【作者】 雷常艳；

【导师】 向显湖；

【作者基本信息】 西南财经大学 ， 会计学， 2008， 硕士

【摘要】 在当今激烈的市场竞争中,企业只有通过不断地发展壮大才能在竞争中求得生存。而企业要发展壮大通常有两种途径:一是靠企业内部资本的积累,实现渐进式的成长;二是通过企业并购,迅速扩展资本规模,实现跳跃式发展。美国著名经济学家施蒂格勒( G.J.Stigler)在考察美国企业成长路径时指出:“没有一个美国大公司不是通过某种程度、某种形式的兼并收购而成长起来的,几乎没有一家大公司主要是靠内部扩张成长起来。”从企业成长的角度来看,与企业内部资本积累相比较,企业并购可以给企业带来多重绩效。自20世纪90年代以来,在全球范围内掀起了新一轮企业并购热潮,重大的并购案例此起彼伏,高潮迭起,且有愈演愈热之势。与前几次并购浪潮相比,此次并购浪潮呈现出许多不同的特点,其最为明显的表现在越来越多的企业将并购与企业核心竞争力的构建紧密结合起来。我国并购历史短,在中国这一片刚开垦的处女地上有成功的案例,但惨痛教训也不少。因此关注企业并购与核心竞争力这一点对处于并购热潮中的我国企业而言,是十分重要的。随着世界的发展变化和全球经济一体化的加强,企业间的竞争会逐渐加剧,产品的生命周期也会相应缩短,企业的成功不再归功于偶然的产品开发或灵机一动的市场战略,而是企业核心竞争力的外在表现。纵观各大企业核心竞争力的构建过程,我们知道通常企业构建核心竞争力的基本模式有两种:一是通过自我发展;二是通过并购某些具有专长的企业,或与拥有互补优势的企业建立战略联盟。与自我发展构建企业核心竞争力相比,企业并购具有时效快、可得性和低成本等特点。我们从核心竞争力的角度来看近年全球企业的并购浪潮,不难发现,很多企业正是试图通过并购来构建新的、更高层次的核心竞争力,以期实现企业的持久竞争优势。第五次全球企业并购浪潮所呈现出的新特点表明,随着经济信息化、全球化进程的日益加快,企业之间的竞争越发激烈,企业要想求得自身的生存和发展,必须具备一定的竞争优势。企业的竞争优势究竟如何形成?越来越多的事实表明,企业的竞争优势并非来自外部市场力量,而是企业自身的某种因素。正是在此基础上,构建并提升企业的核心竞争力以赢得竞争优势,已受到越来越多企业的重视。对比核心竞争力的两种构建模式得知,尽管要完成从搜寻具有某种资源和知识的并购对象到实现并购,并进行资源重组,从而构建企业核心竞争力的过程仍然需要一定的时间,但这种方式比通过自我发展构建核心竞争力要快得多。对于那种企业需要的某种知识和资源专属于某一企业的情况,并购就成为企业获得这种知识和资源的唯一途径。近几年来,在资本经营和低成本扩张的诱惑和推动下,我国企业也掀起了一股企业并购的热潮。通过并购构建核心竞争力的低成本性主要体现在从事收购的企业有时比目标企业更知道它拥有的某项资产的实际价值。同时,我们也应注意到,并购只是一种手段,企业核心竞争力的提升才是最终目的。但很多企业的并购往往更过于看重规模的扩大,对通过并购来强化核心竞争力这一并购的真正目标缺乏真正的认识,从而使一些企业并购徒有“大”的外表,根本没有形成企业的核心竞争力。这种缺乏核心能力的规模扩张只是一种不能持久的“泡沫”。在“做大”中突出“做强”应成为我国企业经营的新理念。本文主要采用的研究方法:首先在规范性分析的基础上,以企业并购理论及相关理论为基础,主要阐述企业并购与其并购目标的关系,积极搜集国内外并购案例作为论证的依据。二是结合案例分析,通过选用典型的并购案例,说明并购目标的实现应该是循序渐进的。本文研究中涉及到并购理论,核心竞争力理论,并购与核心竞争力的关系等,在研究中运用了规范分析和案例分析相结合的方法,并坚持重点突出与整体兼顾相统一的原则。全文共分为六章,基本思路和主要内容如下:第一章介绍选题的背景和意义,以及文章的内容框架。第二章提出并购的一般理论,并对我国企业并购的情况进行回顾,从而引入当今环境下并购的实质就是提高核心竞争力。这一章在全文中起到了承上启下的作用,为下文打下了基础。第三章介绍核心竞争力的一般理论,以及核心竞争力如何构建与提升,从而引入核心竞争力与并购的关系。这与第二章中“并购的实质是核心竞争力”的内容相辅相承。第四章重点介绍并购与核心竞争力的互动关系。主要表现在并购对企业核心竞争力的影响,企业核心竞争力又如何反过来对并购行为的要求。第五章介绍基于核心竞争力的企业并购战略模式,并以中集集团为例介绍并购与核心竞争力如何在实践中共同发展。第六章得出结论。本文的贡献主要有:一是对企业并购和核心竞争力的有关理论进行了梳理,为分析并购与核心竞争力的关系奠定了坚实的理论基础;二是把企业并购与核心竞争力作为一个整体来研究,为并购实践提供了指导;三是结合中集集团的成功案例说明并购应该一步一步来实现,不可能跨越式发展,对那些企图通过盲目并购实现扩张的企业提出警示。更多还原

