【作者】 范诗科；

【导师】 余志虎；

【作者基本信息】 合肥工业大学 ， 工商管理， 2008， 硕士

【摘要】 在市场竞争中,适者生存、优胜劣汰是企业成长的基本规律。企业要想生存下去,就必须不断发展壮大。企业的发展壮大一般有两条主要途径:一是企业的自我滚动式发展;二是外部扩张式发展,即实施并购。当一家企业用其货币资本来购买比他自己直接投资兴建的成本更低时,购买企业就显得十分必要且经济可行。企业并购是一项高风险与高收益并存的商业行为,许多企业希望通过并购达到转嫁产业危机,规避投资风险,化解企业债务,降低劳动力成本,扩张企业规模的目的。然而,尽管当今企业并购浪潮汹涌,但与振奋人心的高并购金额和数量巨大的并购案例相比,企业并购的成功率并不高。并购失败的重要原因是忽视并购中的管理整合。对一个行将实施并购战略的公司来说,培养管理整合能力比培养资本实力更为重要,不具备优秀的管理整合能力却热衷于进行并购的公司,将付出高昂的没有回报的代价。本文在阐述国内外企业整合问题研究现状的基础上,介绍了并购整合的基本理论,分析了国内外学者对并购理论研究的异同点;论述了企业并购整合的相关内容,即企业并购后整合的必要性、整合的原则、整合的目标、整合的步骤以及整合的主要内容,并进行了我国企业并购整合的实践现状和存在问题的研究;最后,提出了解决企业并购整合现有问题的对策。更多还原

【Abstract】 In the competition of the market, only the stronger can live, superior win and the inferior wash out are the basic rules which the enterprise grows. The companies which want to survive the competition must unceasingly grow strong. There are two main roads that companies grow strong: One is the companies develop roll-like by themselves; another is the companies develop by exterior expansion, to be equal to the Merger and Acquisition. When the cost of buying another company by cash is lower than investing, it is indispensable and feasible to buying. Merger and acquisition is a high-risk and high-return business. Many companies hope to transfer the industry crisis, avoid the investment risk, solve the trouble of debts, decrease the cost of labor and expand the company’s scale by M&A. Though the M&A wave surges, the success rate is not high, compared to exciting amount of transaction cases of M&A. Neglecting the merger and acquisition integration is the most important reason for the failure of M&A. For a company that will carry out a M&A strategy, developing the ability for managing integration is more important than accumulation of capitals. Without excellent capability of managing integration, companies being crazy about M&A will expend huge cost but no returns.The paper expatiated on the related academic research of M&A integration in our country and others. On the basis of it, the article introduced the related theories of M&A integration and it analyzed the difference of the theories of the researchers in our country and others. Its main contents are the necessity of integration, the principle of integration, the goal of integration, the approach of integration and the detail of integration. I introduced the status of integration in our country, the research of problem and practice. In the last part, I put forward the solution of integration.更多还原