【作者】 李云江；

【导师】 彭迪云；

【作者基本信息】 南昌大学 ， 企业管理， 2008， 硕士

【副题名】基于公司治理的视角

【摘要】 目前,随着经济全球化的发展,企业之间的兼并与收购行为已成为一种资源配置的有效机制,并促使各国企业的公司结构和法人治理领域发生变革。但与此同时,许多企业由于缺乏有效的并购后整合,并购后能真正实现企业规模扩张和良性发展的比例很低,并购失败率居高不下。众多的并购实例说明,企业并购是一把“双刃剑”——企业既可以借助并购得到加速扩张和成长,也可能因整合不利而背上包袱,阻碍发展。因此,本文将基于公司治理的视角,以企业集团作为研究对象,对企业集团并购后的有效整合问题进行系统的论述。文章在结构上共分7章,除导论(第1章)和结论与展望(第7章)外,大体分为三个部分。第一部分由第2章和第3章构成。文章首先回顾了企业集团和企业并购等的相关概念与理论,进而对公司治理与并购整合之间的相关联系进行分析,并对企业集团并购整合的机理进行论述,旨在为本文提供坚实的理论基础。第二部分由第4章和第5章构成。文章首先就一般企业的公司治理边界和公司治理结构进行了阐述,并将相关的问题扩展到企业集团进行分析,然后分别从内部治理和外部治理对企业集团的并购后整合进行详细的讨论,着重分析母子公司间、关联公司间的整合问题以及利益相关者问题。文章的最后部分即第6章,为联想并购IBM的案例分析。本文将就联想集团的并购原因、并购过程、整合过程以及并购结果进行细致的分析,最后对案例进行总结并提出相关启示,为整合理论的运用提供现实依据。更多还原

【Abstract】 Recently, as the development of economic globalization, the merger and acquisition (M&A) has been an effective mechanism to allocate resources among companies, and has made a worldwide innovation in the field of enterprise structure and corporate governance. While, many enterprises lack of valid integration after M&A, so, the number of enterprises that have made healthy development and real expansion is few, which will induce high rate of failure in M&A. Many examples have given the point that M&A is a double-edged sword for companies, which can make a quick development and also can become a burden because of invalid integration. So, this thesis will relatively base on the theory of corporate governance, make the enterprise group as an object of study and do a systematic discussion in post-merger integration (PMI).In general, this thesis has seven chapters, besides Introductions (chapter 1) and Conclusions and Prospects (chapter 7), it will be divided into three parts.The first part include chapter two and three. For sake of having a solid theoretical foundation, it will take a review about conception and theory relative in corporate governance and integration, analyze the relationship between them, then discuss the inner principle about enterprise group’s PMI.The second part include chapter four and five, it will expound the notion of governance boundary and governance structure; extend the analysis into the field of enterprise group. Then discuss the corporate group’ PMI respective from internal governance to external governance, which will put emphasis on the problem about integration of parent company and its subsidiaries and affiliated companies, also about the problem of stockholders.The last part is chapter six, there will be a case that Lenovo buys IBM’s PC division .It will give a specific description about the reasons why should Lenovo group do the M&A and the processes how have they done in PMI. In the end, it will make some conclusions and revelations about the case in order to give more realistic evidence in application for theory of integration.更多还原