基于DEA方法的Alcatel-Lucent并购绩效分析

发布时间：2018-06-21 19:54

本文选题：并购绩效 + 数据包络分析　；参考：《南京邮电大学》2017年硕士论文

【摘要】：随着全球经济一体化进程的不断深入,全球各大跨国公司对于并购重组的需求也在不断增强。企业并购作为实现企业跨越式发展的一种有效途径,伴随着第六次并购浪潮的发展,越来越多的跨国通信企业加入到并购大军中来。本文选取2006年Alcatel公司并购Lucent公司这一通信行业典型并购案例,通过分析并购事件发生的背景、并购双方的动因、选取能够反映企业并购绩效值的输入-输出指标,通过构建DEA(数据包络分析)模型,实证计算得出2003年至2011年Alcatel公司和Lucent公司并购绩效值,并对该绩效值分拆成纯技术效率和规模效率进行分析。经过科学分析得出:Alcatel并购Lucent在纯技术效率上达到了预期的协同效应,但在规模效率上,由于受到种种内外部因素的影响,并没有实现规模效率的提升,反而逐步降低。针对出现的这些问题,笔者结合这家公司的实际情况,在保持纯技术效率领先和扭转规模效率下降趋势方面,给出了自己的建议,即保持自身的管理和质量体系优势,依托贝尔实验室,进行技术创新;同时,加速并购后新公司市场层面的整合,稳住原有客户市场,积极开拓新的行业客户市场,并且积极参与行业整合,实现“强强联合”,进一步做大自身体量,在新技术变革带来的行业融合中,占据主动地位。本文对Alcatel-Lucent并购绩效分析所取得的主要成果有:(1)通过DEA方法计算实际并购绩效,研究Alcatel和Lucent并购所取得的实际绩效;(2)通过对纯技术效率和规模效率的分解,结合公司合并前后的实际经营情况,给出提升纯技术效率和规模效率绩效值的办法。
[Abstract]:With the deepening of the process of global economic integration, the demand for mergers and acquisitions of major multinational corporations is also increasing. M & A is an effective way to realize the leapfrog development of enterprises. With the development of the sixth M & A wave, more and more transnational communication enterprises join the army of M & A. This paper selects the typical M & A case of Lucent Corporation of Alcatel Company in 2006, through analyzing the background of M & A event, the motivation of both sides of M & A, and selecting the input-output index which can reflect the performance value of M & A. By constructing the data Envelopment Analysis (DEA) model, the M & A performance of Alcatel Company and Lucent Company from 2003 to 2011 is calculated, and the performance value is divided into pure technical efficiency and scale efficiency. Through the scientific analysis, it is concluded that the pure technical efficiency of Lucent acquired by: Alcatel has achieved the expected synergy effect, but in the scale efficiency, because of the influence of various internal and external factors, it has not realized the scale efficiency promotion, but has gradually reduced. In view of these problems, combined with the actual situation of this company, the author gives his own suggestions on maintaining the lead of pure technical efficiency and reversing the declining trend of scale efficiency, that is, to maintain its own advantages of management and quality system. At the same time, we should speed up the integration of the market level of the new company after the merger and acquisition, stabilize the existing customer market, actively open up the new industry customer market, and actively participate in the integration of the industry so as to realize the "strong and strong combination". Further larger their own volume, in the new technological changes brought about in the integration of the industry, occupy an active position. In this paper, the main achievements in the performance analysis of Alcatel-Lucent M & A are: 1) to calculate the actual M & A performance by DEA method, and to study the actual performance obtained by Alcatel and Lucent M & A;) to decompose the pure technical efficiency and scale efficiency through the decomposition of pure technical efficiency and scale efficiency. Combined with the actual operation of the company before and after the merger, the methods to improve the performance of pure technical efficiency and scale efficiency are given.
【学位授予单位】：南京邮电大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F416.6

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