企业并购后的整合管理研究

【作者】 韩华龙；

【导师】 龚建立；

【作者基本信息】 浙江工业大学 ， 技术经济与管理， 2004， 硕士

【摘要】 企业并购整合是决定企业并购绩效的一个关键环节。一般认为，并购整合是比完成股东之间的并购交易更为重要、也更为复杂的一项工作。然而，在现有的，特别是国内的企业并购理论研究中，并购整合问题却没有受到应有的重视，结果不仅导致并购整合理论相对其他企业并购理论(如并购动因和效应理论)的严重滞后，而且导致并购整合理论已远远不能满足当今企业并购实践的需要。 并购后企业之间的整合之所以难以进行，主要是由于两个不同企业之间产生的大量冲突和摩擦，而这些冲突和摩擦的存在归根结底是由于企业的异质性引起的。企业文化正是决定企业特质的重要因素。另一方面并购整合能否顺利达到预期目标，还要看并购后企业核心能力的发展，而企业文化可以成为企业的核心能力进而支撑企业的持续市场竞争优势。因此，对并购后文化整合的研究越来越引起人们的重视。 在上述基础上，本文首先阐述了全球企业并购的五次浪潮，提出了一个管理整合的整体框架，然后重点分析了企业文化的性质(即各个企业间文化的排异性及相互间文化趋于一致的融合性)和企业文化的作用。然后，分析了并购后文化风险的来源与影响，提出了文化整合的四种基本模式以及整合模式的选择过程。在此基础上，本文又进一步分析了中国企业并购整合的文化环境及可采取的文化适应模式，并进行了实证分析。更多还原

【Abstract】 Integration is the key to determine the performance of firm M&A. Its common knowledge that integration is more important aid complex than equity exchange But the problem existing in the process of M&A integration is ignored in current, especially domestic documents. Therefore, the theory of integration lags behind other theories in the area of M&A such as the theory of M&A motives and M&A performance, and can’t meet the need of practices todayThe reason that integration large numbers after M & A is so difficultly progressing exists in the of the collisions between two different corporations, which are brought by the heterogeneity of corporations in the final analysis , Corporations culture is an important factor that decides the idiosyncracy of corporations. On the other hand .whether integration can successfully achieve the anticipate aims or not depends on the development of the core capacity after M&A. corporation culture can become the core capacity and accordingly support the durative marketable competitive advantage.Firstly, the article expatiates the five tidal waves of M&A and analyses the quality of corporate culture (the heterogeneity between the corporations and the amalgamation of the different corporations) and the functions of corporate culture. Then, the article analyses the origin and effect of cultural risk after M&A and puts forward four basal modes of cultural integration and the selective course of integration modes. On the basis of the above, the article analyses the cultural circumstances of the corporations in China and puts forward the possible modes.更多还原