【作者】 滕召华；

【导师】 马超群；

【作者基本信息】 湖南大学 ， 管理科学与工程， 2003， 硕士

【摘要】 随着经济全球一体化形成，市场纷争愈演愈烈。企业战略并购是保存自己、消灭对手在短期实现规模扩张，产生管理协同效应的最佳途径。 并购是一把“双刃剑”，在宰割别人时，也会误伤自己；并购是一个“美丽陷阱”，在吞噬廉价资产时，也会掉进整合无效的泥潭。本文以竹胶板企业为研究对象，就其战略并购动因、并购整合及其未来发展趋势进行了全面探讨。首先对国内外战略并购理论进行研究，分析了全球六次并购浪潮形成原因；认真回顾了我国企业并购的发展历史，探求企业并购后产生的三个效应，即：企业微观效应、行业规范效应、国家宏观效应。其次对竹胶板企业的发展历程作了全面剖析，总结其战略并购的动因：一是在加入WTO后企业必须做大做强；二是面对行业的竞争加剧需要规模经营；三是为改善财务状况需要并购重组；四是企业的发展战略需要并购扩张；五是借并购契机规范企业制度。接着着重研究了企业战略并购自我评价和对目标企业的选择，并从财务、销售、生产、人员等方面进行了评估，寻求目标企业的优势；详尽阐述了竹胶板企业具体实施并购的整个过程，同时对其在并购过程中可能出现的营运、信息、融资、体制等风险进行了分析，提出了五项风险防范措施。之后，重点研究了竹胶板企业战略并购后的整合，结合洪江竹业股份有限公司的具体案例，对人力资源、有形资产、无形资产、管理制度、特别是对企业文化的整合作了认真研究。最后，对竹胶板企业战略并购及整合进行了客观评价，并从生产基地、市场营销、科技创新、科学管理四对竹胶板企业提出了今后的发展方向。 本文运用案例分析、统计分析方法，对竹胶板企业进行了整体研究，研究结果表明，任何战略并购都没有固定的模式道路可走，唯有根据企业自身特征，因地制宜开展工作才能收到管理协同效应。战略并购不是灵验的特效药，战略并购其实是一个不断完善、发展的过程。更多还原

【Abstract】 With the integration of global economy and increasing market competition, the strategic M&A of enterprises is the optimal approach to achieve the scale expansion, in short term and result in managerial cooperation effect.M&A is a double-edged sword which is detrimental to all parties concerned. M&A is also "beautiful trap", i.e. the merging enterprise is involved in the ineffective integration while acquiring the inexpensive assets. This paper, based on Bamboo Plywood Enterprise, makes a comprehensive study of the reasons, integration, and future trend of the strategic M&A.Firstly, through the research of the theories of strategic M&A, the paper analyzes the reasons of six global M&A waves, reviews the history of the enterprise M&A in China and explores the effects after the enterprise M&A.Secondly, based upon the detailed analysis of the development of Bamboo Plywood Enterprise, the paper concludes the reasons for the strategic M&A as follows.1. After China’s access to WTO, the enterprise should be further extended and strengthened.2. Faced with the increasing competition, the firm must be run with scale effect.3. M&A is essential for the improvement of financial position.4. M&A and expansion are also needed for the strategic choice.5. The corporate mechanism should be standardized through M&AThirdly, based on the study of the alternative strategic M&A programs and the choice of target enterprises, the paper makes an evaluation of the accounting, sales, production and personnel, and determines the existing advantages of the enterprise and expounds the whole process of the implementation of M&A. In the meantime, the paper analyzes the possible risks of operation, information, financing and system and presents five protective measures. -Fourthly, the paper lays emphasis on the integration after the strategic M&A, making a careful study of the human resources, tangible and intangible assets, management modes, especially corporate culture.Lastly, the paper makes an objective evaluation of the strategic M&A andintegration, points out its experience and problems and offers some proposals for the future development from the perspectives of production base, marketing, technological innovation and scientific management.An integral study is made of Bamboo Plywood Enterprise with qualitative and quantitative methods. The empirical results show that there are no fixed modes for any strategic M&A, only in accordance with the unique characteristics of the enterprise. Strategic M&A is not a specific remedy, instead, it is process which needs to be further developed.更多还原