联想集团并购整合IBM PC业务问题研究

【作者】 刘楚峰；

【导师】 高良谋；

【作者基本信息】 东北财经大学 ， 企业管理， 2007， 硕士

【摘要】 并购中的价值创造不是在交易过程中产生的，而是交易完成之后进行资源合理配置才能创造出资源的更有效率的利用。因而并购整合才是资源配置有效性的基础，是能否产生协同创造价值的关键。能力理论认为企业竞争地位的不同来源于企业内部能力体系的差异，核心竞争力是企业竞争优势的源泉。本文将能力理论与并购整合理论相结合，研究围绕的核心观点是：企业并购的价值创造源自并购整合过程中的企业能力管理。整合过程要围绕着能力的保护、转移、扩散、发展来进行，只有通过有效的能力管理，保护好现有的有价值的企业能力，为能力的发展创造条件，逐渐实现组织间优势能力的转移、扩散，并在此基础上增强现有的能力和积累新的组织能力，才会使并购创造价值，通过创造组织氛围创新发展组织能力，培育组织的核心竞争力，使组织获取长期竞争优势。联想集团在实施多元化战略失败后，决定以专业化、国际化为战略导向，回归PC主业集中资源核心经营，将其打造成国际品牌，为了推进该战略选择了并购IBM PC业务部。联想并购整合IBM PC业务部，是具有典型意义的中国企业跨国并购整合案例，对国内企业跨国并购，并购整合的理论与实践都具有现实意义。本文的创新点主要体现在：根据基于能力理论的并购整合分析框架，研究联想并购整合IBM PC业务部；结合PC行业战略产业要素的关键能力度量指标，对整合绩效提出评价；论述了联想集团各阶段能力体系及能力的演化路径；用能力理论对联想多元化战略的失败进行评析。本文总共分为七个部分：第一章阐述本文的研究背景、研究方法、研究框架、创新点与研究局限。第二章阐述了企业能力理论与并购整合理论，为案例分析提供理论基础。第三章分析联想集团从创立至并购前的能力演化路径，对联想在不同阶段的能力体系进行了详细分析，并对能力的演化进行了评述。第四章阐述联想集团的并购动机，用五种竞争力量模型对PC行业进行分析，用能力理论对联想的多元化失败原因进行了探讨，分析了联想选择IBM的原因。第五章介绍了联想并购IBM PC业务部的过程，对并购给联想集团带来的机遇与风险进行了分析。第六章用能力理论分析联想的并购整合，按照能力的保护，能力的转移、扩散，能力的发展将联想并购整合过程分为三个阶段：第一，维持组织稳定保护组织的能力；第二，采用价值链理论与基于流程的能力理论对联想的组织整合、供应链整合、研发与品牌整合、人力资源整合、市场整合进行了深入的分析；第三，提出应建立学习型组织和创新发展中西结合的企业文化来形成有利于组织内积累性知识的形成，成为组织的优势能力和核心竞争力。第七章以能力的视角对联想并购整合IBM PC业务部的绩效进行评价与总结，提出下一步整合的建议。更多还原

【Abstract】 The value creation of Merger&Acquisition(M&A) is not born in the process of trade, but is created on the process of resources optimization disposition (ROD) after the trade, only in this way can the resouces been used more effective. So, Post-Mergers Integration(PMI) is the base of effective resources disposition, the key of whether can we create coordinating value. Competence theory thinks that different Enterprise competition status originates to the different enterprise interior competence system, and the core competence is the fountain head of enterprise competitive advantage. This article combines the PMI theory and competence theory, and the key searching point is: the value creation of corporation merger sources from the enterprise competence management on the process of PMI. The conformity process’s development should revole the competence of protection, transfer, proliferation, and development. Only through effective competence management can protect the current valued enterprice competence, which creats the good condition for competence’s development. In this way, it can gradually form an advanced competence’s protection, transfer, proliferation between the orgnization; further more enhancing the current competence and accumulating the new organizing competence which can make the merger create new value. Through creating organization atmosphere to innovate organization competence and develop the organization core competence, the organization can gain the long competitive advantage.After the failure of multiplex strategy, Lenovo Group decided to take specialization, international changes into the strategic guidance, return pc host business and centralized resources core management, in order to make Lenovo stand in international brands. In this case, Lenovo chose to merge IBM’s PCD. Lenovo PMI IBM PCD is a classic case on Chinese enterprises’ transnational merger, which offered a practical significance on Chinese international merger, PMI theory and practice. This article’s innovation point mainly manifests in: based on the competence system’s PMI Analysis frame; research Lenovo PMI IBM PCD and evaluate the achievement of the merger. It elaborates Lenovo Group’s different competence systems in each stages and their evolved ways and evaluate it’s multiplex strategy’s failure with competence theory. This article can be divided into seven parts:The first chapter elaborates this article’s research background, technique, frame, innovation and the limitation.The second chapter elaborates the enterprise competence theory and PMI theory, which provide the rationale for the case analysis.The third chapter analysis Lenovo’s competence evolved ways from it’s found to merger; carries on the multianalysis the different stages’ competence system and it’s evolved ways.The fourth chapter elaborates Lenovo’s motive of merger. Analysis the whole pc industry by five kinds of competitve strength models. With competence theory discusses the reason for Lenovo multiplication’s failure and analysis the reason for choosing IBM.The fifth chapter introduces the whole process on Lenovo merging IBM PCD and analyses the opportunity and risk which merger brings to Lenovo.The sixth chapter analyses Lenovo’s PMI IBM PCD with competence theory. Divides it into 3 stages based on competence’s protection, transfer, proliferation and development: First, maintains the organization stable and protects organizational competence; Second, uses the value chain theory and prosessing based competence theory carry a thorough analysis on Lenovo’s organization, supply chain, R&D and brand, human resources, and market conformity; Third, proposes people should establish the Learning organization and the innovation China-West combined enterprise culture which is an advantage to form the accumulative organization and becomes the organization’s competence and core competence. The seventh chapter appraises and sums up Lenovo PMI IBM PCD achievments by the view of competence, raises suggestions for next stage.更多还原