基于核心能力的企业并购整合模型及实证研究

【作者】 管述学；

【导师】 庄宇；

【作者基本信息】 西北工业大学 ， 企业管理， 2004， 硕士

【摘要】 并购可以促进资本迅速集中、节省培养人才、开拓市场、开发技术所需要的时间，扩大企业规模，形成营销、技术、管理等的协同作用，因而，购并已经成为企业实现短期内迅速扩张的捷径。世界上许多知名企业都是通过一系列并购产生的，可见并购已经成为企业战略发展的重要手段。九十年代第五次并购浪潮的横向并购和相关并购特点也表明将核心能力和企业并购相结合的研究具有较强的理论价值和现实意义。而并购整合又是企业并购中风险最大的环节，并且是影响并购成败与否的关键因素，因此研究并购整合对于丰富并购理论以及指导我国企业并购实践均具有重要的意义。本文将以企业并购理论和核心能力理论为依据，采用规范性研究和实证性研究相结合的方法，对企业并购整合进行系统的研究。 本文首先对企业并购整合理论及核心能力理论进行了研究，分析了核心能力的五个特性，并根据核心能力的刚性和延展性将企业的核心能力界定为三种形态：基础态、亚状态和成熟态。然后在理论分析的基础上建立了企业并购后整合的框架模型，使企业明确了并购整合的流程。并且对整合模型作了详细的分析，根据并购方企业和被并购方企业核心能力所处的三种形态，本文提出了并购整合模式选择矩阵模型。在这个模型中，提出了五种整合模式：同化式、强入式、吸收式、新设式、分立式。每一种模式下需要进行相应的职能要素(战略、组织结构、人力资源、财务和企业文化)的整合。最后，本文对格林柯尔收购科龙电器的案例进行了详细的整合分析，验证了模型。 本文的主要研究成果：(1)提出应当从核心能力角度实施企业并购战略；(2)建立了基于核心能力的购并整合框架模型；(3)建立了并购整合模式选择矩阵模型；(4)提出应该建立一个并购整合管理部门，并对购并整合过程实施项目管理。更多还原

【Abstract】 Merger and acquisition (M&A) can accelerate capital concentration, reduce time for training talents, exploring market, and developing new technology, expand enterprise’ s business scale, and generate coordination effect in marketing, technology and management. Therefore, M&A has become a shortcut for enterprise to expand its business in short time. Many famous enterprises have developed and strengthened by way of M&A, so M&A has become an important means of corporation strategy development. That the two obvious characteristics of fifth globe M&A wave in 1990s, is horizontal M&A and relating M&A indicates the study of M&A based on core competence has high theoretical value and practical value. Moreover, Post merger integration (PMI) is the biggest risk sector of M&A and the most essential factor which influence the success or failure of M&A. Therefore, study on Post merger integration is not only perfect the M&A theory, but also guide the M&A practice. This paper will take the methods of disciplined testing and reality testing researching the process of M&A.Firstly, after having investigated the enterprise M&A theory and the core competence theory and analyzed the five specialty of core competence, this paper defines the core competence as three states: basic state, inferior state and mature state. Secondly, this paper sets up the post merger integration model which makes the enterprises knowing the process of M&A integration based on the core competence and analyzing the model in detail. Furthermore, the patterns choosing model of post merger integration according to three states of acquiring and acquired business is proposed in this paper. There are five integration modes: intruding, assimilation, creating, absorption, separation. Each mode need to carry through corresponding element (strategy, structure, finance, human resource, culture) integration. Finally, this paper testifies the model by analyzing the case of Greencool Corporation acquiring the Kelon Company.Major accomplishments of this paper are concluded in the following: First, the M&A strategy should implemented from the point of core competence. Second, the post merger integration model based on the core competence is established.Third, the patterns choosing model of post merger integration is proposed. At last, the method of project management should be introduced in the M&A process, and a PMI manager should be appointed in order to integrating after merger successfully.更多还原