【作者】 姬新龙；

【导师】 陈芳平；

【作者基本信息】 兰州商学院 ， 金融学， 2008， 硕士

【摘要】 核心竞争力理论引发了企业基本价值观的重新思考和思维方式的转变,并从更深层面进化了企业的发展战略观。并购是企业资本运作的一个重要手段,将并购和核心竞争力联系在一起,也即企业并购行为围绕提升核心竞争力这一中心展开,就是本文对战略并购的诠释和理解。证券公司作为资本市场的主体,影响着资本市场的发展前景。证券公司核心竞争力是证券公司内在的一种难以模仿和替代的知识性能力或资产,是区别于其他证券公司从而形成自身持续竞争优势的基础。对日渐成熟和激烈竞争的资本市场来说,未来证券公司之间通过并购重组方式实现成熟的竞争格局将是一个必然的趋势,在此预期前景之下,将从事并购业务的证券公司自身的并购行为作为研究对象,具有一定的现实意义。本文首先指出了战略性并购对企业发展的重要性,同时根据并购理论,将战略并购分为挖掘期和提升期两个阶段,构筑了本篇论文研究的基础理论框架;其次,将证券公司作为研究实体,依据证券公司核心竞争力影响因素指标体系,用因子分析的实证方法,将反映证券公司核心竞争力的因素划分为三个等级,并以此作为证券公司战略并购模式构建的依据;最后,文章选取中信证券的并购成长史作为案例,分别从正反两个角度进行剖析,从中得出核心竞争力的识别、目标企业的选择是证券公司战略并购成功与否的关键前提,证券公司只有做好充分的前期准备,才能最终实现自身的战略目标。最后,文章指出在未来激烈的证券市场竞争中,证券公司只有依靠自身的核心竞争力才能获取更多的机会。选择并购这种外延方式来培育并提升核心竞争力的证券公司可以借助于并购,把不同证券公司分散的专长、技能等能力要素,通过有效并购,使这些能力要素在相关联系和作用中形成新的、更具竞争优势的核心能力。更多还原

【Abstract】 Kernel competitiveness theory has triggered rethinking of the basic enterprise value and change of thinking way, meanwhile, it evolved the development strategy view of enterprise from a deeper layer. Merge is a important method of enterprise capital behave, it connected combination and kernel competitiveness together, this means that merge of enterprise goes along with enhancement of kernel competition, this is the interpretation and understanding of strategy merge by this article.as the main body of the capital market, Securities companies,affecting the prospects of the development of the capital market. kernel competitiveness of securities company is inherently difficult to imitate and also an alternative intellectual ability or assets different from other securities companies , form their own the basis of sustainable competitive advantage. To competitive capital market becoming market-oriented, the future securities restructuring through mergers and acquisitions between companies achieving the competitive landscape will be ripe is an inevitable trend, expected in the future, will be involved in mergers and acquisitions of securities companies of their own merger and acquisition activity as a research object to a certain extent practical significance.This article points out the importance of the strategic acquisition to the development of enterprise, as the acquisition theory, which is divided into mining of strategic acquisitions and upgrading of two phases, the structure cast on the basis of this artile, theoretical framework and secondly, securities companies as a research entities, according to the the index systeme of influence by the Kernel competitive of securities company, with the analysis of the empirical factor, these factors which have influented the kernel competitiveness,will be divided into three grades, as a mode of acquisition of securities companies build strategic basis ;Finally , the article select CITIC Securities merger as a case history of growth, both positive and negative from the point of view of analysis, and draw the kernel competitiveness of identification, is the choice of target enterprises strategic mergers and acquisitions of securities companies is the key prerequisite for success, only securities companies make full preparations to realize its ultimate strategic goal.In short, the future of the stock market competition will become more intense, securities companies rely on their own core competitiveness in the face of fierce competition to get more opportunities. This extension means acquisitions choice to nurture and enhance kernel competitiveness of securities companies can help mergers and acquisitions, securities companies scattered in different expertise, skills, capabilities elements, through the effective acquisition, the ability of these elements in the relevant links and in a new role and enhancing the competitive edge of the kernel competencies.更多还原