基于价值链整合的航空公司并购绩效研究

发布时间：2018-01-22 10:52

本文关键词： 价值链整合航空公司并购绩效　出处：《中国民航大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,企业并购市场趋热,全球企业并购案例数与交易金额规模屡创新高,而国内外多项调查研究显示,绝大多数并购未能实现企业预期的并购效果。关于并购失败原因的研究结果显示整合不力是导致企业并购失败的主要原因,对于并购重组活动频繁的航空业亦是如此。价值链管理理论指出企业价值增值受到其价值链上各个活动的影响,则对企业价值链各个环节价值活动进行有效整合是实现并购绩效提升的重要途径。本文分析梳理了价值链、并购整合、并购绩效相关文献,并对相关理论基础进行阐述,进而探讨航空公司并购后价值链整合对并购绩效影响机理。基于国内外关于并购绩效的评价研究,构建了航空公司并购绩效评价体系。在此基础上,以1997-2015年国内外发生并购的航空公司为样本进行实证检验,研究航空公司并购后价值链上采购管理、企业基础设施管理、人力资源管理、技术开发管理、品牌管理、营销管理、服务管理这些价值活动中哪些环节的整合具有较强的规律性,分析这些价值活动具体的整合操作对并购绩效的影响。通过实证检验得出以下结论,并购双方航空公司统一采购管理相对于并购双方保持原有的供应商合作关系更利于并购绩效实现;短期内对并购双方航空公司机队统一规划、统一调配运力能明显提升并购绩效,但中长期内这一整合决策对并购绩效的作用不显著;并购方航空公司向被并购公司派遣高管主导整合工作并提高核心人员薪酬以保护目标公司核心人力资源短期内因高管领导力发挥受限以及整合成本的急剧升高对并购绩效的提升形成阻碍作用,中长期内这一整合决策对并购绩效提升具有正向作用但持续性有限,而对员工培训投入的增加虽然会导致整合成本上升但对并购绩效提升作用显著;并购双方对技术人员统一管理相较于保持双方原有核心技术能力更有利于并购绩效提升;对于主并公司选择保留目标航空公司独立品牌还是进行品牌合并,无法得出哪种整合决策更有利于并购绩效实现;并购双方航空公司统一进行营销渠道管理、共用营销系统能起到持续提升并购绩效作用;短中期内,并购双方统一代码共享管理不利于并购绩效实现而长期内对绩效提升的影响不显著。由此提出基于价值链整合的航空公司并购绩效提升对策,通过以上价值链上规律性价值活动整合,最终实现航空公司并购绩效的提升。
[Abstract]:In recent years, corporate mergers and acquisitions market hot, the number of cases and the amount of the transaction scale record highs in the global M & A, and a number of research at home and abroad show that the vast majority of mergers and acquisitions failed to realize the expected effects of mergers and acquisitions. Research on the reasons for the failure of mergers and acquisitions shows unconformity force is the main cause of business failure of mergers and acquisitions, mergers and acquisitions for the frequent activities of the aviation industry is also true. The theory of value chain management and points out that the enterprise value is affected by all the activities of the value chain, is the enterprise value chain of each link of value activities is an important way to realize the effective integration of M & a performance improvement. This article analyses the value chain, mergers and acquisitions, mergers and acquisitions performance related literature and then expounds the related theoretical basis, and then discuss the airlines after the merger integration of the value chain influence mechanism on M & a performance at home and abroad on mergers and acquisitions based on. Study on the performance evaluation of the construction of the airline, the M & a performance evaluation system. On this basis, to 1997-2015 domestic and international mergers and acquisitions of airlines as the sample of empirical test of airlines after the merger on the value chain of enterprise purchasing management, infrastructure management, human resources management, technology development and management, brand management, marketing management what aspects of service management, the integration of these value activities with strong regularity, influence analysis of integrated operation of these concrete value activities on the performance of mergers and acquisitions. Through empirical test, draws the following conclusion, the merger of both airlines unified procurement management relative to the acquisition of both maintaining the original supplier relationship is more conducive to the realization of the short-term performance of mergers and acquisitions; the merger of both Airlines fleet of unified planning, unified deployment of capacity can significantly improve the performance of mergers and acquisitions, but in the long term it will integrate Effect of Ce on acquisition performance is not significant; the acquirer airlines to send executives to the company by the merger and acquisition lead the integration of work and improve the core staff salary to protect the Target Corp's core human resources executive leadership and limited short-term internal integration costs increased dramatically on the performance of mergers and acquisitions to enhance hinder the formation of the medium to long term, the integration of decision-making has a positive effect the performance of M & a promotion but limited duration, and to increase investment in staff training will lead to the rising cost of integration but on M & a performance increase significantly; both sides of the technical staff unified management compared to maintain the original core technical ability is more conducive to enhance the performance of mergers and acquisitions or mergers and acquisitions; brand merger and the main companies choose to retain an independent brand the target of airlines, which is unable to conclude the integration decision is more conducive to the performance of mergers and acquisitions; mergers and acquisitions double Unified marketing channel management of airlines, the common marketing system to continue to improve the performance of mergers and acquisitions; the short term, the acquisition of both the uniform code sharing management is not conducive to the realization of the long term performance of mergers and acquisitions and the impact on performance improvement is not significant. The value chain integration airline merger performance improvement measures based on the above the value chain of value integration, and ultimately enhance the performance of airline merger.

【学位授予单位】：中国民航大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F562.6

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