TCL公司海外并购的研究-工商管理专业论文.docxVIP

Master’s Degree Dissertation of Chongqing University On the Oversea Merger and Acquisitions of TCL Corporation Master Degree Candidate：Yu Xinxia Supervisor：Prof.Meng Weidong Major：Business Administration The College of Economics and Business Administration Chongqing University Oct. 2007 摘 要 随着中国经济的发展和国内竞争的加剧，一批制造业开始寻求国际扩张，跨 国并购是实现国际化经营的一条捷径。2004 年 TCL 集团曾进行了二次跨国并购， 时至今日并购的结果已呈现在世人面前。探析 TCL 并购失败的原因，以供后来者 在跨国并购决策时借鉴是文章的出发点。文章先简述跨国并购的基本理论，然后 运用长期经营业绩分析法对 TCL 集团海外并购的绩效作出评价；采用 SWOT 分析 法对 TCL 并购的动机和并购后的整合管理作了详细分析，指出了 TCL 多媒体并购 失败的主要原因在于产业发展方向判断错误、并购协议不当、经营成本过高、重 组成本高昂和人员整合失败；而 TCL 通讯并购成功在于有效地降低了人力成本和 业务整合成功。在此基础上，以并购的目标企业为研究对象进一步分析这二起并 购的不同，指出并购所暴露出的 TCL 集团内部管理问题：缺乏核心竞争力；公司 决策不科学。文章最后提出中国企业跨国并购应具备的条件和注意的问题。 关键词：海外并购，整合，绩效 I ABSTRACT With the Chinese economic development and domestic competitive intensification, a passel of manufacturing begins to seek a way to help international expansion .The cross-border MA is a shortcut to achieve international operation. In 2004, TCL Corp. merged and acquired TV business from Thomson Group and Mobile Phone business from Alcatel Corp... Now, the results of the mergers are shown to the world. Exploring the reasons for the failure of TCL MA is to help the later make better decision. Firstly, the transnational basic theory is introduced briefly. Then the performance evaluation after MA is discussed by the use of analysis for long-term operating results. Using SWOT analysis, the motives of TCL MA and integration management are studied. The failure of TCL Multimedia Holding Ltd is resulted from fault forecasting for industrial development prospects, improper merger agreement, and unsuccessful cultural integration, high operating and restructuring costs. And the success of TCL Communication Holding Ltd relies on effectively reducing the human cost and acquiring synergies. On this basis, studying further the differences between target enterprises, the TCL Groups internal management disadvantages are exposed: lack of core competitiveness; uns