三一重工和中联重科的并购比较研究—动因、整合方式与企业并购绩效

发布时间：2018-05-14 04:12

本文选题：并购动因 + 整合方式　；参考：《华南理工大学》2014年硕士论文

【摘要】：面对来自国外企业的竞争，许多中国企业已经在国内市场占据了主导地位。在全球化的背景下，中国企业迫切需要在国外市场上提高国际竞争力。然而，中国企业从产品设计到品牌营销等诸多方面的水平和程度与国外同行还存在着很大差距，在竞争全球化的影响下，中国企业急需提高自身的国际化水平。跨国并购可能是中国企业获得战略资源，扩张市场最快、最方便的的方式。在过去的几年中，跨国并购已经成为许多中国企业的主要战略之一。本文运用案例研究的方法，对三一重工并购德国普茨迈斯特和中联重科并购意大利CIFA两个并购案例作比较研究，寻找中国企业跨国并购的并购动机和整合方式的形成受到那些因素影响，分析整合方式对并购绩效的影响机制。本文试图深入探究以下四个问题：（1）中国制造企业具有什么样的跨国并购动机？（2）他们采用了那些不同的整合方式？（3）企业特有因素、情境因素和并购动机如何影响他们的整合方式？（4）整合方式如何影响并购绩效？本文将在资源基础理论视角下，分析三一重工和中联重科探索资源、获取资源的跨国并购动机。以竞争驱动、寻求市场、寻求技术、寻求战略资产和寻求效率五种并购动机特征，对案例的并购动机进行分析。采用企业能力和情景因素两个概念，探讨并购动机和整合方式受到那些因素的影响。本文采用霍夫斯泰德的文化维度理论，从权力距离和不确定性规避两个维度探究东道国与中国文化差异，探讨这些差异如何影响到人们的组织观，从而影响到并购双方在整合资源当中解决问题的方式。进而寻找中国企业整合西方企业面对文化差异时的解决办法。本文用战略依赖性和独立性需求两个维度来分析并购企业和被并购企业之间的依存关系。在这两个维度上，本文将与之相匹配的整合模式分为吸收式、共存式、保护式及控制式四种整合模式。通过对两个企业的并购绩效与整合模式之间的分析、比较，本文探究不同整合方式对并购绩效的影响。通过本文的研究分析，得出以下几点主要结论：（1）中国工程机械制造企业借助跨国并购，希望将发达国家的品牌、研发能力等无形资产转移到国内，以加强自身在国内的竞争地位。为了分散因过于依赖国内市场而带来的经营风险，拓展海外市场也是他们跨国并购的主要动机。（2）当企业采取的整合措施与东道国人们心目中隐含的组织模式相匹配的时候，跨国并购可以更顺利地完成吸收式整合。因为被并购企业有很强的独立性需求，所以两个案例在整合初期都采用了保护模式，但两个企业都采取了措施，削弱被并购方的独立性需求。中联重科的跨文化管理能力更强，能够更全面、系统地实施整合，，最终完成了从保护式向吸收式的转变，从而提升了业绩。（3）在东道国与母国国家文化差异很大的情况下，被并购企业初期的独立性需求会很强。为了避免冲突，中国企业在初期往往会采用保护式整合。当企业具备丰富的并购经验和较强的跨文化管理能力时，企业往往能够采取措施，提高被并购企业的战略依赖性，同时因应东道国的文化心理特征，降低被并购企业的独立性需求。在并购企业带有很强的寻求市场、寻求技术和寻求战略资产动机，但目标企业被出售的主要原因是需要资金解困的情况下，被并购方初期的战略依赖性会较弱，这也导致了企业采取保护式整合。（4）当整合过度到吸收式模式时，企业的并购绩效会提升。这是因为吸收式整合提高了被并购方的战略依赖性，并且降低了被并购方的独立性需求，使并购双方潜在的协同效应得以发挥，从而达到经营业绩1+12的并购目标。
[Abstract]:In the face of the competition from foreign enterprises , many Chinese enterprises have dominated the domestic market . In the context of globalization , Chinese enterprises urgently need to improve international competitiveness in foreign markets . However , Chinese enterprises need to improve their internationalization level from product design to brand marketing . However , under the influence of competition globalization , Chinese enterprises urgently need to improve their internationalization level . In the past few years , cross - border M & A has become one of the main strategies of many Chinese enterprises .

This paper tries to explore the relationship between M & A and M & A through the analysis of two dimensions : absorptive , co - existence , protection and control . In the view of resource base theory , this paper analyzes the relationship between M & A and M & A .

Through the research and analysis of this paper , the following points are drawn :

( 1 ) With the help of cross - border M & A , China ' s engineering machinery manufacturing enterprises want to transfer intangible assets such as brand and R & D capability of developed countries to the country to strengthen their competitive position in China . In order to disperse the business risks caused by overreliance on domestic markets , the expansion of overseas markets is also the main motivation for their cross - border M & A .

( 2 ) When the integration measures taken by the enterprises match the implicit organizational pattern in the host country , the cross - border M & A can more smoothly complete the absorption integration . Because the M & A enterprises have strong independence demand , the two cases adopt the protection model in the early integration period , but both enterprises adopt measures to weaken the independence demand of the merged party .

( 3 ) In order to avoid conflicts , Chinese enterprises often adopt protection type integration . In order to avoid conflicts , Chinese enterprises tend to adopt protection type integration in the early stages . When enterprises have rich experience of M & A and strong cross - cultural management ability , enterprises can take measures to improve the strategic dependence of M & A enterprises . At the same time , enterprises with M & A have strong search market , seek technology and seek strategic asset motivation , but the main reason why the target enterprises are sold is weak , which also leads to the protection type integration of enterprises .

( 4 ) When the integration is over to the absorption mode , the performance of M & A will be improved . This is because the absorption integration improves the strategic dependence of the M & A side , and reduces the independence demand of the M & A party , so that the potential synergies between the M & A and the M & A can be realized , so as to achieve the M & A target of the operating performance 1 + 12 .

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F426.4

【参考文献】