本文選題：并購(gòu)動(dòng)因 + 整合方式　； 參考：《華南理工大學(xué)》2014年碩士論文

【摘要】：面對(duì)來(lái)自國(guó)外企業(yè)的競(jìng)爭(zhēng)，許多中國(guó)企業(yè)已經(jīng)在國(guó)內(nèi)市場(chǎng)占據(jù)了主導(dǎo)地位。在全球化的背景下，中國(guó)企業(yè)迫切需要在國(guó)外市場(chǎng)上提高國(guó)際競(jìng)爭(zhēng)力。然而，中國(guó)企業(yè)從產(chǎn)品設(shè)計(jì)到品牌營(yíng)銷等諸多方面的水平和程度與國(guó)外同行還存在著很大差距，在競(jìng)爭(zhēng)全球化的影響下，中國(guó)企業(yè)急需提高自身的國(guó)際化水平。跨國(guó)并購(gòu)可能是中國(guó)企業(yè)獲得戰(zhàn)略資源，擴(kuò)張市場(chǎng)最快、最方便的的方式。在過(guò)去的幾年中，跨國(guó)并購(gòu)已經(jīng)成為許多中國(guó)企業(yè)的主要戰(zhàn)略之一。 本文運(yùn)用案例研究的方法，對(duì)三一重工并購(gòu)德國(guó)普茨邁斯特和中聯(lián)重科并購(gòu)意大利CIFA兩個(gè)并購(gòu)案例作比較研究，尋找中國(guó)企業(yè)跨國(guó)并購(gòu)的并購(gòu)動(dòng)機(jī)和整合方式的形成受到那些因素影響，分析整合方式對(duì)并購(gòu)績(jī)效的影響機(jī)制。本文試圖深入探究以下四個(gè)問(wèn)題：（1）中國(guó)制造企業(yè)具有什么樣的跨國(guó)并購(gòu)動(dòng)機(jī)？（2）他們采用了那些不同的整合方式？（3）企業(yè)特有因素、情境因素和并購(gòu)動(dòng)機(jī)如何影響他們的整合方式？（4）整合方式如何影響并購(gòu)績(jī)效？本文將在資源基礎(chǔ)理論視角下，分析三一重工和中聯(lián)重科探索資源、獲取資源的跨國(guó)并購(gòu)動(dòng)機(jī)。以競(jìng)爭(zhēng)驅(qū)動(dòng)、尋求市場(chǎng)、尋求技術(shù)、尋求戰(zhàn)略資產(chǎn)和尋求效率五種并購(gòu)動(dòng)機(jī)特征，對(duì)案例的并購(gòu)動(dòng)機(jī)進(jìn)行分析。采用企業(yè)能力和情景因素兩個(gè)概念，探討并購(gòu)動(dòng)機(jī)和整合方式受到那些因素的影響。本文采用霍夫斯泰德的文化維度理論，從權(quán)力距離和不確定性規(guī)避兩個(gè)維度探究東道國(guó)與中國(guó)文化差異，探討這些差異如何影響到人們的組織觀，從而影響到并購(gòu)雙方在整合資源當(dāng)中解決問(wèn)題的方式。進(jìn)而尋找中國(guó)企業(yè)整合西方企業(yè)面對(duì)文化差異時(shí)的解決辦法。本文用戰(zhàn)略依賴性和獨(dú)立性需求兩個(gè)維度來(lái)分析并購(gòu)企業(yè)和被并購(gòu)企業(yè)之間的依存關(guān)系。在這兩個(gè)維度上，本文將與之相匹配的整合模式分為吸收式、共存式、保護(hù)式及控制式四種整合模式。通過(guò)對(duì)兩個(gè)企業(yè)的并購(gòu)績(jī)效與整合模式之間的分析、比較，本文探究不同整合方式對(duì)并購(gòu)績(jī)效的影響。 通過(guò)本文的研究分析，得出以下幾點(diǎn)主要結(jié)論： （1）中國(guó)工程機(jī)械制造企業(yè)借助跨國(guó)并購(gòu)，希望將發(fā)達(dá)國(guó)家的品牌、研發(fā)能力等無(wú)形資產(chǎn)轉(zhuǎn)移到國(guó)內(nèi)，以加強(qiáng)自身在國(guó)內(nèi)的競(jìng)爭(zhēng)地位。為了分散因過(guò)于依賴國(guó)內(nèi)市場(chǎng)而帶來(lái)的經(jīng)營(yíng)風(fēng)險(xiǎn)，拓展海外市場(chǎng)也是他們跨國(guó)并購(gòu)的主要?jiǎng)訖C(jī)。 （2）當(dāng)企業(yè)采取的整合措施與東道國(guó)人們心目中隱含的組織模式相匹配的時(shí)候，跨國(guó)并購(gòu)可以更順利地完成吸收式整合。因?yàn)楸徊①?gòu)企業(yè)有很強(qiáng)的獨(dú)立性需求，所以兩個(gè)案例在整合初期都采用了保護(hù)模式，但兩個(gè)企業(yè)都采取了措施，削弱被并購(gòu)方的獨(dú)立性需求。中聯(lián)重科的跨文化管理能力更強(qiáng)，能夠更全面、系統(tǒng)地實(shí)施整合，，最終完成了從保護(hù)式向吸收式的轉(zhuǎn)變，從而提升了業(yè)績(jī)。 （3）在東道國(guó)與母國(guó)國(guó)家文化差異很大的情況下，被并購(gòu)企業(yè)初期的獨(dú)立性需求會(huì)很強(qiáng)。為了避免沖突，中國(guó)企業(yè)在初期往往會(huì)采用保護(hù)式整合。當(dāng)企業(yè)具備豐富的并購(gòu)經(jīng)驗(yàn)和較強(qiáng)的跨文化管理能力時(shí)，企業(yè)往往能夠采取措施，提高被并購(gòu)企業(yè)的戰(zhàn)略依賴性，同時(shí)因應(yīng)東道國(guó)的文化心理特征，降低被并購(gòu)企業(yè)的獨(dú)立性需求。在并購(gòu)企業(yè)帶有很強(qiáng)的尋求市場(chǎng)、尋求技術(shù)和尋求戰(zhàn)略資產(chǎn)動(dòng)機(jī)，但目標(biāo)企業(yè)被出售的主要原因是需要資金解困的情況下，被并購(gòu)方初期的戰(zhàn)略依賴性會(huì)較弱，這也導(dǎo)致了企業(yè)采取保護(hù)式整合。 （4）當(dāng)整合過(guò)度到吸收式模式時(shí)，企業(yè)的并購(gòu)績(jī)效會(huì)提升。這是因?yàn)槲帐秸咸岣吡吮徊①?gòu)方的戰(zhàn)略依賴性，并且降低了被并購(gòu)方的獨(dú)立性需求，使并購(gòu)雙方潛在的協(xié)同效應(yīng)得以發(fā)揮，從而達(dá)到經(jīng)營(yíng)業(yè)績(jī)1+12的并購(gòu)目標(biāo)。
[Abstract]:In the face of the competition from foreign enterprises , many Chinese enterprises have dominated the domestic market . In the context of globalization , Chinese enterprises urgently need to improve international competitiveness in foreign markets . However , Chinese enterprises need to improve their internationalization level from product design to brand marketing . However , under the influence of competition globalization , Chinese enterprises urgently need to improve their internationalization level . In the past few years , cross - border M & A has become one of the main strategies of many Chinese enterprises .

