【作者】 张泓；

【导师】 罗荣桂；

【作者基本信息】 武汉理工大学 ， 企业管理， 2002， 硕士

【摘要】 世界范围的企业并购自19世纪末20世纪初开始，至今经历了五次大的浪潮。我国自20世纪80年代始，至今业已经历两次并购浪潮。是什么原因导致了大规模的并购浪潮呢?本文认为：企业并购的动机有三种：一是维持与发展竞争优势；二是实现低成本扩张；三是委托代理制下的经理并购愿望。同时企业并购会产生三种效应：(1)经营协同效应与规模经济的实现；(2)交易费用的节省与竞争压力的减轻；(3)运营效益的提高与企业发展战略的优化。 正是以上三种动因和三种效应，导致了世界范围的风起云涌的并购浪潮。本文通过对国内外企业并购案例的实证研究发现，从企业并购的结果来看，其失败的几率超过其成功的几率。企业并购是一把“双刃剑”，其风险较大。虽然国内外学者对企业并购从不同侧面有较多的论述，但对企业并购风险缺乏系统的研究。于是，本文在研究企业并购机理的基础上，将企业并购的风险及防范作为研究的重点。总结出企业并购存在六大类风险，即：(1)代理人制度风险；(2)并购策划准备不足的风险；(3)谈判过程的非理性风险；(4)财务多付风险；(5)并购后整合不当的风险；(6)多元化的风险。 本文针对企业并购存在的六大类风险，从管理学的角度提出了相应的规避风险的措施，即：对并购战略进行决策依据分析，对并购方案进行审慎性评价，注意在谈判和签约过程中规避风险，搞好并购后的整合与协调等。更多还原

【Abstract】 Since the end of the 19dr century and the beginning of the 20 century,enterprise merger and acquisition (M&A) ail over the world has experienced five big waves. And in China,two such waves have already been experienced since the 1980’s. What caused these large-scale M&A waves? This article holds that there are three types of motivations in M&A. Firstly,to maintain and develop advantages in competition. Secondly,to realize expansion with low cost. And thirdly,the wish to merge of managers under the agent system. Meantime,M&A will produce three kinds of effects as follows:(1) Effect of cooperation in management and realization of economy of scale,(2) economizing business expenses and relieving competitive pressure,(3) increasing operational benefits and optimizing enterprise development strcueay.Those three types of motivation and three kinds of effects have caused M&A wav vs all over the world. Through case study on M&A at home and abroad,we find riiat the probability of success exceeds that of Mure in terms of the results of M&A. M&A is double-edged sword with relatively high risk. Although scholars from home and abroad have made much study on M&A from different perspectives,there is a lack in systematic research on the risks of M&A. Therefore,based on the study on the mechanism of M&A. we focus on its risk & precautions in the research. Conclusion is drawn that there exit six sorts of risks in M&A,narr.eiy:(1) risk of lie agent system;(2) risk of M&A without sufficient planning preparation;(3) non-rational risk during the negotiation process;(4) overpaid risk in financial affairs;(5) risk of improper integration after mergers;(6) multiplex risk.Targeting at the above mentioned six sorts of risks in M&A,we propose relevant measure against the risks from the point of management science,i.e.,making analysis en the basis for M&A strategy decisions and politic evaluation over M&A plan,paying attention to evading risks in the course of negotiation and contract signing as well as bettering integration and coordination following mergers,etc.更多还原