TCL并购阿尔卡特的整合风险与防范对策研究

发布时间：2018-04-01 04:36

本文选题：跨国并购　切入点：并购整合　出处：《华中科技大学》2014年硕士论文

【摘要】：随着全球经济格局的变化以及经济的迅猛发展,并购不再仅仅局限于发达国家之间,越来越多的发展中国家与地区加入到了这场并购的大浪潮,越来越多的企业选择了跨国并购作为自己发展与壮大的方式。作为全球经济体系中的重要一员,随着我国对外改革开放的进一步加深,我国也有越来越多的企业投身其中。虽然每年都有大量的企业并购案例在国内、国外发生,但是根据国内外多家机构的统计结果,并购的成功率仅为20%到50%,企业并购的成功比率并不高。纵观并购交易的整个流程,导致并购交易发生失败的原因多种多样。根据多年的研究发现,并购后的整合管理没有或者不到位是并购交易失败的最主要原因。我国的很多企业进行跨国并购时,通常只重视并购操作而忽略了对并购后的整合进行管理,最终往往导致企业并购虎头蛇尾,前功尽弃。为了能够确实地获取并购的诸多好处,改善我国企业跨国并购虎头蛇尾的现状,研究我国企业在跨国并购的整合过程中遇到的各种风险并寻找应对不同风险的对策是很有意义的。本文通过查阅国内外企业跨国并购、并购整合、整合风险的相关研究资料,并加以综述,为整篇文章提供理论依据。以TCL跨国并购阿尔卡特为案例分析对象,在简述了TCL集团与阿尔卡特的基本情况之后,叙述了TCL并购阿尔卡特的过程,包括并购的动机、并购交易过程以及并购的结果;然后从不同的风险角度出发分析了TCL整合失败的原因。最后针对TCL整合中遇到的这些风险,提出了以下的几种防范对策,具体内容包括了:设立专门的整合工作小组,同时制定出与具体并购项目匹配的整合计划;尽早建立有效的沟通渠道,制定恰当的薪资等方面的制度;正确认识文化方面的差异,文化渗透由表及里,切勿推行强势文化;合理调整并购后企业的组织结构,逐步改造管理制度;做好充分的自我评价以及外部宏观环境、行业发展状况方面的分析,制定合理的发展战略,选择恰当的整合模式。
[Abstract]:With the change of the global economic structure and the rapid development of the economy, M & A is no longer confined to the developed countries, more and more developing countries and regions have joined the great wave of M & A. More and more enterprises have chosen cross-border mergers and acquisitions as their own way of development and growth. As an important member of the global economic system, with the further deepening of China's reform and opening up to the outside world, There are also more and more enterprises in our country. Although there are a large number of M & A cases occurring at home and abroad every year, according to the statistical results of many domestic and foreign organizations, The success rate of M & A is only 20% to 50%, and the success rate of M & A is not high. Looking at the whole process of M & A transaction, there are many reasons for the failure of M & A transaction. The main reason for the failure of M & A transactions is that the integration management after M & A is not in place or in place. Many enterprises in China usually pay attention to M & A only but ignore the management of M & A integration. In the end, they often lead to mergers and acquisitions, and all their previous efforts are wasted. In order to obtain the many benefits of mergers and acquisitions, and to improve the current situation of transnational mergers and acquisitions in China, It is very meaningful to study the various risks encountered by Chinese enterprises in the process of transnational M & A integration and to find countermeasures to deal with different risks. This paper refers to the relevant research data of transnational M & A, M & A integration and integration risk of domestic and foreign enterprises. Taking TCL M & A as the case study object, after briefly describing the basic situation of TCL Group and Alcatel, the paper describes the process of TCL M & A Alcatel. It includes the motive of M & A, the process of M & A and the result of M A. Then it analyzes the reasons for the failure of TCL integration from different risk angles. Finally, aiming at these risks encountered in TCL integration, the following countermeasures are put forward. The specific contents include: set up a special integration working group, at the same time work out the integration plan matching with the specific merger and acquisition project, establish effective communication channel as soon as possible, formulate appropriate system of salary and so on; Understand the cultural differences correctly, culture permeates from the outside to the inside, do not carry out the strong culture; adjust the organizational structure of the enterprise after merger and acquisition rationally, transform the management system step by step; do a good job of self-evaluation and external macro environment, Industry development situation analysis, formulate a reasonable development strategy, choose the appropriate integration model.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.63;F271

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