【Abstract】 Enterprises should continuously develop and grow to survive in the fierce competition in the market. As usual, enterprises have two ways to develop and enlarge themselves: First, based on the accumulation of capital within the enterprises. Second, through corporate mergers and acquisitions, enterprises rapidly expand the scales of capital and realize leap-style development. During researching Enterprise Growth Path in the United States, the well-known American economist Stigler (GJ Stigler) said:“There is no one major American company is not through some degree, some form of M&A grows up, and almost no large companies relied mainly on internal expansion to grow up.”Seeing from the growth of enterprises, the corporate mergers and acquisitions can bring enterprise multiple performance compared with enterprises’internal capital accumulation.Since the 1990s, a new round of corporate mergers and acquisitions boom has been set off at the global level. Major merger cases crops up one after another. Compared with previous waves of M&A, this merger wave has many different characters. It is obvious to show that more and more enterprises will closely combine the construction of the core competence with enterprise M&A. As for Chinese enterprises, it is very important to concern about that.Generally speaking, there are two basic models for the core competence of enterprises: First, self–develop and build enterprise core competence; Second, merger and acquire some enterprises with expertise, or establish a strategic business alliance with those enterprises with their own advantages. Compared with constructing the core competence of enterprises by self-development, enterprises have the characteristics of immediate acquisition, availability and low cost.According to the core competence of enterprises, analyzing the wave of the M&A of the global enterprises these years, it is obvious that many enterprises are trying building a new, higher level core competence through M&A to achieve lasting competitive advantages. The new features occur in the fifth wave of the global corporate mergers and acquisitions, with the economic information, and the speed of the process of globalization, enterprises increasingly fierce competition between enterprises, in order to achieve their own survival and development; we must have certain competitive advantages. How can the competitive advantages of enterprises form? More and more facts have shown that the enterprises competitive advantages do not come from external market forces, but from some factors within enterprises themselves. It is on this basis that building and enhancing the core competence of enterprises to gain a competitive advantage has drawn more and more enterprises attention. Although it requires time to search for some resources and knowledge of acquisition and reorganize the resources, to build their core competence, it is much faster to construct the core competence than to make it through self-development. As for knowledge and resources belonging to a particular enterprise, M&A have become the only way for enterprises to gain them.In recent years, in the temptation and promotion of the capital operation and low-cost expansion, China’s enterprises also rise to an M & A craze. But many M&A businesses are too often valued more the expansion of the scale, but are lack of real understanding of the real objective of this acquisition by strengthening the core competence, so some enterprise M&As seem to have the“big”appearance, but they can’t form the core competence at all. This expansion lacking of core competencies of scale can not be lasting like a“bubble”. The idea of“strengthening”highlights while“enlarging”should become our new business ideal.This paper mainly used the following research methods: through normative analysis, based on theory and the related theory, this thesis mainly illustrates the relationship between M&A and major goal of its acquisition, actively collects the cases at home and abroad for the demonstration. Second, this paper analyzes with some merger cases. Through typical cases of acquisition, it illustrates that the objectives of the merger should be gradual. This study involves the theory of acquisition, the core competence and the relationship of M&A and core competence, and etc. This paper uses methods of standardized analysis and case analysis, and sticks to the principle of emphasized focuses and overall balance.Thesis can be divided into six parts:I. The first part presents the background and the significance of this thesis as well as the way of research.II. The second part proposes general theory of merger, and recalls the situation of China’s M&A. Thus the essence of M&A is to improve the core competence.III. The third part introduces the general theory of the core competence, and presents relationship between core competence and acquisition by analyzing how to build and upgrade the core competence.IV. The fourth part focuses on interrelationship between mergers and acquisitions and core competence.V. The fifth part introduces the corporate mergers and acquisitions strategy mode based on the core competence, and sets an example on how the core competence develops in practice.VI The sixth part makes a summary.The innovations are the following:First, this thesis takes the M&A and core competence as a whole to study and provides guidance for the acquisition. Second, this paper gives an example of the success for the Group to illustrate that the merger cases should be achieved step by step, and warns those enterprises that it is impossible for them to expand through blind acquisition.更多还原