【作者】 崔璨；

【导师】 夏新平；

【作者基本信息】 华中科技大学 ， 工商管理， 2009， 硕士

【摘要】 金融危机的影响一方面让部分经营管理不善的企业资产价值大幅缩水;一方面给予营运健康、资金充裕的企业走出去扩张的机会。在中国企业加速内部整合,加快“走出去”步伐,并购热浪重新卷起的今天,站在四年后的时间节点,从经济的角度再次回顾、总结、评价联想集团(以下简称联想)收购IBM PC业务这一具有典型意义的中国企业跨国收购案,无论从理论还是实践上都具有现实意义。本文试图在对后评估、并购及并购整合理论充分阐述的基础上,着重从绩效评价角度入手,介绍相关理论研究概况并阐明评价方法,结合联想并购IBM PC案例,通过并购背景、过程以及目前并购现状、新的外部环境的分析,提出并购绩效评价体系设计的新思路,并尝试结合各种不同的后评估方法,综合设计评价指标体系,并通过事件研究法以及财务指标法对联想并购前后市场数据、财务报表数据进行实际验证、分析。尽管受诸多不可控因素影响,目前尚没有一种方法能够预测并购整合的最终结果,多年来学者对于并购绩效评价实证研究也没有得出统一的结论。本文写作的目的不是为寻找唯一解决方案,而是试图综合一种更完善的指标体系提供给那些计划对并购实施评估的企业以借鉴。并购后评估是一项复杂的系统工程,需要做大量前后期的资料收集、分析工作,仅本文的阐述不足以完全帮助企业做好评价工作,希望本文能引起相关企业的兴趣与重视,让海外扩张的步伐迈得更稳健,更成功。更多还原

【Abstract】 The recent financial crisis has substantially reduced the value of many enterprises; at the same time it provides unique opportunities to expand market for those companies with sufficient capital and great flexibility in managing their business. In China, the trend has been that companies fastened the speed of integration and global deployment, producing frequent news of merger and acquisition. With four years of experience, we look back from economic perspective, summarize and evaluate the performance of Lenovo’s historic acquisition of IBM’s PC business. We believe this study would both be theoretically appealing and realistic practicality.Through the theory of acquisition and integration, as well as its evaluation learned during the MBA study, with special focus on the performance aspect, the thesis will introduce related research areas and illustrate the evaluation methodology. We apply these theories and methodologies to Lenovo’s acquisition of IBM PC case. By analyzing the background, process, current state and external environment of this acquisition, we provide new ideas on analyzing the effectiveness of acquisitions, and use event study methodology and financial target methodology to validate and analyze these effectiveness.Since there are many uncontrollable factors, there has been no methodology to forecast the eventual success of this acquisition. The objective of this thesis is not to find or provide the eventual solution. Instead, it tries to integrate various theories and provide ideas to those companies sponsoring merger and reorganization initiatives.The evaluation of merger and acquisition is a complex process. It requires large amount of information collection, data analyzing, summarizing and implementation during both the beginning and end age of the deal period. Though this thesis is not a comprehensive guide on evaluating the effectiveness of M&A’s. I hope that it could still provide valuable thoughts on moving toward a more robust and effective expansion process for those who are interested in such initiatives.更多还原