液化空气集团战略并购Airgas案例研究

发布时间：2018-01-14 23:18

本文关键词：液化空气集团战略并购Airgas案例研究　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：战略并购,是指并购企业和目标企业以各自核心竞争优势为基础,通过并购后对双方资源进行优化配置和整合,在适度范围内强化主营业务,从而达到协同效应和资源互补效应,以产生新增价值的目的。在全球经济放缓的背景下,一些大公司难以通过内生性增长提高收益,转而以战略并购的形式扩展自身的市场份额,提高市场竞争力,实现可持续性的发展。但过去的多项研究结果都清晰的表明,并购的失败率远高于成功率。在2015年全球企业并购交易总额创出年度新高的潮流下,世界工业气体巨头法国液化空气集团宣布了对美国工业气体公司Airgas的并购,此举将使液化空气集团迅速拓展美国市场,同时成为全球最大的工业气体供应商,改变了世界工业气体行业的竞争格局。本文以液化空气集团并购Airgas案例为研究对象,结合全球经济及工业气体行业发展趋势,利用现有企业战略管理、战略并购、并购动因分析和并购整合等理论,采用案例分析、比较分析、SWOT和CAGE模型等分析方法,探索液化空气集团实施该项并购的动因,分析其并购后采取的整合措施,以及所取得的财务及市场效果,目的是发现并购背后的逻辑,找出其中值得借鉴之处,为其他企业实施战略并购提供参考和指导,提高企业并购的成功率。通过案例研究发现,企业如果想通过并购实现公司的快速发展,提高市场竞争力,就需要根据外部环境的变化趋势和企业内部优势制定出正确的并购战略,选定优势互补、协同潜能大的并购目标,采取积极合理的整合措施,特别要注重企业文化的整合,在整合过程中要给予目标企业及员工充分的尊重,并积极吸取和学习目标企业的优势,使并购双方的协同潜能发挥出来,从而达到最初的并购目的。
[Abstract]:Strategic M & A refers to M & A enterprises and target enterprises based on their respective core competitive advantages through the optimal allocation and integration of the resources of both sides after M & A to strengthen the main business within a moderate scope. In the context of global economic slowdown, some large companies are difficult to improve their earnings through endogenous growth. In the form of strategic mergers and acquisitions to expand their market share, improve market competitiveness, achieve sustainable development. But the past research results are clear. The failure rate of M & A is far higher than the success rate. In 2015, the global M & A volume reached an annual high. Air Liquide, the world's industrial gas giant, has announced a takeover of US industrial gas company Airgas in a move that will allow Air Liquide to expand rapidly in the United States. At the same time become the world's largest industrial gas suppliers, changed the world industrial gas industry competition pattern. This paper takes the case of Airgas acquisition by Air Liquide Group as the research object. Combined with the global economic and industrial gas industry development trends, using the existing enterprise strategic management, strategic M & A, M & A motivation analysis and M & A integration theory, using case analysis, comparative analysis. The SWOT and CAGE models are used to explore the motivation of the merger, the integration measures and the financial and market results obtained by Air Liquide Group. The purpose is to find out the logic behind M & A, to find out what it is worth using for reference, to provide reference and guidance for other enterprises to implement strategic M & A, and to improve the success rate of M & A. If enterprises want to achieve rapid development and improve market competitiveness through mergers and acquisitions, it is necessary to formulate the correct M & A strategy according to the changing trend of external environment and the internal advantages of enterprises, and to select complementary advantages. We should take positive and reasonable integration measures, especially pay attention to the integration of corporate culture, and give full respect to the target enterprises and employees in the process of integration. And actively absorb and learn the advantages of target enterprises, so that both sides of M & A synergy potential to play out, so as to achieve the initial goal of mergers and acquisitions.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F416.7

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