上汽与吉利跨国并购案例对比分析

发布时间：2018-07-24 14:18

【摘要】：在经济全球化背景下，企业之间竞争愈加激烈，越来越多的大中型企业用跨国并购来实现其战略目标。1990年以来，在多重因素如全球产业升级、结构调整、放松管制及一体化浪潮等的推动下，跨国并购的规模和数量在世界范围内迅速膨胀。中国企业也逐渐积极参与跨国并购，它已经成为我国对外直接投资的重要方式，这是国内企业实力不断壮大和世界各国市场开放程度加深的必然结果。通过并购获得国内稀缺的关键资源和技术，以最快的速度壮大自己，实现企业扩张。虽然并购重组势头迅猛，案例频发，但并购后整合成功的却很少，大部分企业财务表现和业务表现平平，没有获得预期并购目的。出色的文化整合，在整个并购及整合过程中占有重要地位，，是并购成功的关键因素。而多数企业的并购失败，大多是由文化整合的失败引起的。中国独特的文化与西方文化具有鲜明的反差，这就给中国企业在跨国并购整合过程中尤其是文化整合上带来了严峻的挑战。不仅如此，中国企业在跨国并购领域还属于摸索阶段，缺乏具有市场意义的并购经验和方法，在一段时间内中国企业在并购整合的路上将经历一个艰难的历程。 “走出上海，走向国际化”，一直是上汽的战略构想。为此，上汽近年来做出了诸多努力，最具标志性的就是2004年，收购韩国双龙汽车公司，成为国内汽车企业跨国并购的第一例。上汽虽然在并购后整合过程中采取了一系列措施，但终究未能改变并购失败的命运，上汽在并购及整合过程中的教训，给中国企业进行跨国并购带来了警示。而作为民营企业的吉利集团，以18亿美元收购了具有悠久历史的沃尔沃，完成了被称为“蛇吞象”的跨国并购，但这只是吉利整个并购计划中的一小步。吉利的并购工作从12年前关注沃尔沃开始，至今从未停止过。吉利近年来的业绩表现足以说明其并购及整合工作的出色，值得中国企业借鉴。本文包涵五个部分，以绪论开篇，阐明了选题背景及文章对我国企业进行跨国并购的现实意义，在文献综述部分介绍了国内外学者对于跨国并购及并购后整合的相关文献，最后阐述了本文的主要创新点。第二部分分别介绍了上海汽车集团和吉利汽车集团的基本情况，并分析阐述了两个企业的收购动因。第三部分主要归纳了上汽与吉利的并购过程和整合过程。第四部分主要从财务指标、人力资本整合效应以及组织文化整合效应三方面对比分析了上汽与吉利的整合绩效。第五部分讨论了上汽与吉利并购案例对我国企业进行跨国并购的启示，提出跨国并购及整合过程中应着重关注的问题，具有现实意义。
[Abstract]:Under the background of economic globalization, competition among enterprises is becoming more and more intense. More and more large and medium-sized enterprises use cross-border mergers and acquisitions to achieve their strategic objectives. Driven by the wave of deregulation and integration, the scale and quantity of cross-border mergers and acquisitions are expanding rapidly in the world. Chinese enterprises gradually participate in transnational mergers and acquisitions, which has become an important way of China's foreign direct investment, which is the inevitable result of the growing strength of domestic enterprises and the deepening of the opening degree of the world market. Acquires the domestic scarce key resources and the technology through the merger and acquisition, strengthens oneself with the fastest speed, realizes the enterprise expansion. Although M & A has a rapid momentum and frequent cases, the successful integration after M & A is very few, and most of the enterprises' financial performance and business performance are mediocre, and they do not get the expected purpose of M & A. Outstanding cultural integration plays an important role in the process of M & A and integration, and is the key factor of M & A success. Most M & A failures are caused by the failure of cultural integration. Chinese unique culture is in sharp contrast with western culture, which brings severe challenges to Chinese enterprises in the process of transnational merger and acquisition integration, especially in the process of cultural integration. Not only that, Chinese enterprises in the field of cross-border M & A is still a groping stage, lack of market significance of M & A experience and methods, in a period of time, Chinese enterprises will experience a difficult process in the road of M & A integration. "out of Shanghai, towards internationalization", has been SAIC's strategic concept. For this reason, SAIC has made many efforts in recent years, the most iconic of which is the purchase of Korea Ssangyong Automobile Company in 2004, which became the first case of cross-border merger and acquisition of domestic automobile enterprises. Although SAIC has taken a series of measures in the process of merger and acquisition integration, it has failed to change the fate of merger and acquisition failure. The lessons of SAIC in the process of M & A and integration have brought warning to Chinese enterprises in cross-border M & A. Geely Group, a private company, bought Volvo for $1.8 billion, completing what it calls a "snake swallowing" cross-border merger and acquisition, but it was only a small step in Geely's overall merger and acquisition plan. Geely's merger and acquisition work began 12 years ago, focusing on Volvo, and has never stopped. Geely's performance in recent years is a good example of its M & A and consolidation efforts and is worth learning from Chinese companies. This paper includes five parts, with the introduction, it clarifies the background of the topic and the realistic significance of the article to the transnational M & A of Chinese enterprises. In the part of literature review, it introduces the relevant literature of the scholars at home and abroad on cross-border M & A and its post-merger integration. Finally, the main innovation points of this paper are expounded. The second part introduces the basic situation of Shanghai Automobile Group and Geely Automobile Group respectively, and analyzes the motivation of the two enterprises. The third part mainly summarizes the merger and acquisition process and integration process between SAIC and Geely. The fourth part mainly analyzes the integration performance of SAIC and Geely from three aspects: financial index, human capital integration effect and organizational culture integration effect. The fifth part discusses the inspiration of SAIC and Geely M & A cases to the transnational M & A of Chinese enterprises, and puts forward the problems that should be paid attention to in the process of cross-border M & A and integration, which is of practical significance.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.471;F271

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