企业并购后的协效应及其整合.pdfVIP

摘 要 经济全球化和国际经济一体化是当今世界经济发展的主要趋势。随着经济全 球化进程的加快，国际竞争加剧，跨国并购成为跨国公司国际战略的主要方式。 全球曾掀起了五次跨国并购的浪潮，2000 年跨国并购占全球FDI 总流量的比例为 87.1% 。但是自2001 年起，虽然跨国并购占跨国投资的比重仍然很大，但是这个 比例有所下降。很多研究调查表明跨国并购额之所以下降，是因为大量的跨国并 购的结果最终都是失败的。西方理论界和实业界普遍倾向地认为，并购失败的主 要原因在于并购后的整合出现了问题。 一般而言，企业并购的目的是为了给企业创造更多的价值。本文认为通过并 购实现的价值创造是在并购后整合阶段完成的，而并购后整合阶段所创造的价值 是通过协同效应的产生来实现的。因此，本文基于跨国并购及并购整合理论的基 础，从企业并购后价值创造的根源分析并购整合价值创造的实现过程和协同效应 影响价值创造的机理，并从竞争优势的互补与整合、文化冲突的消融与整合及人 力资源的共享与整合这三个层次深入分析协同效应产生的层次解构，深入研究通 过有效的并购整合产生协同效应从而实现价值创造的过程，从而为企业的有效并 购提供相应的对策与建议。 关键字：价值创造；协同效应；并购整合 I Abstract Economic globalization and international economic integration are the main trend of the world economic development. As the international competition become tougher and tougher, the transnational MA has become the main way of the transnational corporation to proceed with the international strategic. The world has experienced five waves of the transnational MA. Especially the proportion between transnational MA and FDI was 87.1% in the year of 2000. Since 2001, the proportion started to come down. Many studies showed that it was because of the low rate of success of the transnational M%A. Also, the western theoretical and business researchers consider that the key reason that leads to the failure of the transnational MA is the inappropriate integration after transnational MA. Generally speaking, the purpose of the MA is to create more value for the enterprises. The opinion of this thesis is that it is the step of the integration that accomplish the value creating, and the value that is created during the integration is accomplished through the co-effect of transnational MA.