联想并购IBM PC业务的绩效分析

发布时间：2018-03-01 23:25

本文关键词： 跨国并购绩效分析并购整合　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着经济全球化不断深化，世界市场的竞争者越来越多，企业面临着更大的生存压力和挑战。跨国并购可以在相对较短的时间内实现资源的优化配置，帮助企业积累更多的财富，有效提升企业的国际竞争力，因而成为许多企业实施国际化战略部署的关键决策之一。我国企业于20世纪80年代开始了跨国并购的探索。近年来，随着国家经济体制改革，尤其是贸易领域和金融领域的进一步对外开放，我国企业跨国并购的数量和金额不断增长。然而，，由于缺少跨国并购相关经验，对国际市场了解不充分，导致目前大多数蛇吞象式的跨国并购以失败告终。如何评价我国企业跨国并购的绩效，影响企业跨国并购绩效的因素是什么，这些因素是如何影响企业跨国并购绩效的，如何使得我国企业在未来的跨国并购中获得成功，是本文研究的重点。本文首先对关于企业跨国并购绩效的国内外文献做了整理，总结了企业并购的动因，跨国并购对企业经营绩效影响和企业跨国并购绩效评价方法。然后对企业跨国并购绩效的相关经济学原理进行了机理分析，从并购绩效的概念出发，阐述了并购动因分析对研究并购绩效的作用，以及跨国并购绩效效应分析。运用财务分析法、主成分分析法和非财务分析法构建了企业跨国并购绩效评价体系，分别从长期绩效和短期绩效角度，利用联想集团历年财务报表数据进行横向比较，同时以《企业绩效标准值》为参照进行了纵向比较。在通过对联想并购IBM PC业务的分析后可以看出，从财务角度看，无论是基于单个财务指标的比较分析，还是从实证分析得出的综合绩效得分，联想集团的短期绩效较为良好，长期绩效并不是很理想。尤其是其偿债能力比较差，这对于企业未来的发展会造成很大的负担。从非财务绩效角度看，联想集团的并购绩效还是比较令人满意的。这也说明了从财务角度和非财务角度综合评估绩效的现实意义。在分析企业并购绩效的影响因素时要综合考虑宏观因素和微观因素，尤其关注于跨文化管理整合上。最后，通过分析联想集团并购前后的经验和教训，并结合我国企业的特性，分别从企业角度和政府角度对我国企业未来跨国并购提出政策性建议，以提高我国企业在未来的跨国并购行为中的并购绩效。
[Abstract]:With the deepening of economic globalization, more and more competitors in the world market, enterprises are facing greater pressure and challenges. Cross-border mergers and acquisitions can achieve the optimal allocation of resources in a relatively short period of time. To help enterprises accumulate more wealth and effectively enhance their international competitiveness, it has become one of the key decisions for many enterprises to implement international strategic deployment. In 1980s, Chinese enterprises began to explore cross-border mergers and acquisitions. With the reform of national economic system, especially the further opening to the outside world in the field of trade and finance, the number and amount of transnational M & A of Chinese enterprises are increasing. However, due to the lack of relevant experience in cross-border mergers and acquisitions, The inadequate understanding of the international market has led to the failure of most of the current cross-border mergers and acquisitions. How to evaluate the performance of transnational mergers and acquisitions in China and what are the factors that affect the performance of transnational mergers and acquisitions? How these factors affect the performance of transnational M & A and how to make our enterprises succeed in future cross-border M & A is the focus of this paper. In this paper, first of all, the domestic and foreign literature on the performance of cross-border M & A is summarized, and the motivation of M & A is summarized. The paper analyzes the mechanism of the economic principle of transnational M & A performance, starting from the concept of M & A performance. This paper expounds the effect of M & A motivation analysis on the performance of M & A, and analyses the effect of M & A performance, and constructs the performance evaluation system of transnational M & A by means of financial analysis, principal component analysis and non-financial analysis. From the point of view of long-term performance and short-term performance respectively, using the financial statement data of Lenovo Group over the years to carry on the horizontal comparison, At the same time, the vertical comparison is carried out with reference to the Standard value of Enterprise performance. Through the analysis of Lenovo's acquisition of IBM PC business, we can see that, from the financial point of view, whether based on a single financial index, the comparative analysis, Or from the empirical analysis of the comprehensive performance score, Lenovo Group's short-term performance is better, long-term performance is not very ideal, especially its poor solvency, This will create a great burden on the future development of enterprises. From the perspective of non-financial performance, The M & A performance of Lenovo Group is still satisfactory, which also shows the practical significance of synthetically evaluating performance from the financial and non-financial angles. When analyzing the influencing factors of corporate M & A performance, we should consider both macro and micro factors. Finally, by analyzing the experiences and lessons of Lenovo Group before and after M & A, and combining the characteristics of Chinese enterprises, we pay special attention to the integration of cross-cultural management. In order to improve the M & A performance of Chinese enterprises in the future, policy suggestions are put forward from the angle of enterprise and government respectively.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.671;F271

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