This paper tries to explore the relationship between M & A and M & A through the analysis of two dimensions : absorptive , co - existence , protection and control . In the view of resource base theory , this paper analyzes the relationship between M & A and M & A .

Through the research and analysis of this paper , the following points are drawn :

( 1 ) With the help of cross - border M & A , China ' s engineering machinery manufacturing enterprises want to transfer intangible assets such as brand and R & D capability of developed countries to the country to strengthen their competitive position in China . In order to disperse the business risks caused by overreliance on domestic markets , the expansion of overseas markets is also the main motivation for their cross - border M & A .

( 2 ) When the integration measures taken by the enterprises match the implicit organizational pattern in the host country , the cross - border M & A can more smoothly complete the absorption integration . Because the M & A enterprises have strong independence demand , the two cases adopt the protection model in the early integration period , but both enterprises adopt measures to weaken the independence demand of the merged party .

( 3 ) In order to avoid conflicts , Chinese enterprises often adopt protection type integration . In order to avoid conflicts , Chinese enterprises tend to adopt protection type integration in the early stages . When enterprises have rich experience of M & A and strong cross - cultural management ability , enterprises can take measures to improve the strategic dependence of M & A enterprises . At the same time , enterprises with M & A have strong search market , seek technology and seek strategic asset motivation , but the main reason why the target enterprises are sold is weak , which also leads to the protection type integration of enterprises .

( 4 ) When the integration is over to the absorption mode , the performance of M & A will be improved . This is because the absorption integration improves the strategic dependence of the M & A side , and reduces the independence demand of the M & A party , so that the potential synergies between the M & A and the M & A can be realized , so as to achieve the M & A target of the operating performance 1 + 12 .

【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F426.4

【參考文獻(xiàn)】

相關(guān)博士學(xué)位論文 前1條

1 王菲;跨國(guó)戰(zhàn)略聯(lián)盟中的文化沖突研究[D];遼寧大學(xué);2010年

本文編號(hào)：1886268