing the active effect of M＆A and avoiding the negative effect as well. The effect of orizontal M＆A includes scale economic effect , Anti competit- ion effect and . As to the scale economic effect of horizontal M＆A , the author takes the technique and factor prices as variables to draw a conclusion that match the actual situation of the enterprise more, by changing the used premise. In addition, the au